Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-11-12


have been compelled, in all probability, to
suspend; and If the State of Missouri had
paid into chat bank the amount she owes,
she might still have been relieving the mer.
chants of st. Louis from distress and ruin.
These are facts, and they are we'll worthy
of the consideration and attention of legis-
lative body. Why, sir, look at the State of
Pennsylvania. Has she not fallen beneath
this crashp Have her banks not gone down
and have they not refused the payment of
specie for her liabilities? The great and
wealthy city of Philadelphia, she had to
yield TO this unexpected storm. After her,
the great commercial metropolis Of the A
mercan Uni,n has been compelled to yield.
The great, the rich, the wealthy city Of
New York, has been compelled to succumb
to the torrent Not only that, but go to the
city of Boston, and she, too, has been press
ed to suspension. Not only her corpora
tions and municipalities, but her merchants,
and the merchants and the manufacturers
of New York have been compelled to yield
to the tornado that is upon us and around
Us on every side. Sir, during the whole of
it, did not Missouri stand out? Why, sir,
when New Orleans sank beneath it, when
New York gave way, when Philadelphia
sank, and when the rich, the wealthy city
Of Boston succumbed, Missouri yet stood
up, until it became almost as a besieged
camp, with her enemies all around, and
drawing the very last dollar of coin from
her banks. She stood It as long as she could
The State was unable 10 secure her insti-
tuition, and hence this thing has been brought
abought We could not foresee it and we
could not provide against it. 1t has come
upon all isntitutions and upon every indi-
vidual and all of us are unprepared to meet
it, and now think, under circumstances of
this character, we should be disposed to look
with little leniency on those institutions
that we chartered at the last session. Let
us say that the fostering hand of the Legis-
lature will come totheir relief and protection
and give them fair taial That, sir, con-
stitutes my view of this subject, and sim
cerely hope that the bill may not only be
printed but may be read and put upon its
passage in this House.
Mr.. DICK, of St. Louis, said
In the first place do not look upon this
bill as one that's in the power of this House
to pass. We here exercise powers as a
legislative body, under the restriction, Of
course, placed upon us by the constitution,
and l can never give vote in this body
which think is directly in the face of any
constitutional provision. The constitutional
amendment adopted at the last session Of
this General Assembly authorizes the Leg.
islature TO establish Banks, but says that
any bank SO established "shall be based up
on specie capital, and made liable to re-
deem its issues in gold and silver" This
bill does not dispense with that requirement
expressly, but | say that it does dispense
with that provision in fact. hold that the
meaning OF that section is that the banks
shall not be required only 10 redeem their
issues at any time in gold and silver; but
that they shall stand ready at all times so to
do, to-day, tomorrow, and at all times IN the
future. am aware that there are gentle
men on this floor who differ with me in re-
lation to this construction of the constitution,
but say that there can be no doubt as to
the meaning OF this provision in the coHsti-
tuition, if it is carefully examined. Now, l
say this before inquiring further into the
meaning of this constitutional provision, that
if we undertake here to authorize the issue
Of paper which is not authorized to be is
sued by law, by which mean that we have
no power in law to authorize the issue of,
that the people will repudiate it and not ac-
cept it as money, and this measure will fall
to the ground as not having the effect that is
desired by the friends of the bill. 1t is no
answer, TO my mind, to say that to-day this
paper Will be accepted as money. 1t may
be to-day, but say it will not continue to
have the confidence Of the people, as money,
if they believe that il is issued without au-
thority of law. We are not leglslating sim
ply for to-day; We are not 10 legislate SIM
ply TO authorize the banks to issue money
valuable for a week-but this act has in
contemplation space of time between now
and the lst Of November, 1853. If the
people shall believe that this paper money
is not protected by the constitution-that
this law is in contravention of the constitu-
tion, then they will see that these banks
issues are not money within the protection,
and not upheld by the constitutional provi-
sion. We must look upon this matter then
with reference to the value this money shall
have when viewed in this light. If We were
to-day to pass an act which would enable