BANKS. The first hank in the State was the Bank of Kentneky, at Frankfort. chartered in 1800. with a capital of $1,000,000, and branches in different The State owned a part of the hank's shares, and was therefore interested in it. In ISIS a general banking act was passed, au thorizing the establishment of 40 banks. Six more were added in 1819. Credit was extensively given with real estate as a security, and the Bank of Kentucky and many others were in financial dif ficulties before a year passed. The independent bank law was repealed in IS20. and the 40 banks were abolished. The Bank of the Commonwealth of Kentucky. established in the same year. was a State institution. Its profits were to go to the State. and its notes were made legal tender; and in order to help the bank along. the State hum repealed the charter of the Bank of Kentucky in 1822. The Bank of the Commonwealth was vary unsound, however. and its notes became well nigh valueless. The bank went into liquidation in 1829. For a time the branches of the Bank of the United States Were the only banks ill the State. In 1834 three large banks were chartered, with an aggregate capital of 813,000,000, and for a period under the influence of the distributing of national deposits these banks flourished. In the crisis of 1837 they all suspended specie payment, and until 1844 were in a very precarious condi tion. Another critical period was 1854, when •7 banks failed. But the State never went back into the banking business, and accordingly its financial position was not threatened. In Is90 and 1593
many smaller banks failed, but the larger institu were undisturbed. The Louisville House. established in 1875, is of material assist ance to the banking business of the State. The condition of the banks of Kentucky in 1902 is shown in the following table: GoNERNmE.:NT. If an amendment to the Con stitution is proposed in either House and receives a three-fifths vote of all the members. elected to each House, it is submitted to the popular vote. If a majority is cast ill favor of it it becomes a part of the Constitution. If a majority of all the members elected to each House concur at two consecutive s?ssions to a proposal to call a •on stitutional convention, it is submitted to a vote at the people. and if approved by a majority of those voting, provided the number is equal to one-fourth of the qualified voters who voted at the last preceding election, the convention will be called. Voters must have resided one year in the State. six months in the county. and sixty days in the precinct. All elections for the State. county, city, town, or district are held on the first Tuesday after the first Monday in Novem ber: hut no officer of any city, town. county. or subdivision thereof, except members of municipal boards. can he elected in the same year in whicii members f 11) of the House of Repre sentatives of the United States are elected. Dis trict and State officers. however. may be elected in the same year.