Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-12-03

ioh was OeIore tHe oenate OF lne Unlted
States for a second National Bank. it failed
by the casting vote Of George Clinton, the
then Vice President of the United States
and President Of the Senate. In 1914 all the
State banks suspended specie payments,
with the exception Of the banks of New
England. To their immortal honor be il
spoken, mo suspension in that ''land of steady
habits" took place; their paper at that time
twenty per cent. higher than the paper of
the General Government itself, our country
then being at war with Great Britain on ac.
count of the tyranny and injustice Of the lat
ter towards the United States.
Z Necessity" says great writer, 'ile
TRUTH is superior to rule" The public men
Of that day had sense enough to see the ne
cessity for another National Bank, and pa
triotism to grant another charter therefor
Gin lSl6) during period of twenty years,
capital of twenty millions, if / remember
rightly. The shinplaster system, with all
its. s.abomnations, soon disappeared. Able
statesmen said we had then the best cur
rency in the world. Twenty years rolled
on; other public men appeared in the coun-
ellis of our country; large importation of
foreigners, good, bad and Indifferent, inter-
mingled with native Americans. The act
charterlng the second National Bank, which
had been signed by the patriotic Madison,
and approved by the honest Monroe expired
1886. In 1929, Gen. Jackson was elected
President Of the United States-he is now,
we hope, in Heaven; and of him we may
say that he was patriot-peace to his
memory, thankfulness for his services, OBJ
livion to his errors: but still it is our honest
conviction that his vetong of the act, or bill,
presented to him by Congress for his appro-
val, for rechartering the Bank of the United
States, was the direct cause, or the occa-
sion, of the general or universal suspension
of the banks in 1887, and of the introduce
tion ofthe detestable and dishonorable shin
plaster system which followed Immediately
thereafter, and the loss of part Of the pub
lie revenue transferred TO some of the State
banks, consequent on the removal of the de-
I posits from the National Bank 10 them du-
: ring the first term of Gen, Jackson's admin,
; istration and the remote cause of the sus-
pension of the banks at the present day.
We believe our statement of facts is cor.
rect, and, if SO, our deductions may prove
true. A celebrated author says, "Nothina
) can supply the lack of prudence" Itis pru
dent TO retrace errors; they having beer
, committed, it would be wise TO avoid then
in future-of financial revulsions, we shal
have togrieve over them, if not periodically
) at least once in every fifteen or twenty years,
l unless men become more honest and cautious
: and intelligent, until they shall love richie.
(regardless of the means) less, and wisdom
and knowledge more than they do at pres ent
f An old; fashioned Bank of the United States
> with capital sufficient for national and in
: dIyidual purposes, is the sure and common
, sense remedy for such fearful and destruct
i've financial crisis as the past and present
a Countrymen, awake! regain the blessed
= state you enjoyed in the days of Washing
Q ton, Madison, Monroe, and John Quincy
i Adams!
From the New York Daily Times.
THE USE OF HEAD.-It may seem L
many persons an aihiable piece of superAu
S ity TO insist upon the Importance Of heac
e to every body, whether that body be til,
S mortal clothing of a responsible soul OIL
: merely corporation. But the actual stat'
a of our financial community is a suficien
e indication to those who know what is going
e on therein that the old truth needs to bt
: newly enforced. The banking corporation
+, Of this cty--for the banks, however Inde
3. pendent of each other they may be in thei
$ organization, do constitute, for all practi
: cal purposes, one corporation in their rela
f tions with the commerce of the country-i
: getting itself and every body else into yer,
considerable danger for the want Of head
c We do not profess to know where hea'
= should be sought for, but we do know tha
It head must be found to rally the common
e sense and the courage of our financiers TO
# frank and full consideration Of ftheir relation
a with the banking community of the interio
: and with the merchants of the city. AN
! we have no doubt that such q head exists
OF The Wholesome influence on the publ
= temper of such a power as only head Q
n recognized capacity can exert an instruc
h tive example has just been offered us il
l. France. The panic and the pressure whic
i threatened the consequence Of the depreci
IS alton of the stock OF the Credit Mobile
m have been averted by single interview be
y tween the Emperor and the great banker
a Emile Periere, acting as the Representative