Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-01-29
The Legislature Banks.

The Constitutional amendments having
passed, the Legislature is crowded with APP !
plcation. for Bank charters. They all go
10 the committee on Banks, who are matur-
ing plan. Nothing definite is yet agreed
upon, but, says the Editor of the Republic
can, who wrote on the 26th ait may be stated
with reasonable certainty that charters will
be granted to FIVE or six Banks in St. Louis,
of which the present Bank will be one; that
The capital Of each will not exceed two mill
ions of dollars, with authority 10 commence
business when FIVE hundred thousand dol
lars in specie is paid in; that each of these
Banks will lie required to establish three
branches, at points named in TIE charter, ex-
cept the present Bank, which, inasmuch as
the State Funds are to be continued in il,
will he required to keep up the present
branches, aud perhaps add another; that the
districts in which branches are established
shall take Que half Of the stock assigned to
such branch; that failure 10 pay specie for
all notes on presentation is to operate for
fixture Of charter, and twenty per cent. dam
ages on all notes protested for on-payment;
Tia. the Banks will be authorized TO issue
notes Of FIVE dollars, but nothing under that
sum; that for the first year after commence
ing business, the Banks shall have the pow
or TO issue one dollar and a half for all the
capital paid in, and after that zine three dol
lars for one; that frequent publications of the
state OF affairs of each Bank shall be made;
and the Legislature shall have right, by
is committees, TO 60 into and make criti-
cal examination Of their condition; and that,
for the privileges thus granted, tax of one-
half per cent. may be levied and collected
10y the State. The charters will be made to
run until 1880. The proposed system finds
general favor here, and, it is probable, will
be carried through, if The minor details are
agreed upon in the committees.
Lexington, St. Joseph and Hannibal may
ask the charter of independent Banks, and
if so, no opposition will be 10 them. The
prominent idea is, TO frame such system as
will be safe, and meet the wants of the
State. The present Bank presents more
points Of difficulty than any other. 1t is con-
tended mere, that lis charter cannot be ex-
tended as it now stands; and that il re-char-
tered, it must be done under the conslitu-
ton as il now stands; that it must come in
and make part OF the general system; aud
that it would be wrong, and give it an I'M
due advantage over other Banks, to suffer
its capital 10 remain at five millions. The
friends of the Bank ought TO see its advan.
tages, in having long established repula,
ton and business, and SO large an amount
OF its capital subscribed by the State, and
be content to commence operations under 1
new charter.
It is doubtful, indeed, whether the pres
ent private stockholders may not, wher
they are consulted, as they must be, insis
upon business being carried on until the ex
piraion Of the charter in 1861, E~hereby
they may obtain dividend Of all the profits
and property Of the Bank. Some years age
they refused permission to the State to sci
out its stock to individuals, and now the,
may not be inclined to admit any new part
ners into the concern. 1t is not desirable
that the old Bank, with all its reputation ant
usefulness, should be suffered TO go out o
actual existence, but if e-chartered, it mus
be upon the same principles, and become
part of the general system now about to b
adopted for the State, 1t will have advan
tages enough then, in all conscience.