Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1858-10-28
The Next Legislature-The Banks ard
the Savings Institutions.
From the Rennhlican 9

FROM tne hepuollcan, zlSt.
The public mind begins TO be turned 10
the next session Of the Legislature, and 10
The subjects likely 10 engage the attention
Of that body. In every new State, more or
less Legislation is required for each county,
and i, is not probable that the amount OF
special business will be materially lessened
at this session. II is satisfactory 10 knox,
that the amount of State Revenue will be
greatly increased, partly owing, perhaps, to
the working of the Revenue law OF the last
session, and in still greater extent 10 the
increased wealth Of the State. We think
il is small estimate TO say, that the in
creased value of taxable property for the
year will be thirty millions of d"lIars.-
While This is the case, and while it gives
assurance Of the ability Of the State TO meet
all IFS obligations, the citizens Of ST. Louis
county will be relieved, this year, from the
payment of any special Railroad taxa
burden which, for the last few years.
amounted 10 about $500, 600 per annum.
Next 10 The Railroads, and the aid how
ever inconsiderable, which may be asked
for them, the great subject of The session
will be the consideration Of the present re-
lations of Savings Banks and of the Banks
ofissue created by act Of the last Legisla.
ture. That there is marked hostility
throughout the State 10 the action Of the
Savings Institutions Of this city, End that
the friends of the Banks will seek 10 have
such restraint put upon them as will check
their ability for mischief, is not to be ques-
toned. Whether this hostility is founded
in right conception of things or moi, is not
material-the enmi;y exists, and if checks
can be thrown around them, il will be DONE
The friends of those institutions might as
well understand it now as at any time. A
searching investigation will be made 10 find
out grounds Of objection 10 their continued
existence--w whether the Constitution at the
time Of their passage authorized the incor-
poraion Of institutions having all the pow
ers and privileges of Banks, with the ex-
ception Of the power 10 issue notes for cir
culation-whether they have not gone out
of the legitimate sphere and business of
Sduings institutions, as known in other
cities and countries-and whether each and
all Of them have at all times CONFIRMED
strictly to their charters. On these points,
and many others, the legal ability of the
members Of the Legislature will be taxed
10 the fullest extent, and we will not be
surprised to find-such is the feeling grow
ing UP against them--the ingenuity of law
yers outside Of the Assembly invoked, to
determine exactly the power of the Legisla-
'ure to create corporations with such gen.
cral and unlimited powers.
The ground of this animosity is, that ex-
perience has demonstrated that the Banks
and Savings Institutions cannot get along
together; that, while the Banks are required
10 make public, once a week, their actual
condition, no such obligation rests upon the
Savings Banks; that time and experience
has shown the hostility OF the latter TO the
former; that, while the Banks were char
tered with the express view of furnishing a
paper circulation for the State, the Banks of
The city are prevented from putting in circu-
laion more than dollar for dollar of specie,
and when they have done SO it has been re-
turned upon them for redemption; that,
while this hostile relation continues, it will
be imsossible for The Banks to carry out the
legitimate objects of their creation, in the
loan Of money according 10 the extent of
their capital; and that, il no protection can
be given to them, it would be as well for
them TO close up their Offices, and make
use OF their capital in some other way. 1t
is urged that, if it be competent, under the
Constitution, for these Servings Institutions
to do all the business of Banks, except TO
issue notes, the Legislature ought at least 10
impose upon them all the restrictions put
upon the Banks TO make them publish
weekly statements-to place them under
he control of the Bank Commissioner-to
'equire precisely such quarterly statements
is the Banks are compelled to make 10 him,
nd 10 restrain them from dealing upon any
erms in the notes of Banks of other States.
In what we have written we have aimed !
D give only the heads of what is likely 10
e very animated controversy, and TO pre-
are the public mind for il.
Ma. EDITOR: In your editorial, in yes- {
srday's Republican, you alIude 10 the work !
be done by our next General Assembly, :
regard 10 the Banks and Savings Institu-
ons, TO put down the marked hostility of S
lie latter against the Banks of issue, and ,
mime them TO their legitimate sphere, and
examine further, if the Savings Institu-
ons have legal existence or not. 1t had S
ready been rumored in the streets, that '
lch course would be tried by the Banks, i
Ut the measure being SO entirely impolitic N
I'd against their own best interests, pre- C
lined The report was not true, but, after y
aiding your leader yesterday, and knowing F
u 10 be well posted, must now believe B
true, and that really such attempts will
made, and The future will tell who gets
e better of il. e e
The war, SO called, between these monfed
siItuilons, SO far, was but controversy in N
E newspapers, having its origin in The op N
sition of the Savings Institutions and the
erchants Bank, 10 The course adopted by
: Bsnk of Missouri, 10 change The specie r
SIS Of mercantile operations TO paper O
rrency, under the style of bankable funds. c.
is true the former had to yield, not being Is
e 10 redeem the issues of all the branches IN
the Missouri Banks and the Farmers z
~, r.