The First Bank of Newton County Indiana
One of the most noted and far-reaching laws enacted by the legislature of 1853 was the adoption of what was known as the free banking law. Under its provisions, any person or persons depositing with the secretary of state bonds of any state in the union, were authorized to issue currency for an equal amount. The object of many of the founders of banks under this law was to establish them as far away from the lines of travel as possible and put the money into circulation at points far distant from the banks of issue. As Morocco was then … Read more