Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1855-01-04

the bonds from their date TO the date OF the
sale was 81 800, making an aggregate of
$8,675 &c. The principal, premium and
interest were deposited by him in the Bank
of Commerce, at New York, TO the credit Of
A. w. Morrison, Treasurer of the State land
there remained five months and four days a;
interest, accommodating an additional sum of
$3,572 80. At the end of that period, the
Bank of the State of Missouri agreed
to pay to the Treasury one-iourth of one per
cent. for the privilege of transferring these
monies from the Bank Of Commerce TO her
own vaults, and she fulfilled the agreement.
The per centage paid by the Bank amounted
to 1851 IL. The general aggregate of all
those amounts now deposited in the Bank to
the credit Of the Treasurer, after deducting
the expenses incurred in the sale, is SS2l2,-
779 81. deem it a duty as well as a plea
sure 10 express my cordial appreciation of
the skill, judgment and prudence, displayed
by Mr.. Grow in this important business
His success was more than commensurate
with my hopes or expectations.
The charter ofthe Bank of Missouri, will
expire on the End day of February, 1851
The grave and delicate question is presented
to you, by this state oflact, what legislation
is necessary to secure stability in the value
Of property, facilitate operations of commerce
and shield the State from an influx of de-
preciated or worthless Bank issues from our
sister States? Shall the charter be permit
ted to expire, and the Bank be compelled to
wind up its affairs, without any legislation
to meet the consequences? Or shall sys-
TEN Of Free Banking be adopted similar 10
those now prevailing in some of the North
western States? Or shall the present insti-
tuition be re-chartered, with such modifca-
tions as experience has indicated to be nee
essary? These are questions to which
have given the most anxious attention, and
upon which l solicit youreearnest delibera-
ton. They are practical and not abstract
questions; circumstances preclude US from
treating them as we might, if our Statewere
in its infancy, and our relations TO the COM
munites around us, gave us the option Of
deciding what currency we would hay e and
what not. They should be decided in time
for the officers OF the Bank to make prepa-
ration for the future, and arrest, if possible
q CONFUSION in our monetary affairs.
II the charter of the Bank is permitted to
expire without further legislation, the con-
sequences must be injurious in the extreme.
The value of all our property will be depre-
ciatad, there will follow series of tluctua-
lions in prices, opening the door 10 fraudu-
lent speculations; the relations of debtor and
creditor will be so disturbed, that the latter
will be compelled to seek reliefin the courts
of Justice, and the property Of the former
will be ruthlessly sacrificed, and whole fam
lilies suddenly exposed to poverty and want
Our State will lie Immediately floorded with
the deprecated issues from the Banks Of
neighboring States, and our commercial elias.
SEES will be overwhelmed in difficulties
This picture Of what may be anticipated i:
rot overoharged. Similar results have fol
lowed, in other States, from causes mucl
less powerful to produce. Nor can such ;
condition Of things be materially alleviated
by penal legislation TO exclude foreign bank
paper. If effectual, it could not relieve u.
from one 1.-THE of the evils which have en-.
umcrated. Our own experience, as we'll az
that of every community in which it ha
been tried, proves that all such legislation i.
a practical nullity.
Before any system of free banking can bt
adopted, it willssbe indispensable to amend
the Constitution. That instrument empow
ers you to create one bank with five bran
chest empowers YOU TO do nothing more
Its meaning is, in my Judgment, too palpa
, bic TO be Inexperienced; and l cannot ap
preciate the reasoning by which it is atteEap
9 ted to be shown, that, although the Genera
Assembly cannot establish more than on
4 bank, it may authorize every member Of thu
community to do so. Before the Constitu
9 ton can be altered, all the difficulties ant
| calamities which it is so desirable to avert
$ will have come upon us. Nor do thinI
S that such an amendment would be either wis
or prudent. Coin is our measure Of values
and medium OF exchange.
= 1t is as important, and perhaps more SC
/, that this measure shall be kept uniform, a
: that there shall be uniform system OF wei ht
n and measures. The introduction Of pape
, money, originated in the necessities of com
!. merce; and it should be limited and regula
f ted by those necessities. There should new
S er be so much of it as to endanger the me
tallic basis on which it is issued; and
e should never have any other basis than tn
r constitutional coin Of the nation. Under tn
s system Of free banking, as now practiced
r real estates and stocks are the securities 70
c the redemption Of issues. These are con
). stantly huctuating in value, producing in
0 evitably like continual fiuctuation in tn
c value Of the issues made upon them; and
|, not unfrequently happens, that the stock
/ become altogether worthless, by til
+. fraud or Encouragement of those who hav
= control over them. The values of coin al
It affected only by the laws of trade; and pape
d issues based upon it, if kept within prope
v proportion, may be held as steady in valu,
e and be like it, a fair measure of the value
k all the products of industry.
v Our State has rapidly progressed in ag
h riculture, commerce, and manufactures sine
ID the organization of the Bank. Many brar
= ohes of industry have been introduced /
rs the enterprise of our citizens; new source
n of wealth have been discovered, and our fal
= mers have multiplied four-iold the produc
r, of agriculture. We have city which is II
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