Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1851-01-09

constitution, from the establishment Of
any other bank, during the existence
of It's charter, il will have a wide field
for its operations, and as far as it is in
the power of banks TO aid in the ad-
vancement of commerce, il can be
done.
il may be set up as an objection by
some, that as long as the constitution
remains unal,ercd, no bank can be char.
tered. in which the State does not own
one half of the stock.
have no difficulty upon this subject,
nor do believe il will occasion any,
when rightly understood. The clause
in the constitution reads thus, "The
capital stock Of the bank 10 be incor.
pore,ed shall never exceed five millions
of dollars. at least one-half of which
shall be reserved for the use Of the
State.
The charter fixes the capital stock at
FIVE millions of dollars, one half Of
which is reserved, for the use of the
State, and in this the constitutional re-
QUESTION, is complied with. The stock
is reserved, but il is not imperative on the
State 10 raise money and invest ii in this re.
served stock, This will depend upon the
action Of the Legislature, and believe the
reese rvalion to be altogether harmless, for the
reason tina, am satisfied the state will never
claim the stock.
The bonds Of the State outstanding on the
LIST OF January. 1S49, and which constitute
the State debt, amounted to s956,26l. A
portion Of this amount. $4,000. the State
had borrowed from the branch bank al
Palmyra, which, a. the n;aiurity Of The
bonds, on the 18th Msioy 1s49, instead Of re,
newing ;hem for another twelve months,
and paying the interest in advance, accord,
ing 10 the terms OF the loan. | caused 10 be
paid. The sum OF 10000 do'rs cons.itu.
Ting portion also OF this debt, was borrowed
under the provisions Of an act 10 sustain the
credit Of tho State, apppruved Feb. 10th,
1847. The bonds bore an interest Of eight
per cent. per annum, and reedeemable q.
any time after two years, and payable al
the Treasury Of the State. caused the
holders OF the bonds to be notified TO present
them for payment on the LIST day OF Feb.
last, and that no interest would be paid on
them after that time. The bonds have been
presented and paid, which together with the
interest then due, amounts 10 $l9,967 So
Although these bonds were payable at the
Treasury at any time after two years, yet as
there was On omission in the law 10 author.
ize the Auditor TO draw warrant for the
sum Necessary 10 pay them, ! caused the
Treasurer, upon my requisi,ion, TO take
them up and hold them as money. | now
recommend that the Auditor be required 10
give the Treasurer a credit for the amount
on the books of The Auditor Office.
Deduct these two items. amounting to
1874, 900, exclusive OF the interest paid. from
The Stale debt, and it reduces il 10 S22, 26l
40 dol'rs. From this may also be deducted
$272, 1853 81, the amount OF State stock in
the bank, the interest on which is paid by
the bank out Of tie dividend, and the bank
is responsible to the State for the principal.
On the ooh May, and the 20,h June,
1851, bonds OF the Stale, amounting to
253, 261 dolls. become due. All OF this
amount except $4,000, is at an interest OF
ten per cent per aunum; this latter amour!
is al an interest OF eight per cent. On the
18th OF October, 1851, 10000 more OF the
State bonds, which are at an interest Of seven
per cent. per annum become due. For the
payment and redemption Of all Of which, il
will be necessary to make some provision.
A very large amount OF the balance OF the
State bonds will become due in 1858.
recommend, also, that provision be made for
their redemption and payment.
If the revenue laws should be so al
tered as to make il evident, that the
State will not have sufficient available
means from that source, to pay her
bonds at maturity, and the suggestions
have made, in reference TO the with
drawal Of the University and common
School funds from the bank. be adop.
ted by the legislature, then, such an or.
rapgement can be made, as will ena.
bic the state 10 take as loan from
these funds, an amount sufficient 10 pay
those bonds. And upon the sum thus
borrowed, the State to pay semi. an.
nual dividend, at the State treasury, a,
the rate Of six per cent. per annum.
lam confident that this arrangement
will give to the University a perma-
nence and the means of advancement
which il has so much needed heretofore
And until the State is able TO pay her
debt, by the ordinary operation of her
revenue laws, it would be well 10 con
vert this debt, as far as possible, into a
loan from the common school fund
The interest to be paid in the shape OF
semi, annual dividends. will be sent 10
every county in the State, from whence
it had been collected, and paid into the
State Treasury as taxes.
Tho system of assessing and coiiec.
ting the revenue, from tax upon land.
has in it, radical defects, which require
some legislation. From an ekamina.
ton of the records in the Office of Reg.