Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-11-12
The Bank-Relief Bill, as it Passed, and
the Vote on its final Passage. .
AN ACT
For The Relief Of the Bank of the STATE Of
Missouri. and other Banks.

ted demand for gold and silver coin, unpre-
cedented IN the past history of the country,
and entirely beyond the wants of commerce,
the Bank OF the State Of Missouri, in com
mon with the oldest and strongest banks of
the Union, has been compelled 10 suspend
specie payments; therefore,
Be ii enacted by The General assembly of the
Slate Of Missouri, asJoilows:
SECTION l. All provisions Of an act enti-
tied an act to regulate Banks and Banking
Institutions, and TO create the Office of Bank
Commissioner, approved March I'd, 1857,
which subjects the said Bank to any penal
ty, by way Of forfeiture of charter, because
of failure 10 pay the liabilities of said
Bank, in specie, on presentetion; and all
provisions Of said Act which authorize or
direct any proceeding 10 be commenced
and prosecuted against said Bank, or which
authorize or direct any proceedings by any
officer against said Bank, because of the
suspension Of specie payments by the same,
be and the same are hereby suspended, un-
I'll the LIST Of November, 1858, or until such
time within said period as, in the Judgment
Of the Board of Directors of said Bank,
with the consent and concurrence of the
Bank Commissioner, it may be prudent and
safe to resume; and If, on or before the day
named as aforesaid, the SAID Bank shall full
y resume the payment Of all its debts, and
liabilities, with gold and silver coin, then
the said Bank shall have all the rights, ben
fits and advantages granted by lis charter;
and may proceed to exercise the franchises
and privileges granted by the said act, and
shall be exempt from the penalty of forfeit
ture, as if no suspension Of specie pay
ments had taken place.
SEC. 2. No person receiving or taking
from the Bank after the passage of this act,
any note or bill OF said Bank issued for cir
culation, shall be entitled TO receive thereon
the amount Of interest prescribed by the
ninth section Of said act, or any interest
whatever, in consequence Of the suspension
herein named.
Sec. 3. So much of the thrty-seventh
section Of the first article of said act, as re-
quires that the amount of gold and silver on
hand Of said Bank shall not be less than
thirty-three and third per cent. of her
notes in circulation, and SO much Of said
section as directs the commencement of pro.
ceedings against said Bank because of q
failure to have such amount of coin on hand,
be and the same is hereby suspended in its
operations until the LIST day of November,
1858.
Sec. 4. The forty-third section of the
| first article of said act is hereby SO modified
in its operation, until the lst day of Novem-
Der, in the year 1858, as 10 permit all the
Banks chartered under said act in this
State, during the period aforesaid to take in
payment of debts, or receive on deposit the
notes Of the Banks Of this State.
Sec. 5. During the period of suspense
Of said Banks, the Board OF Directors, in
order to afford relief to debtors, shall renew
or extend the time Of payment of debts due
them, upon the payment by said debtors o.
twenty-five per cent. Of the amount due
by them, at each renewal or extension
PROVIDED, SAID debtors shall fully secure
J the ultimate payment thereon; and upon al
future discounts of the Bank, it shall be tn,
duty of the Board to require in payment a
least five per cent Of the same in coin, which
shall be kept as specie reserve 10 secur,
the early resumption Of specie payment.
SIC. 6. The Bank Commissioners ar,
hereby required not to countersign, registe
or deliver to the said Bank any additiona
amount ofnotes for circulation, beyond thos
already delivered, until the said Bank shall
fully resume specie payments.
SEC. 7. SO much of the 18th section o
the first article of said act as requires pay
; ment Of the whole amount of stock sub
scribed to said Bank, to be paid with
tw elve months from the time Of subscribing
: | - h.. h., al II.
the first day Of November, 1868,
Sec. 8. The provisions of this act sha
in every respect apply TO the Souiher
: Bank of St. Louis, and also to the Mer
chants Bank of St. LOUIS, the Farmer.
Bank OF Missouri, and the Mechanic.
Bank of St. Louis, should it suspend befor
. the LIST day of November, 1858.
SEC. 8. The Bank Commi ssioner is here
!. by required to cause the notes paid out al
> ter the passage of this act, TO be stamped i
such manner as he may direct, so as 10 di.
: tinguish them from the notes now outstanc
ing.
i SEC. 10. No person, who shall be unds
: protest in any Bank Of this State, shall,
u any time whilst SO protested, be eligible
i hold the place Of Director in any Ban
chartered by this State; and II any DlrectC
y shall, whilst holding such office, suffer hi
a name to remain under protest for the spac
. Of ten days, that act shall vacate his ofiic
70 and successor shall be appointed to f
= his place, as now provided BY law in cast
J. !. of vacancy in the Board. And the aggr'
. gate amount Of disco ints granted to the d
rectors Of any Bank that shall accept Il
70 provisions of this act, either as payers, ell
dorsers, or drawers, shall at no time exec,
- 70 the amount Of one-tenth Of tbs paid-up cal
u ital stock of the State Bank, or one-fifth
y the paid capital Of all other Banks.
: This act 10 be in force from and after
- passage. ..
- THE following clause was offered as an amen
~ ment to the above bill, and adopted, but was owe
~ looked in enrolling it. 1t is an importantfeatul
and the bill was doubtless recalled, and correcte
n or a separate act passed suspending the law
p 1855
- "That the penalties and forfeitures imposed
a tlaJ 10 hanl