Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-11-12
THE BANK SUSPENSION BILL.

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requested, it WILDE given and charged for.
THE BANK SUSPENSION BILL.
Mr.. HENDERSON, Of Pike, chairman Of
the committee on Banks, and author of the
bill legalizing suspension, said;-
A suspension of the Bank Of Missouri
has taken place: the people are interested
in that bank; they have stock in it; the
Common School Fund is there, and we are
the guardians Of that fund; the Seminary
Fund is there also, and we are the guardi
ans of that fund; and 1 will inform the gen.
tleman of another fact, that at least should
have some weight, and TO which the House
should give seme consideration now, the
suspension of that bank was partly occa-
stoned by the Indebtedness of the State of
Missouri to il. The State of Missouri has
received accommodation from that bank in
payment Of interest upon its bonds to the a
mount of $4,000 and upwards, and we,
the great State of Missouri, finding the
bank in difficulty, having suspended specie
payments, and like other creditors of the
bank, we have been unable to make specie
payment. I say that that is fact worthy
Of consideration. have also in my pos
session statement Of the condition of the
bank up TO the day before the suspension,
which proves to my mind, tnat if she can
be permitted TO wind up the affairs of this
institution as she should, in my view, with
out distressing the mercantile interest of the
State OF Missouri, and in proportion as you
distress the farmer and mechanic, along
with the country merchant, if we permit
that bank 10 be conducted in proper man.
ner. say that this exhibit of the affairs Of
the bank now in my possession and given
10 me by gentleman who stands high
throughout the State of Missouri, and who
is intimately connected with " we Bank
allude 10 Mr.. Barnes-that that :. INK can
pay all of its liabilities and have clear
profit of $4,000. That is the statement
that | have. l do think we sho1ld be act
ing wrong TO force that Bank into liqui-
dation to the detriment of our school fund,
and TO the utter prostration, as | conceive
of the great mercantile interests Of the
State and Of the city oil ST. Louis. DO
not pretend 10 represent the constituency Of
the gentlemen, because know that he is
much better able and qualified to do that.
Those constituents are ably represented
upon this floor; but, sir, undertake to say
that l am representing constituency who
are interested in the solvency and prosper
i,y of the merchants Of St. Louis. Sir, if
they are urged to protest so will be urged TO
protest, and who is it that, in these times,
can pay? Who is it, sir, that can meet his
liabilities? Gentlemen have gone to pro-
test in the city of St. Louis, who never
dreamed Of such thing; merchants have
been forced to refuse payment, who never
thought that the day could como when they
would not be ready to meet their liabilities;
and, sir, think that under the circumstan-
ces we ought, at least, TO take speedy ac-
tion upon this question as we po sibly can.
The gentleman is well aware, and all the
other members upon this floor are aware
that would not take away his single right,
or urge upon members an over speedy or
hasty consideration of this measure; but,
SIR, as before stated, we have upon our
tables bill covering all the essential points
embraced in the bill now under considera-
tion, and sir, the condition Of the country and
the condition of the mercantile community,
the commercial interest of Missouri, the
railroad interest and every interest con.
nected with our prosperity seems to demand
something like action as soon as we can
take it. Sir, the farming interest and eve
ry other interest within our State demand
now, that we should take into consideration
some measure of this sort.
These are not constitutional objections TO
that bill. l am confident that there can be
none, and If the gentlemen can prove to me
that there is a constitutional objection to it,
say that no member will more gladly meet
the matter than l, and more gladly strike
from it every feature Of uncOnstitutionality.
1t is true that there is provision in that
bill suspending the operation Of the S7th
section of the law under which they are
chartered, requiring them to keep on hand
an amount of coin equal to thirty-three and
third per cent. of their circulation. But,