Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-08-06


and this has prod iced some delay. So, also,
with reference to the Bank OF st. Louis, and
probably the Exchange Bank. While our
correspondent was descanting on the limited
amount of capital Of these Banks, on going
into operation, if he had reflected little he
might have ascertained that in twelve
months from next August, the capital actu-
ally employed by FIVE Of these new banks
would be at least two millions, all paid in:
and when this is accomplished we shall not
only have sound currency, but Banks that
will earn money for the stockholders.
| From the Intclligencer.
The New Banks Their Assistants Their
Strength before the People.
II ever any matter of State policy was in
augurated with the unanimous approval Of
| the people, the Banking System adopted by
the late Legislature Of Missouri, had that
popular approval. And whatever needful
support the new Banks, created under that
law, shall ask Of the citizens of Missouri,
will most assuredly be given. The enter
prise and industry Of tie State had long
anguished under the luck of the ordinary
commercial facilities of the cotiAtry-had
long been overshadowed by the superior
advantages possessed by citizens in adjoin-
ing States, in the matter Of commercial cred
it afforded through Banks, resting on the
fimsiest basis Of stock. The contrast had
been painfully manifest 10 the citizens Of
Missouri, and they demanded, with one
voice, change in their organic law, where
by Banks might be chartered.
But the people of Missouri did not ask
blindly or recklessly for Banks, such as
their neighbors had. They asked for sound,
well secured system of Banking. of which
specie should be the basis. They obtained
this kind of Bank Law-as well-guarded
law as, perhaps, ever passed Legislative
body. And with it they are satisfied, and
the Banks created under it will have and dc
have the public confidence,
The law needs some amendments. What
piece of human legislation ever came forth
perfect!
But the new Banks will easily obtain the
needlul amendments, when the representa-
tives of the people see them striving, in good
faith, to carry out the law, as most Of the
Banks are now doing.
Those that make no effort 10 comply--as
the City Bank, for instance-do not deserut
Legislature aid, and should not receive 1t.
The new Banks are the creatures. of the
renewed life, and enterprise, and prosperity
of Missouri. They are called into being BY
the progressive business men of the State
who have broken the lethargy Of years, and
by wondrousIy developed commerce, and
q universally stimulated mechanical indus.
try are fast placing Missouri in the front
rank Of American States. 1t is the enter.
prise and intelligence and liberality of these
progressive business men that will soor
give Missouri tDo million inhabitants. These
are the men that have called for The new
Banks of Missouri, and these the men that
will take care of their destiny, and cause
! them to go hand in hand with the State tc
wealth that shall, in the great future, be es
timated by countless millions.
But that which is new and large in it.
scope, reaching through whole generation
in IFS purposes, always startles a certain
class of minds in society, whose inestimablC
privilege it is 10 have gathered all knowl
edge and all wisdom, years ago, and to have
been spared by providence, in serene com
placency, to tell the present generation how
reckless and silly they are, and how unlike
, the generations OF their fathers.
!, One of the illustrious sold fogies" o
this class found himself honored last Satur
, day, in the columns of the Republican, ant
+, INDUCED in dolorous attack on the new
Banks of Missouri. This fossil of ancien
wisdom makes three points against the new
t Banks as follows:
|. That financial "crash" is impending
j 2. That the capital of the new Banks i
, small.
3. That the Banking law needs amend
Y ments.
e Many intelligent citizens read the arti
: Gle in question; and scarcely one who di'
) not come inevitably TO the conclusion tina
: the writer is not only FOSSIL but fool
How does the "fossil'' 60 about establish
r ing the fact that there is TO be crash and
!. commercial revulsion? Does he do it b,
$ showing that individual credits are undul1
expanded; that the productveness of thu
country is diminishing, or no. keeping u
: with the population; or the supply of money
: in the hard sense, failing? He does none o
e these; but on the contrary, would have T.
admit that individual credits are less at thi
: time, in the United States, in proportion t
h the amount of business done, than they wer
n ever before in the country. More: this fos
o SSH (or fool) of the Republican, would hav
: TO admit that not only are individual credit
), less, in proportion, than ever before, but al
so, that the possibility of gaining credit i
less than il has been in years past. TIL
strictest scrutiny is manifested in every de
: partment of life, by merchants, manufacture
ers, farmers, and landholders, as 10 tn
C character, and ability to pay; of those VIII
: offer to buy-and we may safely say tina
= never before were so few bad debts create
: as are now making.
o How then is the crash TO come, with les
!, credit in business than ever before; an
e closer scrutiny into the debts that are pro
h posed to be made? The ''lossll" who write
e in the Republican against the new Bank.
e himself acknowledges the premises we la
D down, and thus convicts himself for foo
e He prefaces his prediction of general ruin