, 1842-10-15

~ SAoOlC ~
to provide some additional facilitie,
to the commercial portion ofthe com.
munity. would propose, that tho
Bank be authorized and required to is.
sue one million ofdolIars in post notes.
payable in 60, 10, 10 and "a months.
and that the Bank should b, required
to place $4,000 of these post notes ia
each of the branches to be loaned in
the usual way, and 10 retain the re.
mainder, say 100000, for the use of
the Bank at st. Louis. This would
enably the Bank TO apply her other
means 10 accommodate the merchants
with exchange; and it is not intend.
ed by this plan to interfere with the
ordinary business Of the Bank, and
she would not be required to take the
trust fund notes in paymen, of debts
made in the ordinary course of bust.
ness, except in cases where the Bank
obtains a judgment against a debtor:
in which case she will be placed on the
same footing with individuals-that
Is. she may endorse on the execution
that she will receive trust fund notes
for the amount OF the execution, or
wait the two years.
But in all payments TO the bank, on
account of the trust fond loan, the
bank is to receive trust found notes.
and allow the interest theron; and the
trust fund notes so received. shall be
Immediately cancelled and defaced by
the bank; and at the end O fevery six
months, the cancelled notes are 10 be
examined, an account taken Of them.
and entered on the books Of tie bank
and publicly burnt i'll the presence oi
the Governor al the STATE and the
President and directors of the Bank at
ST. Louis. And III order to
tra'e the amount Of cancelled notes
ri 81. Louis, for The purpose Of bum
M them. the branch bank, and the
agency shall forward all the CANCEL.
ed notes received by them, To the
Bunk NJ ST. Louis. SO as 10 reach that
place before the first of july, and the
l>i OF January of elch veal. accom-.
panied by statement OF the different
denomination of Notes, and the a.
mount, interest, &C., SD that in five
wears thu whole mount Of trust fund
notes issued will be collected and re.
deemed. and the stale Will ae bene-
fitted 100000 IN interest, to be ad-
ied to the Sinking Fnnd.
THIS is the plan. Mr.. Editor, which
! propose 10 submit to the Legislature
At the approaching session, and ! think
1t will remedy the existing state of
things, as far as legislative inierposi-
ton can do 50. We are creating a
currency out of the credit Of the state
and the bank; and the currency is
loaned to citizens Of the State, and
real estate of double value of each
loan. Of clear and undisputabIe title is
~mnrtcaged 10 secure the payment Of
the amount borrowed, with interest.
The Introduction of this money in the
country Will aust property OF all
kinds 10 regain It's intrinsic value; as
II is now far below what IL would re-
ally be worth in ordinary prosperous
times. The means is furnished the
citizens of purchasing this property
and of paying their debts.
What creditor is there who would
not prefer a trust fund note with the
whole State of Missouri and the Bank
rs security in preference To the note
of any individual, in tin rs like the pre-
sent, when II is very uncertain what
man is good. especially when it Is
bearing an interest Of three per cent.
per annum. This feature of interest
should give the trust fund notes the
preference over ordinary Bank notes.
Their reception in payment of tax
es. and all public dues to the State
and Counties. is 4 great convenience,
and relief to the people, and will give
Currency and confidence to the pa
per. The faith of the State, and all
the real estate secured to the Bank
by the borrowers. together with all
the revenue OF the State is pledged
for its final redemption, which will
NIL be done according to the plan pro-
posed, in five years.
You will obllge me Mr.. Editor, by
publishing this plan in your paper,
and request the other papers in the
State tu rive IL an insertion for the
benefit of their readers, and of the
people at large.
am respectfully,
Yuur OH, sci W.