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

wnoie system proposed oy TINS OIL.
The fourth section Of this bill authorizes
the banks chartered by this State, to take
in payment Of debts or receive on depositj
the notes of banks of this State; that 10 I'd
receive as money, suspended paper. That
is also Objectionable upon general grounds}
which l shall state hereafter.
The fifth section of this act dispenses
with the publication Of the weekly state
ment while the banks are in a state Of sus-
pension. think the same object exists
against that which existed against dispens-
ing with them at the tithe We passed this
bank law. We want to know what the
condition Of the banks is, and if the public
depends on these banks TO give them money
which is to be circulated in place of coin,
we want 10 know what they have in their
vaults and what paper they have which
may enable then to convert this paper
currency into real and substantial money
say, l think that it is important that the
public should know all this time the con-
dtion of the corporations; we want to
know every day, and we are entitled to
know every week, what their true con-
dtion is - whether they are honest Il
make no charge against any Of them for
want Of honesty at this time-theJ could
have no objection to this course. l say
these publications are a good check upon
them, and the public holding their paper
and lending money to them by holding their
paper, for which the Banks pay them no
interest, are entitled as creditors of these
banks, all this time, to know what their true
condition may be. 1t is injurious and very
dangerous for banks to desire the suspen-
sion Of this constant exhibition Of their state.
1t is only furnishing their friends the facts
upon which they can justify the confidence
Of the public in their assistance and money
The sixth section of the act prohibits the
Bank Commissioner from furnishing to the
Banks any more money than they new have
in their vaults, which they are authorized
to circulate. look upon that as intended
only for this. II is intended by implication
to authorize these banks, and TO obtain from
this body the authority to issue those notes
and that paper which they have received
and not circulated, but which they now de-
sire 10 circulate as money. have already,
in my opening, made my objection to the
circulation of this paper as money, when in
fact it is not money.
The eighth section Of the act confines its
operations-to the suspended banks. / am
opposed to this section, | believe that if
we pass any law here for the relief of the
banks, think that we ought not only to in:
olude those banks which have up to this
time been so unfortunate as to be obliged TO
suspend, but we should so couch our acts
as to embrace any banks which may now be
in a condition better than the suspended
banks, but which may have to succumb to
the pressure. We know very we'll that
there is one bank in ST. Louis and one in
Lexington, which upto this time, do pay
specie, Now if these banks that have shown
a degree of fortitude that is worthy Of COM
rnendation and souhdness which | admire,
should by the storm be compelled to yield,
would not give my vote for any bill which
shall not embrace them as we'll as the banks
so unfortunate at this day.
have gone very hastily and without any
!, preparation, without having thoaghi about
that which was going TO say of the dsmer-
its of this bill and have stated in very
few words, it appears to myself, the objec-
, tions ! have to it. But l call upon this body
now to look upon these banks and to look
upon bank paper not only with reference I'd
the crisis which is surrounding us and in
| which we are submerged, but also with refs
erence to the outgoing of the matter. l CALI
upon the people here assembled, by their
representatives, to look upon bank paper ss
, it really is, to examine il and not TO 60 on
and deal with it under the idea or belief that
} it is money. l am sorry that have not had
time to throw into shape my views in rela;
tion TO this question, becaiise proper un-
derstanding oft is very essential TO correct
and safe Legislation upon the subject now
+ before us. We have most disastrous state
of affairs to deal with, we have urgent me-
cessties 10 cope WITH we have demands
made upon us which every member Of this
house feels the effect of and it becomes US
as Legislators not only to look upon those
who are making these appeals to us, but all
SO upon the peoples and their condition and
safety. There are vast number Of the
people from whom we have received no
communication as to this mater, and it be-
comes us well to'look at their interests.
refer to the laboring peOpls-I refer to the
masses-to those who receive but small sums
of meney, and to whom money Is Of no val-