Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1853-01-20
Free Banking.

ment to the Constitution, with view of in
PRODUCING the system in Missouri.
We subioin the debate in the Senate on
his proposition.
The proposed amendment to the constitu-
ton, offered b5 Mr.. Grow, was taken up
and read second time.
Mr.. Robinson moved to amend by stri-
king out the second and third sections ofthe
resolutions which read as follows:
Sec. l. That the eighth article of the
State of Missouri, be, and,the same is here
by abolished.
Sec. 2. 1t shall be the duty of the Gen
eral Assembly to pass General Banking
Law, authorizing individuals or companies
to DO business as Bankers, and to issue
notes for circulation.
Sec. 8. The General Assembly shall
provide by law for the registry of all bills
or notes issued or put in circulation as mon
ey, and shall require ample security for the
redemption Of the same in specie.
Mr.. Crow said he hoped the amendment
OF the Senator from Platte would not pre-
vail. Anxious as he is for q constitutional
amendmentwhich will enable the Legisla4
ture to pass laws furnishing sound and
safe currency to the State, still he is rot
prepared to throw open the whole subject
TO the discretion of the Legislature unre-
stricted by some constitutional Imitation
That is the practical effect Of the amend
Elent offered. ~ fTt
My. G. was infuencetf4to offer the pro-
posed amendment, because he believed it
time the General Assembly should be in a
condition to afford safe circulating medium.
He doubted not that the evils resulting
from so large an amount Of small foreign
, bank notes and other illegal currency, were
felt over every portion Of the State, and that
the necessity for some efficient remedy
would be admitted by all.
Mr.. G. said that no effective remedy
could be adopted to drive such pernicious
currency from circulation, until q sound
currency is supplied to take its place.
The present bank, it is admitted by all,
has signolly failed to supply such currcn-
CIV, and there is little reason to believe the
charter will be amended or extended so as
to enable tito accomplish so desirable re-
suit, or to meet the increasing wants of the
community.
Shall the Legislature make no effort tc
afford to the citizens a safe currency?-
Shall we continue, as we have been, de-
pendent upon the incorporated institutions
Of other states for a medium by which the
vast commerce of the State shall be ex
changed? He hoped not. 1t was time
Missouri was awakening to her true inter
ests-already she hos paid enough interes
to other States for their credit. It is tim
she was using the credit of her own citizens
Every consideration of duty and wise Stat
policy admonishes Us we should. TIL
State is just embarking upon liberal ant
wise system of railroads, which, when ccm
pleted, will open many new sources of com
merce and wealth. In the building of thes
roads we shall require not only all the cap
ital which we can raise at home or abroad
but will have to avail ourselves of all tn
credit we can to complete them. AdoT
the amendments he proposed and our ow
citizens may use their own credit, instea
. of applying to banks in remote States, an
paying interest upon two or three million
ofcredit in the shape of bank notes TO otl
er States. That was all wrong. VIII
shall our citizens who have purchased III
bonds Of the State, be driven to Illinois {
other States, and then pay taxes on capit
on which our own State might avail herse
of, to enable them to obtain notes for circl
lation based upon such securities. WI
shall not such capital be kept at home ar
contribute its proportion to he taxes of Il
State? The present policy drives capt.
from the State, instead Of soliciting capt.
here.
The best security for the note holder ar
the pnblic which has ever been adopte
is that proposed by free-banking. He W
for making banking properly restricted,
free to one man as to another-guard L
public against loss for the notes issued, al
throw it open to all.
Mr.. c. said there were many consider
ton which will commend the amendmen
offered by him to Senator'S. He did not e
pect to have to address the Senate to-day
the subject, and should offer no other a
guments, but the crying necessity
speedy action on the subject is obvious,
trusted, to all. He hoped that such acti
will be had that two years hence the Leg
iature may pass laws supplying safe, sou
soS tato