, 1842-12-03

a,ed and irredeemable currency, un-
known 10 the constitution and laws.
and in derrogatIon OF both, has sprung
into existence in this state, which, il
permitted to continue, must inflict
upon the country all the evils incl
dent to, and i~nseparable from, such a
circulation.
The trainers Of the Constitution be-
Iieved that they had efectually pro-
hibired, within the State, the estab-
lishment gilmore than n Bank and
its branches, and the Legislature
doubtless supposed they had suffi-
GENTLY guarded the currency from
debasement by imposing penalties for
the issue of any paper. designed as a
circulating medium. except such as
was authorized by law. But contra
ry TO these saIutary provisions and re-
CARELESS thereof, certain cities, towns
and county courts, usurping the pre-
rogative of the Legislature, have as
sumed and exercised the power OF
giving Il currency to the S%tate--a
currency founded upon their credit
alone. and of denominations as low
rs a single dollar.
The power of establishing Banks.
and auIhoris'ng the issue OF 4 paper
currency, has been regarded, hither-
to, rs pertaining alone to the sOve-
reign'y OF the State. but it seems now
to be considered. by those regardless
of the laws and of the constitution, as
incident to the sovereignty of coun-
" courts ANA town corporations.
Ii the General Assembly is inclined
to trvrr this species of banking. they
will at lea t. So guard lis exercise as
to protect The people tIom imposition.
aad the currency from debaSement.
1t is believed. however, that such
gross usurpari"n "f power and Viola
tlnn nj law will find no favor with
the representatives Of an enlightened
constituency, and that they will pro,
vide such remedies and impose such
sanctions as will eiiectualIy suppress
the evil.
Intimately connected with this sub
ject are the binking powers assumed
and exercised by certain Incorporate
cd companies. incorporated Tor very
different purposes their cilei buSI-
ness Tor a few years past, has been
To receive upon deposit, the paper Of
suspended banks, and discount there
on. Such, indeed. has Eeen the ex
tent OF their banking operations, and
81 potent their influence, as 10 ena-
bic them to control, toa great extent,
The whole currency OF tie State.
Situated IN our commercial emporI.
u T., and Uein, the chief repositories,
whatever they received upon depo-
size, the merchants OF the CITY would
receive from The merchants oi the IN
te.Iur, The merchants Ut the interior
from The farmers OF the country. ana
The f.rners from the purchasers oi
their produce. Exercising thus Intlu-
ence, and adopting The paper OF sus
pended banks as The standard oil val
ue, they caused nearly the whole cur
rency OF the state to consist OF depre-
Gated paper, and kept 1t III clrcula-
ton, until, by the explosion OF the
banks whose paper they had received
and circulated, the people lost thou.
sands, perhaps millions, ol dollars.
For The purpose OF preserving in
violate The Constitution, and keeping
such Incorporated companies within
The powers granted them, the popu-
lar branch OF the Legislature, after a
most rigid scrutiny into their manage
ment, al the last session, passed 4 bill
elitctually to suppress their Illegal
banking, which, If ,thad become Il law,
would doubtless have saved the citi-
Gems oi the state from Il large portion
ot The heavy losses that have fallen
upon them by the recentdeprecIatI"n
ui The paper OF the Limos banks.
Owing, however, 10 the late period al
which 1t passed the House. and the
consequent want OF time for lis due
consideration, the Senate was Undue
ed to refer the bill 10 the present
General Assembly. 1t is hoped that
the subject will be revived, and our
citizens relieved from the evils of such
illegal and p%enlcIous Pr1tices.
lregret TO say that, IN the lniroduc.
ton and circulation oil deprecated pa.
per, the Bank oil the State Of Missouri
IS not without blame. Having. in the
fail ot 1889, and at some sacrifice, re
turned TO the principles OF legitimate
, banking, aud having been suStains
therein ny the House of epr enia
tiyes, who BY resolu ion adorted Wit
but two dissenting VOICES, declire
that the Bank ought not t. receive o
: pay out the paper Of any suspende,
, h,nE tho roturp Of th,t ,n. ::