Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1843-02-25

Inc ueOt Ciditneu ny Tie Oldte Dduh lIoul
the State.
On Saturday, the 4,h Feb, Mr.. WmpPLE,
Chairman Of the Committee, presented to
the House the following Report and accom-
pany,ng documents. One thousand copies
were ordered to be printed.
The Committee Of Ways and Means, to
whom was referred the resolution "to take
into consideration the debt due the Bank Of
the State Of Missouri, from the State, and
enquire into the expediency Of paying the
same, at as early period as practicable, {
and report at as early day as convenient;" /
had the same under consideration, and re- :,
ported through both majority and minor-
ty of the committee, to the House: The
former recommending the payment of the
claim Of the Bank, and the latter dissenting
therefrom. Since that time, important pa
pers, and especially a correspondence be-
tween the late Executive and the former
President of the Bank, have come to the
possession of the committee, by order Of
the House. They have given to the reso-
luton an attentive consideration, and to all
the facts involved IN the creation OF the IN
debtedness, for which the Bank claims i'm
mediate reimbursement, most full and pain
ful investigation. The additional facts that
have been developed, have led majority Of
the committee 10 conclusions different FROM
those which few days ago they reported
to the House.
The claims Of the Bank are based on the
advance 10 the State Of the following sums:
Under an act of the General Assembly,
- to provide for the building Of the
Capitol, and fer other purposes ;" APP
proved February 2, 1887, the Bank ad-
vsneed TO the State, $4,000 90
Under a supplementary act, to the above
1889, the further sum, sl25OOo 90
Under an act to establish genera! sys-
TEN of Internal improvement in the
STATE of Missouri, approved February
Ii, 1889, the further sum of $4,000 W
The Bank also claims payment OF inter-
est due on money advanced amount
ing the first of October, l64s, to S4s,156 Gu
In all amounting to the sum Of s22o,756 GO
; The act passed February 9, 1887, appro-
prated $4,000 to be applied to the pay
ment of expenses incurred, and mourning
l in the erection Of the Capitol. To give eff.
: feet to the act, The Governor Of the State
: was authorised to negotiate loan, and to
: secure the payment OF which, he was EN-.
} powered 10 issue State Bonds. The tenth
q section Of the said act, contains the condl-
: tons on which the said bonds were to be
l issued, and is in these words: "Said bonds
shall bear interest at a rate not exceeding
six per centum per annum, payable semI-
annually, in the city of New York, Philadel-
, phia, Baltimore, or St: Louis, as may be
stipulated in the negotiation. Said bonds
shall be payable to the individual or indlvi.
duals, body polite, or corporate, with whom
S a negotiation for said loan or loans is effec-
b. ted, at the end of fifty years after date: pro-
t vlded, however, that the State retains the
o power to pay the same at any time after
h the expiration Of twenty-five years." d
r, the bonds issued agreeable to the provisions
k Of this law, the Bank of Missouri holds $50,
: 900 in amount. To the proposition of the
If former Executive to borrow of the Bank
d $4,000, its President replied, 81 am instruc
n ted by the Board (of directors) to advise
|. you, that the proposition for the loan, il
l. your letter referred to, is accepted upor
l. the condition. that you will receive the cur
e rency of the Bank, which consists OF TIT
&c notes of the Bank OF Cincinnati, Kentucky
and part of the Bank of the city of New
IT Orleans, as also the State Banks of lIinoi
5. and Indiana" The Presidents letter bear
Is date June 81, 1897.
lie Whether the proposition was embraces
Of by the Executive, the correspondence doe
i not explain; but it may be reasonably pre-
y sumed, that the offer was accepted from III
,r fact, that the Bank now holds of the bond
ID then issued, to the amount of $4,000. Il
rs accepting the proposition Of the Executive
5. no objection was made to the time when tn
it bonds became due; but so far as your CON
n mittee can learn, from careful investigt
III ton OF the whole matter, the loan was I;
is ken on the terms prescribed by the act.
o. portion of the bonds were sold subsequen
~, by which the Bank was reimbursed I
D. an amount equal 10 the difference betwee
ii. $4,000 and $4,000, the amount thereC
at now held by the Bank from this issue.
ly By the act approved February IL, 1873!
ne the legislature appropriated an additions
sum OF Si95,ooo, 10 be applied to the pu
pose OF carrying into effect the provision
Is of the act, approved February 3, 1897. I
obtain this sum, the Governor was autho
%. Used 10 issue the bonds of the State, bearIr
s as the same rate of interest, and subject
lie similar supulations, as were prescribed
Is the act specified, and to which this was su
:, Elementary.
:. Also, by the act, approved February