Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-11-19
BANK SUSPENSION DISCUSSION.
In rsr Housr OF REPRESENTATIVES,, D
MONDAY, Nov. I'd, 1857.


titled TO the floor, says:
Mr.. SPEAKER. have very few remarks
10 offer this morning. am not in a condi-
ton, even though l were SO disposed, to
make buncombe speech, nor do claim 10
make speech Of that kind.
Sir, have a part 10 perform in this
work. shall be called upon to vote upon
this question, and Of course my constituents
expect that l should have reason for the
vote that shall give; this reason l shall
now state 10 the House.
First, shall notice the party aspect of
this question. 1t has been alluded to by
several gentlemen. l do not claim that
there has been any party Legislation done in
the State OF Missouri for the last four years.
DO not believe that there has been any
party measure, as a measure, carried through
hi, Legislature for the last four years.
Parties have taken hold Of questions as they
came up, as their minds dictated to them
There has been no policy or organization a.
dopted as State policy for four years.
Now whether this be right or not is ques-
ton. The question is whether or not it is
the duty Of party, when in power, to have
a set policy to govern 1t in legislation. This
seems to my mind to be the question that
now comes before us. do not pretend TO
say that we, the Democratic party, have act
cd upon this measure as party question,
but l desire to get at the question; it is the
duty Of the Democratic party, when in pow
er, 10 have policy to governit it. Sir, can
see no benefit from party being in power,
unless that party can have policy to gov
srn it. Sir, / think it is the duty Of the
Democratic party at this time, to meet eve-
ry question that comes mp, and to adopt
party principle which shall govern on that
question; and | say, whether we, as Dem
ocratic party, will have a policy in this
State, whether or not we legislate upon any
set line Of policy at all, is question, and
say further that it is our duty 10 do it, and
that there is no use for us, as a party, to be
IN power, unless we have policy different
from other parties.
have remarked to my constituents at
home, when they have asked me questions
in regard to legislation, have told them
that the Democratic party has no policy as
party, but that we voted as our minds
dictated. But is not this dangerous legis-
lation, and does not the legislation of the
past prove it to be so?
wish to be understood here distinctly
that believe it 10 be the duty OF the Demo-
cratic party of the State CT Missouri at this
day, to mark out policy which shall gov
ern them in their Legislation, and whether
or not that is the case, the Democratic party
will be held responsible for what is done.
1t is Of no use in Gods world to have q
party if that party has no policy by which
to be governed, and the reason why / tell
my people at home why am Democrat,
is because believe the policy Of the Dem
ocratic party is preferable to that of other
parties, and l believe it should so be made.
So much for that.
Il wishfo say only few words in regard
TO the constitutionality Of the bill before us
The gentleman from St. Clair county
A(McC Claim seems to draw marked dis
tinction between that portion of the bills
which legalizes The suspension fthe Banks
Now, for my soul cannot do the same
/ will read from the bill Of the gentleman
from Pike, Henderson, and then from the
bill offered as substitute.
This is Mr.. Henderson's bill:
"SEorIoN |. All provisions Of an act emit
tied IAN act to regulate Banks and Banking
Institutions land TO create the offices of Bank
Commissioners, approved March I'd, 1857
which subjects the said Bank to any penal.
ty, by way Of forfeiture of charter, because
Of failure to pay the liabilities of sale
Bank, in specie, on presentation; and al
provisions Of said Act which authorize OF
direct any proceeding TO 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 lst of November, 1858, or until sucl
time within said period as, in the judgment
OF the Board of Directors of said Bank
with the consent and concurrence of the
Bank Commissioners, il may be thought pru.
dent and safe 10 redeem; and If, on or before
the days named as aforesaid, the SAID Bank
shall fully resume the payment Of all it.
debts and liabilities, with gold and silver
coin, then the said Bank shall have all the
rights, benefits and advantages granted by
its charter; and may proceed to exercise
the franch SEES and privileges guaranteed by
the said act, ands hall be exempt from the
penalties of forfeiture, as if no suspension
Of specie payment had taken place."
Now, shall read from Mr.. Browns bill:
"SEcrIoN /. The provisions Of an act en-
titled San act to regulate Banks and Bank
ing Institutions, and to create the office of
Bank Commissioners, approved March 2,
1857, which subject the Banks to the pen.
atty of forfeiture Of charter, because of a
suspension of specie payments, or the fail
ure to have on hand the amount of coin re-
CURED by law, and all provisions Of sad act
which direct any proceeding, by any officer,
against said Banks, be, and the same are
hereby suspended, until the resumption Of
specie payments by the respective Banks:
provided they shall fully resume the pay
ment Of all debts and liabilities, with gold
and silver coin, on or before the first day Of
November, 1853"
Now, sir, both of these bills authorize
the suspension, and if one be unconstitution.
al, how can the other cease TO be so, too
I can't see how any mind however much