NOVEMBER 7 1846 - AMENDMENT TO ARKANSAS CONSTITUION ADOPTED

1846 - AMENDMENT TO ARKANSAS CONSTITUION ADOPTED
Among the first acts of the new state was chartering two private banking corporations. A depression, lasting from approximately 1834 to 1844, was in progress at the time, including the famous panic of 1837, causing inflation, speculation and “wildcat banking."  As a result of these failures, the first amendment to the Constitution of Arkansas of 1836, ratified by the state legislature on November 17, 1846 read: "No bank or banking institution shall be hereafter incorporated or established in this State,” which lasted until after the Civil War.