Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1845-12-13
Missouri Convention.
BANKS AND CORPORATIONS.

Article OF the constitution, have had the
same under consideration and after be-
slowing upon the subject that reflection
which its importance demanded, have
instructed me TO submit the following
REPORT:
Your committee do not believe that
the fundamental principles Of government
should be changed without good cause, and
| 1t is rarely if ever the case, that we find the
people calling for, and demanding reform
in their government until their expressions
become too heavy Tor longer endurance
10 the opinion of your committee, change
| in regard TO the creation and further con.
| tinuance Of banks and corporations in this
state, is demanded by large majority Of
its citizens. Acting under this conviction,
and believing, too, that the best interest
of the stale will be promoted by reforma
| ton in this part OF our organic law, your
committee have agreed upon, and herewith
submit an article for the consideration Of
the convention, and respectfully recon-
mend its adoption in lieu of the eighth arti-
Gle Of the present constitution.
The article submitted, will doubtless be
found imperfect in some, if not many re-
spects, owing somewhat to the great varie-
| ty OF opiuion among the members Of the
committee, and in part to the absence Of
one of the members of the committee, who
did not resch the city till yesterday. I'm.
perfect, however, as it may be, your com.
mittee have thought they would better con.
form their action to the views of the con.
vention by submitting it at once, than by
taking further time in attempting to per-
| feet it.
| 1t will be observed, that the first section
Of the article proposed IS intended TO pro.
| hibit, in future, the creation, renewal or ex-
tension, OF any corporate body with bank
| ing or discounting privileges. To give at
length the reanons which have influenced
the committee to recommend this change,
! is deemed to be useless in this report. In.
deed, the subject Of banking is SO well un.
derstood-it has been so fully discussed be-.
fore the whole American people, and the
wrongs and injuries which have been infc-
ted upon the great masses, by this PERM
cious system, are so well comprehended by
all, that your committee will not outrage
the sensibilities of the convention by at
tempting to enlighten its members with ar
guments upon a subject which has been so
completely exhausted.
The second section, il will be perceived,
is intended as restriction upon the future
legislation of the state in granting acts Of
incorporation, and to protect the people
from the frauds and peculatons which have
been so long practiced upon them. The
change proposed is questionably correct
in principle, and must be so in practice. 1t
imposes no hardship upon any; it only re-
quires that the property Of the stockholders
shall be liable for the debts of the corpora
tons Of which they may be members, in
the same manner that merchants are now
responsible, tor the debts of mercantile
firm of which they may be partners. And
is there any thing improper or wrong IN
this! Surely not. Wy, then, shall! such
distinctions longer exist? Why shall priv
iIege be granted to one class Of men, and
withheld from another, in government
where equal rights are intended to be Secu,
red to ali aikel When individuals are en-
gagged in trade, and reap profit thereirom
they are entitled to it by the laws of the
country, and upon the principles OF com.
mon Justice; when, on the contrary, they
sustain losses, their property, not in part
but in whole, is liable to be sold to pay the
losses so incurred, and this is right. Then
your committee insist that the same prln.
cipIes of common Justice and common hon
esty shall be made to apply to members o.
corporations, or that the Legislature shal
be prohibited from granting them charter:
altogether.
The third section is intended to prevent
individuals and corporations from receiving
checks, tickets, or other promissory notes
TO circulate as money. Upon this branch
of the subject, there is so little diversity o
opinion, and the absolute necessity of thu
restriction proposed, so generally admitted
that your committee deem it unnecessary
to say word in its favor.
The fourth and last section of the article
proposes to make it the duty o! the Legs
iatnre, to wind up the affairs Of the Bank o
the State Of Missouri, at the earliest prac
ticabe period, having a proper regard t
the interest OF the debtors Of that institu
ton. This last section has been propose,
from the most thorough conviction, on tn
part of your committee, that the publ
good and common justice to the rising gen
Grafton of the state, alike require and de
mand il. II is known to the convention
that the state of Missouri is the great stock
holder in that institution, and that for tn
last several years, it has received little @
no dividends upon the funds therein inves
ed. OF the stock of the bank, the stat
owns S954,205 %, which is fraction owe
three fourths of the whole amount of il
capital stock; and of this amount, S575
667 90 consists of the common school func
100000, Of the seminary or uniyersit