The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-25
MISSOURI.
lOvERN0R1a Mrao Qu

MISSOURI.
GOVERNORS MEsoA0B
As the late message of the Governor of Missouri
relates wholly to financial matters we give it en-
tire:-
At your adjournment in March last, did not an
ticipate that circumstances would arise which would
impose upon me the duty, in obedience to the con-
stltution,, OF recommending to your consideration
other measures for the promotion OF the welfare Of
the State than those indicated in tle last message.
The country then seemed to be in condition OF
general prosperity. Our currency Nss apparently
sound. Commerce seemed to be active and confined
70 healthy channels. Manufacturing enterprise was
vigorous and confident. Agriculture the basis OF
ali material prosperity, promised to yield abundant
returns, and individual diligence and labor repead
their fair reward There was nothing to bet0ken the
crisis which has come upon us. Our railroad enter
prises. it was hoped, would move steadily on to
completion, abundant means having been provided
by the hberality of the General Assembly. and our
banking institutions 1t was believed would furnish
sound circulation, adequate to the commercial and
industrial wants OF our people.
Nothing conld exhibit the fallac and dangers
OF credit and banking system, carried beyond their
legitimate limits, more clearly than the present
state Of affairs compared with the confident ,ic
pations INDUCED in by every class Of the conmuni
ty, up to the very moment when the storm burst
upon the country. Although we have experienced
similar things at various periods during our exist.
ence a confederacy, we WERE in this instance, as
we ever have been prone TO forget the caamites Of
the past and to hope against hope for the future.
Inc results are as natural anu DeceSbdry aS
suits of known physical causes depending upon the
operations of immutable laws There are limits
within which the banking system may not only be
safe but beneficial; and until we provide the appro-
pirate means for cOnfning them within these limits,
we may expect periodical convulsions similar to the
one under which we are now suffering. They would
not be 40 lamentabe the run arising from them
visited only upon those whose misconduct has pro-
duced them but, unfortunately, they generally
escape and shift the burthen upon the shoulders of
the producing and laboring classes.
To US the most disastrous consequence produced
has been the check given to our railroad system,
and the evident deterioration OF the credit of the
State. Our prospects are 30 dependent upon these
that the present condition of things, in my opinion,
imposes upon us serious and important duties The
first OF these is to take such judciors aud decisive
measures as will secure, beyond all question, tbe
honor ard credit of the State the second to devise
such amendments TO our railroad system will
enable the companies to secure what mas been done,
and ultimately TO complete these important works;
and the third is, to place such additional guards
upon the banking system as will confne IL within
legitimate limits, and tend to expel from our bor
ders all deprecated paper.
In the measuies tending TO these ends all Of us
interestedtbe people at large, the stockholders in
the roads, and the stockholders in the banks; and
j will not presume that any one will be so
wanting in patriotism and public spirit as to
oppose them. What is done hope can he done
with the cordial concurrence of all concerned.
To effect the OBJECTS contemplated, several dis
tinct steps ought to be taken. Some Of them are
exclusively and absolutely within the power Of the
General Assembly and some may require the assent
Of the railroad and banking companies To appre-
ciate them they must be enumerated and considered
separately, and as whole; for they have their sew
eral merits, as well as mutual dependence on each
other. They are M follows viz:
First-Tbat no more State poDds should be issued
and sold at runous rates of discount. Sscond-Ihat
tax should be levied, which, with the surplus
sufficient 70 cover the whole amount OF interest on
the bonds of the State. ThiTd-TDat the State
should have representation in the several boards in
proportion to the amounts of the bonds sne has
may hereafter issue in aid OF the roads. Fourth
That in future the bonds OF the State should be dis
posed of by an agent appointed by the Executive
and acting under the supervision of the Governor.
the Auditor and Treasurer, and the proceeds
thereof delivered TO the officers of the compa-
Dies Fifth-IAat the Board OF Public Works
should be ar med with such additional powers vii
enable them TO penetrate into all the details OF the
management OF the roads, aud 10 exercise q saluts
ry influence upon and supervision over them.
Sixth That some Of the banks in the city of St.
Louis should lie made a clearing house in which all
the banks and branches shall keep saifciency OF
means to protect their issues at par value seventh
That all the banks should be required TO publish their
weekly statements on the same day, and TO show
the amount due TO depositors, and the amount of
their discounts, in addition TO the items nov re-
quired by law to be published. Eighth-Tnat 1t
shall be the duty Of the Bank Commissioners when
ever bank or branch bank fails redeem its circu
aon at the counter OF the clearing house, to close
the SAID bank OF DrAnCn Dank IN tne manner nov
provided by law.
Some Of these measures are exclusively within the
competency 0 the General Assembly--otbers may
require the assent OF the companies. / will not
believe that measures 10 just and necessary VIII
meet with opposition from them. IL is due
to the peple Of the State, who have 70 literally
extended helping hand TO the roads, and
such liberal charters to the banks, as well ss TO
the character Of the sto kh0ders and directors OF
the companies, that opposition shall be made to
an arrangement 20 fair and equitable. That no more
bonds should he issued and sold AZ the present ruin
rates OF discount, presume will hardly 90 doubt
ed by any one. The recent sacrifices OF them in the
Eastern market when il IL known everywhere that
our resourcesare ample, and our character without
a blemnh, IL SEEMS to me, are sufficient TO satsfy
the whole community that this should be our line OF
policy. The levy OF tax TO provide for the pay
ment OF the interest State bonds s absolutely in
dspensable TO protect the credit Of the State what
ever may be the future policy OF the government and
the companies In the further prosecution OF the
work. In the present embarrassed condition OF the
finances Of the country, the ability Of the companies
to meet The interest may be DOUBTED by capitalists
but with the fund proposed to be set apart, conf
dence will be inspired
That the States should have representation in
the boards Of directory In proportion 10 the amount
Of bonds issued, or TO be issued AN very certain IL
not only just, but the only measure that can give
satisfaction q the people. None OF the private
ocSholdcrs in tnsse enterprises would be willing to
invest'their means in any undertaking In the man
aument OF which they could have no voice The
people oil the STATE snOuld exercise THIS COMMON
", udence, and there is no ground for finding fault
with them for il. Recent occurrences have warned
us OF the imprudcnce and folly OF permitting our
bonds 10 he hawked about and sold at runous rates
OF discount. Aiming the Board OF Public Works
with additional powers, whilst u will inspire more
public confidence, cannot he Objectionable TO the
parties interested in the roads.
The measures recommended ia relation to our
banking system are such as believed TO have pro-
ven beneficial in other States, where tho experi.
ment has been tried Our banking system is in its
incipiency, and we cannot be too cautious in sur
rounding II with all the safeguards suggested by the
experiences OF the past or the exigencies OF the
present. In all contingencies, and under all CIR
cumstances, specie basis must be maintained
Unless this can be accomplished u will be better 20
dispense with such institutions altogether and TO
rely exclusively upon the operations OF the known
laws Of supply and demand. II is feared tha, the
emoarassm, nts and alarm now prevalent will induce
many OF our citizens to insist upon temporwy legis
lative expediens, as palliatives OF distress All ex
perience has proven tnat such legislation can only
ultimate in the production of far greater difficulties
than those IT ~ intended 10 alleviate. | cannot
cfOrp reyOmmerd al M tho oll