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

SSi'eiy, NV mnh VI US, Woul0 Oe Wiling
to have any such money issued. Now, what
does the constitution say? "That any bank
so established, shall be based upon specie
capital, and made liable to redeem its issues
in gold and silver" This bill proposes
something very different from that. 1t pro-
poses that the banks shall be authorized to
issue notes redeenable at future time
The effect Of it is the same as though the
notes were issued to-day and made payable
on the first day Of November, 1857. ask
every gentleman in the House if he so un-
derstood this constitutional amendment at
the time he may have voted upon it at the
regular session? | say that when there is
no time specified in provision of this kind,
that when there is no time specified in any
legal instrument, for the payment of money,
it is payable at the moment it is issued. I
state that when note is payable generally,
that is without any time specified, 1t is clear
ly the law that the present moment is the
time when it is payable. 1t has been so de-
cided by adjudication upon adjudication, and
no one doubts it.
Then, this constitutional provision, sir,
saying that the paper shall be redeemable,
means that it shall always be redeemable,
and If we attempt TO create paper here, for
we do create it when we authorize banks to
issue it, and say that it shall not be redeem
able at this moment; that is, that they can
not be called upon to redeem it any moment =,
we do act right in the face of the cons,i-
tuition.
Another reason for viewing the constitu-
ton so, is this, that we treat these bills as
money. They are valuable only as money.
You do not look upon bank note as an or
binary promissory note, payable at some
time in the future. We call it money, and
no man ever passes a hundred dollars in
bank paper to another, that he does not say
he has paid him one hundred dollars in mon
ey. Now, we all know that the only lnon-
ey recognized by law is coin, and we, by
agreement, agree to accept these bills as
money, simply because of convenience and
based upon the safety of the issue, but when
it ceases to be convertible into coin at any
instant, it ceases to be money. Now, con-
strue the constitution with reference to the
act that authorizes the issue Of paper money
and not paper bills payable in the future,
and when the Legislature undertakes to say
that a bank shall issue paper not redeema-
BILE on the spot; you find that the Legisa-
ture transcends its powers. 1t is in vain for
us to say TO the people of the State that they
shall take as money, or as gold and silver,
these promises to pay. They will not do it
when they find that they are issued illegal
ly, and that they are not binding upon the
institution that issues them. If we author
ize them to issue paper which is against the
laws-in the teeth and face of the law; and
if we authorize them to issue paper which
is not binding upon them, this paper will be
discredited and II will not be received in a
short time, and the attempted relief which
we start on foot here will not attain the OBJ
ject which was intended by us.
That is one Of the principal objections
that have to the bill as it now stands.
The second section of this bill cuts off from
the holder Of the bill or note the fight to
receive or demand from the bank the amount
that may be due upon it at the time he so
received it. will illustrate my meaning
in this. The bank law,'as it now stands
says if bank shall suspend specie payment
for ten days, that the holder of a bill shall
be entitled to twenty per cent. from the time
he holds it to the time that he collects il
Thu'ithe man holding suspended bank notes
SIX months is entitled to ten per cent. in
terest, and that on note of one thousan
dollars is worth one thousand one hundred
dollars. Now we propose to be so lenient
with these banks that if the man shall pas.
that bill away, that the instant ii change.
hands it becomes worth one hundred dollar:
less than it was before. Can we deprive
a mans property in his own hands of it.
own value by the law now in force and
passed at the last session? Is not thi:
unconstitutional? And yet the gentleman
who introduced this bill expressed himself
as not having doubt as to the constituti.
onality Of this bill. This must be plain to
the comprehension of every man here, and
if the gentleman can be mistaken as TO Sc
palpable question as this is, his concu-
sions as to more difficult provisions of the
bill may very well be doubted by this
House. ....t ..
The third section Of this bill, which au.
thorizes the banks to have less than thirty.
three and oue-third per cent. Of specie is
liable, so far os know, to no constitutional
} objection, because il we can authorize the
issue of paper three TO one, Us we have