Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-11-19


is the working Of every bank so chartered,
and If any one voted for that charter with
out knowing that he certainly was not in
formed as to the vote he was to give. IF at
any time crisis had come upon the old
bank, like this, she would have gone down
just as these banks have.
But, sir, the suspension Of Banks, does
not break them. l say that the Banks
might have suspended to-day, and in thirty
or sixty days, when there notes became due,
the notes discounted | mean, when they are
paid pack TO her, when she draws in all
her circulation, IL she had been properly
managed, that she at that time will be able
10 redeem her notes in gold md silver, ard
not until that time. There is not q Bank
that ever heard or read of. which was al
lowed to issue either two or three TO one,
when an unusual demand was made on her
for gold or silver, that she would have been
able to redeem all her notes in gold and sill
yer. l say then, that voted for this Bank
charter, knowing that such result could
be brought about. | know that if 1t is I'M
constitutional that they should suspend spe-
Gle payment for ten days, it would be SO to
suspend for twelve months; but if it is not
so, how can it be for the twelve months?-
So far as the constitutionality Of the ques-
ton is concerned, have n, doubt. Now
there is provision Of law which says, if
they suspend for longer time than ten
days, that they shall lose their charters; but
it is not constitutional question at all, it is
a legal question, whether the restrictions
placed upon them by the Legislature can
be removed by the same power. say yes.
As remarked before, / voted for these
Bank charters, believing the result could be
brought about that has been, and l regard
them as sound to-day as the day they went
into existence. am not deceived at all in
the working Of these Banks. II is true that
we did not ,forsee the storm that was to
burst upon us, but say that every man
who understood these Bank, charters voted
for the bill knowing that such result
could be brought about. am not alarmed
at all about the result of the Banks. re-
gard them as solvent to-day, and that they
are able, and will be able in twelve months,
to redeem their paper.
These scare-crows being raised here by
gentlemen, this veil attempted 10 be thrown
over the truth, ought to be thrown off, and
gentlemen should view this question in lis
real shape. |, sir, am not disposed to adj
vocate these charters, never was bank
man; and if the question was to-day, if we
should have banks in the State Of Missou-
ri? lwould vote against banks; but, sir,
the people, through their representatives,
have voted here in favor of chartering these
banks; the people have spoken through their
representatives in favor OF these banks, and
say that it becomes us, the very men who
voted Tor this bank charter, believing they
understood the working and Operation of
the bank system as l understand it, it be-
comes our duty TO sustain these banks
We have no evidence here but that these
banks will be, in due time, sound and SOL
vent; consequently it does not become us 10
be here kicking over the work we did a
few months since. We should not be
scared offthus by anything of this kind, but
we should, as men, meet the question boldly.
As | remarked before. the difference be-
tween the original bill and the substitute is
beyond my comprehension. see no rea-
son why distinction should be drawn be-
tween them in regard to suspension, which
they both allow. If one is unconstitutional
then the othor is so.
Mr.. BRows. would suggest TO the gen.
tleman that the difference is this: that the
original bill authorizes the Banks to pro-
coed as Banks, while the substitute does
not allow them 10 do so.
Mr.. GRAVES. That has nothing TO dc
: with the onstitutionality of the question:
, If the question is whether or not we have
the power to legalizea suspension, whether
or not the Banks ought to exist. The
: Constitution says that these Banks shall be
made liable TO redeem, and that is what
! am in favor Of, but if we can say that they
, can exist twelve months and not redeem in
, gold and silver.
As said before, if the question came to.
day whether we should have Banks in Mis-
/ souri,, should be opposed to Banks; bu,
t The people have spoken in favor of Banks
and am not now disposed TO become a.
armed and go back to an extreme that
would bring distress upon the whole com.
, munity. If believe to-day that by put.
; ting down these Banks. if we would not lie
! troubled again with Banks, so much dis
: tress as think it would bring upon the
, community, l should be prepared to-day ia
extinguish any such Banks. But believe
, the people would not be contented with any
such legislation. believe if all these
, Banks were to go down, the next Legisla.
ture would bring forth just such things a.
gain.
Sir, intend 10 vote for the original bill,
because | am rot willing to bring such dis
tress upon the people, and because l believe
that the Banks will, under the law, be able
TO protect the people from distress. | be
lieve property will depreciate in value. ]
believe all this; but I believe if we give
these Banks time in the way proposed by
this bill Of the gentleman from Pike, it will
relieve the country very much.
Mr.. DAVIS, of Buchanan, said:
l have not risen, Mr.. Speaker, with the
purpose of making speech. If did, fear
that should be like some gentlemen who
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