Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-10-29


the State should have representation in
the several boards in proportion to the a.
mounts of bonds she has now or may here
after issue in aid of the roads. 4th. That
in future the bonds ofthe State should be
disposed of by an agent appointed by the
Executive, and acting under the supervis-
ion of the Governor, the Auditor and Treas
urer, and the proceeds thereof delverd to
the officers Of the companies. 9Th. That
the Board of Public Works should be armed
with such additional powers as will enable
them 10 penetrate into all the details of the
management of the roads, and 10 exercise
salutary influence upon, and supervision
over them. 9th. That some one Of the
banks in the city of St. Louis should be
made clearing house, in which all the
banks and branches shall keep a sufficiency
Of means 10 protect their issues at par val
ue. 7th. That all the banks should be re-
quired to publish their weekly statements,
ON the same day; and to show the amount
due 10 depositors, and the amount of their
/ discounts, in addition to the items now re-
quired by law TO be published. 9Th. That
1t shall be the duty of the Bank Commits
sioners, whenever bank or branch bank
fails to redeem its circulation at the coun-
ter of the clearing house, to close the bank
or branch bank in the manner now provi-
ded by law.
/ Some Of these measures are exclusively
within the competency of the General As
sem5ly, others may require the assent of the
companies. will not believe that meas
ures so just and necessary will meet with
opposition from them. 1t is due 10 the
people of the State, who have so literally
extended helping hard TO the roads, and
such liberal charters 10 the banks, as well
as TO the character of the stock holders and
directors of the companies, that no opposi-
tion shall be made to an arrangement so fair
and equitable. That no more bonds should
be issued and sold, at the present ruinous
rates of discount, presume will hardly be
doubted by any one. The recent sacrifices
of them IN the Eastern market, when it is
known everywhere that our resources are
ample, and our character without a blem-
ish, it seems TO me, are sufficient 10 satisfy
the whole community that this should be
our line of policy. The levy of tax to
provide for the payment Of interest on
State bonds, is absolutely Indispensable to
protect the credit of the State, whatever
may be the future policy of the Government
and the companies in the further prosecu-
ton of the work. In the present ember-
rassed condition Of the finances of the coun-
try, the abilities Of the companies to meet
the interest may be doubled by capitalists,
but with the fund proposed to be set apart
confidence will be inspired.
That the State should have a representa-.
ton IN the Boards of Directory in proper
tion 10 the amount Of bonds issued, or TO be
issued, am very certain is not only just,
but the only measure which can give salts
faction to the people. None Of the private
stockholders in these enterprises would be
willing TO invest their means in any under
taking, in the management Of which they
could have no voice. The people of the
State should exercise this common prudence,
and there is no ground for finding fault
with them for it. Recent occurrences have
warned us of the imprudence and folly OF
permitting our bonds to be hawked about
and sold at ruinous rales of discount. Arm
ing the Board of Public Works with addi-
tional powers, whilst it will inspire more
public confidence, cannot be Objectionable
to the parties interested in the roads.
The measures recommended in relation
to our banking system are such as are be-
leved to have proven beneficial in other
States, where the experiment has been tried.
Our banking system is in its incipiency,
and we cannot be too cautious in surround
} ing it with all the safe-gaurds suggested by
} the experiences of the past, or the exigen-
cies of the present. In all contingencies,
and under all circumstances, specie bdstS
must be maintained. Unless this can be
accomplished, it will be better to dispense
with such institutions altogether, and to re-
ly exclusively upon the operations of the
known laws of supply and demand. 1t is
feared that the embarrassments and alarm
now prevalent, will induce many of our
citizens TO insist upon temporary legisla-
tive expedients, as palatiyes of distress
All experience has proven that such legis.
lation can only ultimate in The production o.
far greaier difficulties than those Hls inien-
dei 10 aIieUiGte. l cannot, therefore, re-
commend any interference with the obliga.
tions now existing between our citizens