BANKS. The Constitution of 1857 forbade any banks of issue, and also the incorporation of any banks by the Legislature. A private banking business was established in Portland in 1859. The First National Bank of Portland opened in 1865. being the oldest national bank west of the Rocky Alountains. The banking business remains unregulated. Since there is no banking law, hanks, incorporated or private, are formed under the general corporation law, which limits the lia bility of the stockholders. Due to this condition, the national banks, being the more secure insti tutions, have preference over the State banks in popular confidence. The aggregate banking in terests remained very insignificant until 1885, when there were only four State and nine na tional banks. Then came a sudden growth, and in 1894 there were more than forty banks. After the depression of 1893-95 the number somewhat declined. The condition of the banks in 1902 is shown in the following table: hoyEnN}1 ENT. The Itet inn under which Oregon entered Statehood still continues in force. It was adopted by a vote of the people of the Territory in November, 1857. To amend it the amendment must pass two successive Legislatures and lie approved by popular vote. While amend ments agreed to by one Legislature are awaiting final decision, no other amendment can be pro posed.
The Constitution authorizes any male citizen of the United States, twenty-one years old, and six months a resident of the State, to he a voter, and any like foreigner who shall declare his in tention to become a citizen one year before an election and shall have been a resident of the State for six months. Oregon sends two mem
bers to the National House of Representatives.
LEcusLATIvE. The Legislature consists of a Senate of not exceeding 30 members, elected for a term of four years, and a House of Representa tives of nut exceeding 60 members, elected for two years. The apportionment is by counties or groupings of contiguous counties, and is made every fifth year, a :state census being takim every year ending in 5. General elections are held biennMlly on the first Monday of June of even years, and the Legislature convenes on the second j\londay of the following September. The mem bers of either House receive, besides mileage, $3 a day, but are limited to a $120 allowance for any session. Extra sessions are limited to 20 days' duration. bills may originate in either house, except revenue bills, which must originate in the House of Representatives. In 1902 an initiative and referendum clause was added. By this, ti per cent. of the voters may demand the submis sion of a law to the vote of the people, and 5 per cent. may demand that any law passed by the Legislature shall be submitted for popular approval.