- published: 19 May 2011
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The state Bank of Indiana was a government chartered banking institution established in 1833 in response to the state's shortage of capital caused by the closure of the Second Bank of the United States by the administration of President Andrew Jackson. The bank operated for twenty-six years and allowed the state to finance its internal improvements, stabilized the state's currency problems, and encouraged greater private economic growth. The bank closed in 1859. The profits were then split between the shareholders, allowing depositors to exchange their bank notes for federal notes, and the bank's buildings and infrastructure were sold and reincorporated as the privately owned Second Bank of Indiana.
The Indiana Territorial legislature had charted two banks in 1813. With no other established banks operating in Indiana, they were the first attempt by the government to bring banking and a standard currency to the young territory. The banks were granted twenty-year charters, but they quickly fell into financial difficulties following the Panic of 1819. By 1823 both banks had folded. Without any banks in the state, the government and the citizens came to rely on the use of notes issued from the Second Bank of the United States.
Indiana (i/ɪndiˈænə/) is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the midwestern and Great Lakes regions of North America. Indiana is the 38th largest by area and the 15th most populous of the 50 United States. Indiana is the least extensive state in the continental US west of the Appalachian Mountains. Its capital and largest city is Indianapolis, the second largest of any state capital and largest state capital east of the Mississippi River.
Before it became a territory, varying cultures of indigenous peoples and historic Native Americans inhabited Indiana for thousands of years. Angel Mounds State Historic Site, one of the best preserved ancient earthwork mound sites in the United States, can be found in Southwestern Indiana near Evansville. Residents of Indiana are known as Hoosiers. The etymology of the word is disputed, but the leading theory as advanced by the Indiana Historical Bureau and the Indiana Historical Society has "Hoosier" originating from the upland South region of the U.S. as a derogatory slang term for a rough countryman, a country bumpkin.
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I am of Indiana
The crossroads of America
When I was still a small kid
We took trips to Michigan
I sat in the back seat
With my sister and we looked
Out the window glass
Fields passed by and we'd ask
How long till we get home (x4)
And now its time for me to get goin
Chase my fate move out on my own
But as I pack my bags
Still one question nags
How long till we get home (x8)