Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-11-26
Tha State Bank.

here, that the Bank Directors had determine
ed to..contract rather than than extend busi-
ness, with view to early resumption. If
she calls in her otstanding debts, declines
further loans, and decreases her exchange
line, contrary effect to what was onticipa-
ted by the act legalizing suspension, will be
the result. t'-'. ef.-..,.t ... u3i
| m, -, .,..R t...... ...... laf
The Republican says:-. .......l-l
In the enrly part Of this week, preamble
and resolution was introduced in the Senate
of this State, by DR.. MoRRIs of this county,
in relation TO the management of the State
Bank since the passage of the act legalizing
its suspension, with that of other Banks in
the State. The preamble and resolution
charged, in general terms, that the Bank
was not doing its duty, IN failing to carry
out the spirit of the law by which the act of
suspension was legalized. No one doubt
that it was the intention of the Legislature
in passing that act, to authorize ali the Banks
to do healthy and safe business on the
amount Of circulation which had been given
them by the Bank Commissioner. If a pos
tive instruction had been put in the body Of
the law, it would not have been entitled to
more weight than the terms employed in the
law itself; and the surprise of the Senate
may well have been excited by the tenor of
the preamble and resolution submitted by
Dr.. MoRnis. That body, which is supposed
to be the conservative branch of the Assem-
bly,, hesitated, it would seem, to act upon
the subject, and it is probable that nothing
will be done with it; but if DR.. MoRRrs had
only had in his possession the Bank state
ment of the Oath of October, and that of the
18th November, nothing else would have
been wanting 10 satisfy Senators Of the cor
rectness of his position. The statement OF
the Oath Of October was the last one made
before tie suspei sion of the Bank, and was
used by Mr.. JONES of Galloway, when urg-
ing the House to pass law for the relief OF
the suspended banks, but which, it was
contended on the floor of the House, was "a
bii'fcr the relief Of the7peone:'' the other
statement could, have been found in the
Leader Of Sunday last In order that they
may be fully understood, we place them in
close connexion:
'ns October a. November Ii
Exchange maturing .S7sS,s SO 1923, O72 4S
Exchange matured.. 1895 81 70,409 A.
Dicounts 7s5,79o 10 645,1s3 0!
Notes of other banks
Deposits .......... 164,116 At 114,59S 81
Circulation outstand'g 32l, $40 90 25l ,l40 Al
Coin on hand ........ 1904 80 264, l61 Al
Tie State Bank cared in after ascertain.
ing the condition on the Oath of October
Agents were Immediately dispatched to JEFF
ferson City, 10 procure the passage of som'
act that would legalize suspension of spe.
Gle payments and savethe charter; Mr.. HEN
DERsoN took the lead in framing bill which
while it recognized suspension, at the SAINT
time aimed to secure the People from loss
and sought to put the Banks in condition
when they could be Of ADVANCE to the com
munity, by authorizing discounts TO limi
+ ted extent. This is the leading feature o
the law-it runs through every section, am
was paramount consideration Of the Legis
lature in passing it. What do we see now
On the Oath of October, the line of disHoun
amounted to $7S5,79O II, while, thre
weeks afterwards, and after the Legislature
: had implicitly instructed the Band to ex
= tend its local discount line we find the Banl
? contracting still more rapidly than it ha
done before ii suspended specie payments
: its discounts amounting to $645, 1873 %, o
, $l40,607 Oh less than on the oath of Dc
tober. Instead of discounting upon The pa
s per in its vaults, countersigned by The Ban
V Commissioner, which it had special author
t ity 10 do, to the extent Of several hundre
# thousand dollars, the statements show tha
$ it had contracted its circulation $40, no.
: Instead Of increasing the Exchange line, q
Y the business Of the country would justify ;
= this season, there is decrease Of $3.50
a $50 IL. a...--. -..
And this is the way IN which the instruc
It tions of the Legislature--for the law can
v regarded in no other light-have been cal
red out. That clause which required Ii
payment of 20 per cent. on all renewals, hf
> been rigidly enforced, and in order to Civ
u full vigor to it, the time has been reduce
= from sixty to thirty days, and this withol
any intimation from the Legislature TIL
such harsh terms should be made with Il
debtors of the Bank. If this state of thing
d is to be continued, it would have been be
of ter for the people if the Legislature had pc
es United the Banks to 60 into the hands of
3D. trustee-ror he could not wind up the Bar
,e faster than represent managers are doin
l., We have said, that if DR.. MoRRIs hi
= been in possession of these facts, he Won
~ have had no diflicultuty in satisfying 4