Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1855-01-11

have given the most anxious attention, and
upon which | solicit your earnest delibera-
ton. They are practical and not abstract
| questions; circumstances preclude us from
treating them as we might, if our State were
in its infancy, and our relations to the com
munties around us, gave us the option of
Ceciding what currency we would have 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
a convulson in our monetary affairs.
If 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 deprc-
ciated, there will follow series Of Iluctua
tions in prices, opening the door to iraudu-
lent speculations; the relations of debtor and
creditor will be so disturbed. that the latter
will be compelled to seek relefin 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 be Immediately hoorded with
the deprecated issues from the Banks OF
, ,neighboring States, and our commercial cas-
ses will be overwhelmed in dtficulties.-
This picture of what may be anticipated is
not overcharged. Similar results have fol-
lowed, in other States, from causes much
less powerful to produce. Nor can such q
condition OF things be materially alleviated,
by penal Legislation TO exclude foreign bank
paper. If effeotual, it could not relieve us
from one 1.-THE of the evils which / have en-
umerated. Our own experience. as well as
that of every community in which it has
been tried, proves that all such legislation is
a practical nullity.
Before any system of free banking can be
adopted, it wil.sbe indispensable 10 amend
the Constitution. That instrument empow-
ers you to create one bank with five bran
ohes-it empowers you 10 do nothing more.
Its meaning is, in my judgment. too palpa-
BILE to be misapprehended; and l cannot ap-
preciate the reasoning BY which it is attemp-
ted TO be shown, that, although the General
Assembly cannot establish more than one
bank, it may authorize every member OF the
community to do so. Before the Constitu-
ton can be altered, all the difficulties and
calamities which it is so desirable to avert.
will have come upon us. Nor do think
that such an amendment would be either wise
or prudent. Coin is our measure Of values
and medium Of exchange.
1t is as important, and perhaps more so.
that this measure shall be kept uniform, as
that there shall be uniform system of weights
and measures. The introduction of paper
money, originated in the necessities Of COM
merce; and it should be limited and regula-
ted by those necessities. There should ncv-
er be so much of it as to endanger the me-
tallic basis on which it is issued: and it
should never have any other basis than the
constitutional coin of the nation. Under the
system Of free banking, as now practced,
real estates and stocks are the securities for
the redemption Of issues. These are con-
stantIy iluctuating in value, producing in
eyitably like continual fuctuation in the
value of the issues made upon them; and it
not untrcquently happens, that the stocks
become altogether worthless, by the
fraud or mismanagement Of those who have
control over them. The values of coin ure
affected only by the laws of trade; and paper
issues based upon it, if kept within proper
proportion, may be heldas steady in value
and be like it, fair measure Of the value Of
all the products of industry.
Our State has rapidly progressed in ag-
riculture, commerce, and manufactures since
the organization of the Bank. Many bran
ches Of industry have been introduced by
the enterprise of our citizens: new sources
Of wealth have been discovered, and our far
mers have multiplied four-fold the products
of agriculture. We have city which is tie
emporium of the Northern valley of the
Mississippi, and which has already estab-
lished direct commercial relations with the
whole civilized world. If we needed ban
king facilities when the present institution
was chartered, we need them much more
now. They are, in my opinion, indispen-
sable to onr prosperity and progress. l
therefore, respectfully recommend, that the
charter of the Bank shall be extended for
such period, as in the Judgment of the
General Assembly will be prudent, and that
its capital stock be increased 10 the sum of
$5 100000.
am entirely satisfied, that nothing short
Of an increase of capital, TO the full amount
J authorized by the constitution, will satisfy
the wants, or provide for the necessities Of
the community. lalSo recommend that such
an amendment Of the constitution be sub
mitted TO the people for their sanction, as
) will empower the General Assembly to take
! any amount Of stock it pleases, or none at
all, if it be deemed eXpedient. Observation
and experience have convinced me. that such
an amendment should be made, and that we
may safely eEtrllst this much TO legislative
discretion.
| | am not prepared to express an opinion as
to the policy of so amending the constitution
as toauthorize multiplication of the branch.
es Of the Bank.--I submit the suggestion
however, to The wisdom of the General As.
emily.
INTERNAL IMPROVEMENTS.
; On the subject of Internal Improvement,
, the Governor says:
: "As anticipated in special message Il
the last General Assembly, the time has
: arrived when it is absolutely necessary To cx
o tend additional aid in the construction of In,
railroads now in progress, or nbaudon then
: altogether They cannot, in my opinion, b,
o abandoned without great injury to The State