, 1840-11-28
WHOLE NUMBER 37I.

tS oho VI ouh INV" udI duu
the mass Of the people derive no benefit from
them; were they concentrated the sum would
be large and the investment in bank stock
would increase their security and be a more
certain and easy mode Of distributing tho
proceeds among the respective townships
The whole amount of this fund in the State
Is estimated at between three and four thou.
sand dollars;I this added TO that portion of the
common school fund already invested in bank
stock together with all monies which NAV
hereafter arise from the unsold land. would
soon amount to a SUN sufficiently large to
enable the legislature to prosecute the sys-
TEN sufficiently in their present divided state
little good can be effected. | would recon-
mend the whole subject to your earnest con.
SIderation. The act of the last session, pro-
vlding for the organization, support, and gov
eminent Of common schools, appears to be
somewhat complicated in its provisions; il
might perhaps be simpliied and condensed
IN such Il manner as to enable it to be more
easily understood. As an argumen in favor
OF investments in bank over any other mode,
you will discover from the auditors report
that upwards of one hundred and twenty-five
thousand dollars has been added to the origin
al amount of the fund a~ccruing from bank
dividends.
In pursuance of an act of the last General
Assembly a portion of the Saline reserva-
tons belonging TO the State have been dis
posed OF at fair prices and the amount inves-
ted in bank stock for the benefit Of the State
school fund agreeably to law
You will discover from the report of the
Auditor that the dividends accruing to the
U1rInr- F,p1, h,va al booa -
vided by law in the stock of the State bank
except the dividends accruing ON the State
stock which have been applied by the bank
to the payment OF the interest on our State
bonds, with the exception of the sum inves-
ted for the benefit of the sinking fund.
The amendments to the charter of the
bank required the Treasurer TO subscribe on
the part Of the State for the residue Of all
the stock except what portion might have
been taken Oy individuals-this provision
conflicted with other Jaws requiring the re-
investment of the dividends of the various
funds in said stock. II being impossible to
comply with both, il was thought best that
the Treasurer should subscribe for only one
million of the stock for the use of the State
leaving the residue subject to investments of
accruing dividends. 1t would be well to
amend the charter in this particular and sui.
Ter the residue of the stock to remain open
subject to investments of this character.
The report of the condition Of the bank
and lis branches will be in due time laid be-
fore you by the committee appointed to ex-
anime It's affairs, to which beg leave to re-
fer YOU.
lhave great satisfaction in pointing out to
YOU the high and honorable conduct of the
Bank of Missouri in continuing to redeem
ali her obligations with specie, aud in resist
ing the second suspension Of the Banks which
beginning in Philadelphia in the fall Of 1899.
so rapidly spread over the South and West.
TO this contagious example the Banks Of
Missouri proved to DO a barrier and an ex-
and in so doing has not only gained
distinction, but has shown how
easy 1t is for the Banks of any state to re-
these suspensions, and thus enable each
State TO preserve the standard of value, and
maintain the sanctity of contrarts within
her limits. Nor is the benefit Of this con-
duct OF the Bank of Missouri been limited
to honor and instruction. 1t has been bene-
heal TO the Interests of the whole State as is
exemplltied in the preservation of specie
among US, in the vast increase of business
and population, and in the fair prices which
are paid for labor, produce and property
Il is probable that the State of Missouri is
more rapidly increasing in the elements Of
wealth and strength than any state in tho
Union. and that the city Of st. Louis is the
most flourIshing.
To this honorable conduct of the Bank Of
in fulfilling with punctuality all her
engagements to individuals, may also be ad-
ded equal praise for fulfilling her obligations
the federal government. 1t is known
that this Bank has been for year, the fiscal
agent of the United States and in that ca
paciuy has been entrusted with the collection,
safe keeping and disbursement of immense
sums; all which has been paid out as order
ed by the government, and l feel authorized
in saying that the business between the bank
and the federal treasury is now closing up,
and that every dollar due to it will be pune
paid as called for.
This honorable conduct on the par, Of the
Bank has given it character and credit, and
it TO become useful to the State pro-
vided il is freed from the sinister operations
Of unconstitutional bankinr hy nn,n,bor;sed