Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-11-05
Special Message of Gov. Stewart.
Gentlemen Of The Senate, "...
....... and House of Representatives..

at so early period of your session, to call your
special attention TO subjects concerning the gener-
al welfare. Thekxtraordinary condition Of the Fl
nances of our country, and that Of our ownbanks,
has induced me to call your attention 10 the sub
iect After struggle, nobly sustained by the
Bank of the State of Missouri she has been COM
PEELED TO suspend specie payments; and others of
our banks, organized under The act of this Gener-
al Assembly, have been compelled to follow her
| example .'. ..,...
As an original proposition, it is question
whether banks Of issue ought ever to have been
established. The banking SYSTEM as it is, has be-
come interviewer with all our commerce al ami
business relations. We cannot dispense with
banks Of issue, unless we could control the legis-
latlon of Ill our sister States.
In the present condition Of things, respectful
ly commend to the General Assembly such action
as may be necessary TO secure the credit and char
acter Of the State. Some system of credit, it
sc ems to me, is necessary for the prosperity of
every department of business In fact, credit and
civilization are coeval. There never has been a
civilized country without a credit system, and
probably there never will be. Changes may take
place corresponding to our experience; but some
system of credit must always exist. Even in the
days OF Lycurgus, when iron was the circulate
ing medium, this system was necessity. How
much more is it in this age of the world, when all
our commercial and business relations are so
greatly multiplied.
1t is obvious that without credit in some form,
no public enterprise Of importance can be sue
cessfully carried on. Such enterprises are be-
yond the means of individual capital, and are ne
cessarily dependent upon credit. To il we owe
all our railroad enterprises, and every work of
public utility which individual capital cannot &C
complsh. tits, indeed, scarcely too much to
say thai our national prosperity and progress are
due TO the credit system, for there is no work of
general public benefit which could have been con-
summated withoutit. We are indebted to it for
our own public works. After years OF labor and
| legislation, spent unavalingly, we were compell-
ed to resort to the credit system to give an impet-
us to public improvement.
| There Is nothing which should give just cause of
alarm in the present condition of the country
| We have now alarger amount of specie than ever
before. The balance Of trade has not been against
u.s. Except the temporary condition of the banks
| we have nothing to alarm us. The farming class
of our people were never in safer cor dition.-
| Our crops have been abundant and the agricul-
tural community are fortunately comparatively
free from debt and embarrassment. -.,,
Our banks have kept within the limits of what
has hitherto been considered legitimate rules. 1t
is only because they formed but one of general
system, co-extensive with the Union, that they
have suspended. ....
The embarrassment now existing is attributa-
BILE chiefly, if not solely to imprudcnt specula-
atons, and the injury, it is to be presumed, will
fall most heavily upon those who have been en-
gagged in them.
porations are indispensable. They are only evils
when designed for the promotion of private OBJ
lects and interests. The latter class of corpora
tiens cannot be too jealousy guarded. Without
acts OF incorporation we never could have CON-
menced our system of internal improvements. -
And, incomplete as they are, they have contribu-
ted more than all other causes combined, to the
increase Of our population and wealth.
! The combined efforts Of individuals, cities and
counties, were found inadequate even 10 its COM
mencement, and this necessitated the policy of
granting State aid in the form of bonds. In my
opinion, this was wise policy, inasmuch as with
out tive could have had no prospect OF public i'm
: provements. We have, it is true, recently Sc I
some of our bonds sacrificed in the market; but
we may rest assured that the same interest which
has temporarily deprecated them, will soon fine
: it necessary to elevate them. Capitalists under
stand their value, and for that reason some of then
have made an effort TO depreciate them, with thu
purpose of buying them up. tits evident that they
were not depressed by any natural causes, for GU
great resources are well known, as well as ou
ability TO meet the interest in any possible eontln
gency.
We should not Judge of system in a panic
Our banks have suspended, but they have not is
j sued more paper than is ordinarily thought to b
, safe. They have yielded to a necessity which ha
not been brought about by any imprudence or mis-
2 management of theirs. If they were ever neeessa
ry for the facihtation Of our commerce, they arr
so now; and this fact will be recognized as soon a
the crisis is past To destroy them, then. if It cal
! be avoided-to say nothing Of the individual in
' justice to result-cannot be wise measure Of pub
lie policy In Justice 10 the bill-holders sugges
that, within the pale Of the Constitution, sucl
measures should be adopted as will ultimately Sc
. cure them. Ig-Js fI.r 4n.. .s,-
0 All will admit that our frstduty is to protec
our Stat ecredit. Whatever measures the Genera
Assembly may think aroper TO adopt, having thi
end in view, there c an be no doubt the people wi
-lshn fIallNr gnfn
or, and never can be brought to sanction anything
. which will not sustain IL. b..r5.
Among the measures for the protection of on
honor, is certainly the fulfment of our obligation
: to those who have invested capital in our nstitu
tons and enterprises, as well as the duty of pro
viding FOR the payment of the interest on our bonds
i We have seen that all cur great public improve
q ments-roads, canals, &C., have been constructe
by means of.the credit system. -s'll VI
1t is not too much to say, that without thes
'. works, the Constitution and the Union could no
l. have been preserved They have brought &c gethe
a distant sections: have made neighbors and friend
of those who might have been enemies; and boun
d our Union together by the ties OF intimacy an
d family alliances, well as by those of commerc
v and enterprises and have made us confederacy
:, States indissolubly united by the ties of blood
A system of public policy which has so long an
e so successfully promoted all the objects for whc
Il Governments are nstithted,it seems TO me, Shout
Ir not, for trivial causes, be disturbed. policy
:, be heathful, and ultimately successful, must
u gradual in IFS development, and conform to ii
progress of society. Sudden changes are dangerou
Wise legislation is founded as well upon the e,
perience of the past, as upon the prospects of Ii
Future. H'. '.' .....-,
IS feel entire confidence in the wisdom and pair
otism of the General Assembly and have no doub
u that whatever diversity of opinion may exist
q other respects, all will feel, in crisis like thi
Is an anxious desire to promote the public good.
# will give me great pleasure to unite with you
whatever may, upon deliberate consideration,
Thought best, so far as can do so consistent
>, with my sense OF responsibility and duty.
The report of the Bank Commissioner and IL
d Assistant Bank Commissioner, made in pursuanC
oi las, b herewith transmitted.
- r. NJ. STEWART,