Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-01-08

eu Tor iron anu rOlluiS STOCK, ana that lhe
remaining bonds are yet unsold.
Although our finances are in a sound con-
d,ion, and the rapid increase of the wealth
Of the State will occasion corresponding
increase Of her revenues, yet, further ex-
perience and reflection, only confirms me in
the opinion expressed in my last biennial
message, that it is inexpedient to reduce the
rate OF taxation now established by law
New objects Of expenditure are constantly
arising in prosperous and growing COM
munity, and they require increased OUTLAWS.
But even should a large surplus remain in
the Treasury, after providing for all just
and reasonable expenses Of the State, it can
be most usefully employed in diminishing
her indebtedness, or in otherwise maintain
ing and increasing her credit, either under
the provisions of existing laws, (such as
that for the creation Of the State Interest
Fdnd) or in such other manner as expe-
rience and the wisdom Of the General As
sembly nay point out IS the best adapted TO
that end.
One Of the most important subjects which
will engage your attention is the proposed
amendment Of the State Constitution, author
izing the creation Of new banks, based upon
specie capital and made liable TO redeem
their issues in gold or silver. Should this
amendment become q part Of our organic
law, renew the recommendations made by
me two years ago, in regard to the present
Bank OF Missouri, whose corporate exist
ence was extended al your last session to the
Cd of February, 1861. To allow its char.
ter to expire without creating any new bank,
would be practically to give to the neighbor-
ing, and even more distant States, the power
TO regulate our currency. Penal restrictive
laws against the circulation OF bank notes of
other States, unless of such stringent kind
as 10 be oppressively tyranical, would, as
all experience teaches us, be practically
useless. Besides, however desirable in
theory acurrency may be which is composed
exclusively Of the precious metals, it is very
injurious 10 the commercial interests of any
community Tor it to attempt to isolate itself
from the rest Of the world, in so important
matter as its currency.
Our commercial connections with our sis
Ter States being Of the most intimate kind,
we would be disadvantageously situated in
our intercourse with them, il, while they
were enabled 10 trade on their crelit, in the
shape Of bank notes, we should persist in
combining our commercial operations TO the
extent permitted by our actual capital in
gold and silver.
Therefore, if we could exclude from our
currency all bank notes and conline it to
coin, it would be bad policy TO do so; and if
it be good policy 10 increase cur commercial
facilities by the use Of bank notes, it requires
no argument TO show that we should use all
just and prudent means to have such cir
culatIon furnished mainly, and il possible
exclusively, from institutions in our limits
subject 10 our laws and managed by our
citizens.
1t is equally clear that 10 secure such a
circulation we must take measures TO have
it furnished in an amount sufficient TO meet
our wants, without on additional supply from
the banks Of other States; and am corfi-
dent that no one acquainted with the vast
and rapidly increasing commerce of Nilsson.
ri, will consider Il banking capital Of five
millions Of dollars at all too large for an in.
sthution designed 10 furnish us n paper cur
rency adequate TO our necessities.
Entertaining these views, recommend
Gin the event OF rejection of the proposed
amendment Of our Constiiution) an exien.
sion OF the corporate existence Of the Bank
, Of Missouri, for such period as the Gene.
raj Assembly may consider prudent, and
the raising OF its capital TO the full amount
authorized by the Constitution. And, al.
though the present charter Of the Bank doe:
not expire until 1861, yet, if the policy
above recommended should be adopted, it i,
better 10 enter upon it without delay.
A two years period of uncertainty rela
tive TO the ultimate late of the Bank woulc
be thereby avoided; and our commercial in
terests receive promptly the aid they un
quesiionably need in this particular.
But should the proposed amendment I,
, our Constitution be adopted, very delicat,
and important duty will be imposed jupol
the General Assembly, viz: that of orgazin,
an extensive Banking system for the State
, In compliance with the obligation impose,
on me by the Constitution, proceed 10 re
commend TO your consideration the measure
, which, in that event, deem just and pru
dent.
} Experience and observation will hay,
taught US all that, in framing a Banking sys
TEN, two objects are to be kept CONSTANT,
anu PiohiheH'il III view, VIZ 'lIc RTsHlIi
Of such reasonable advantages to the stock
holder, as will induce capitalist 10 embarl
their funds in banking institutions, and tn,
placing of such checks and guards upon thei
management, as will efft ctually secure tn
interests OF the nole-holders, depositors, o
a other creditors.
!, A third object, and one, in my opinion
e not less important in every government
a particularly in one based OH the principle
n Of true repubiicanism, is TO preserve such
e prudent control of these corporations by tn
e people and their government, as will pre-
i vent the acquisition of any undue influenc
!. by those bodies over the sovereignty whic
gave them being, or enable them TO tramme
that sovereignty in the exercise of its jus
% powers; among which, one Of the most i'm
portant is the right to control its currency
70 One of the most violent political contest
n which this Union has known, arose from tn
% necessity of freeing the General Govern
ment and the people from the overshadow