Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1858-09-02
The Savings Institutions and the Banks.

ing waged by the Savings Institutions Of St
: Louisf on the Banks Of the State. In an
other column we give the opinions of Judge
Gamble and G. F. BurDes, on certain points
on which the war was begun, and below an
article from the Republican, Of Sunday,
showing the objects and probable results of
the war; From a careful reading OF these
articles, the reader will understand the
whole subject, and can draw his own con-
clusions:-
e THE WAR OF THE SAVINGS INSTITUTIONS
f ON THE BANKS OF MIssoURI.-Somew weeks
| have now been spent by our citizens in
f looking on at the war waged by the Savings
Institutions upon the Banks created by an
act of the last Legislature, and now just
fairly getting into operation. This war is
conducted on the one side by the State Saw
ings Institution, the Boatmen's Savings, and
the Franklin Savings Instilution-the Ger
man Savings having at an early day with
drawn from the league, and now maintain
ing an independent position. 1t is unIortu-
nate, perhaps, for the Banks, that there is
no cordial understanding between them
one or two taking no very decided position;
another, the Merchants, siding apparently
, with The Savings Institutions; and the three
others-the State, the St. Louis and the
Exchange-acting together in opposition 10
the demands of their enemies. We say it is
unfortunate that the managers ofthe Banks,
actuated, probably, BY rival interests, can
; not agree upon some common ground for
their own protection and safety, and thus,
while protecting themselves, secure the
! people Of the city and Stale from the reyul-
/, sion in business affairs which this war is
sure to bring upon them. What is it that
J the Savings Institutions demand? Under
} pretence Of desire to make specie the basis
Of all note circulation, institutions, some Of
which have dealt largely in foreign Bank
notes, now demand that the Banks of this
State shall provide for the redemption of
the notes OF the Branches in ST. Louis, that
they shall not only undertake an impossi-
billty, if it be intended that the Banks shall
do any business at all, but that they shall do
that which is not required Of them by the
!. Banking Law, and was never in contem-
plation Of the trainers of the law; that, fail
ing in forcing the Banks 10 take upon them
selves this office, they will increase the
odium, as well as the disaster 10 the bust
ness of the State, by sending 10 Cape GIrar-
deau, and Springfield. and Palmyra, and
Brunswick, and Lexington. and wherever a
: Branch or Bank Is located, 10 extract from
them tie coin. This they have already
done, by CLUBBING together and sending 10
Cape Girardeau aid getting seventy lone
thousand dollars in gold, refusing all notes
OF our City Banks, and tins course is 10 be
followed up by like assaults upon Other
Branches and the Lexington Bank, until al.
their paper is returned upon them, and they
are rendered powerless Tor good 10 any part
Of the State. This is unquestlonabiy the
object and end Of the war, and if persisted
in, it will destroy The main purpose OF the
People when they changed The Constitution,
and authorized the incorporation Of Banks
of issue, by which they hoped 10 create a
Bank note circulation that would be good I
all over the Siate-pass from hand 10 hand
as readily as the coin Itself, and supplant
the issues of other States, with which the
masses are, necessarily, less familiar. and
about which there is always more or less
distrust. And why has this been done?-
Why has this attack been made upon the
best interests of the whole State, al time
when we were fairly recovering from the
disasters OF last year, brought on by series
Of inexcusable blunders perpetrated by some
of those now engaged In this war? Why
is public confidence again TO be alarmed, at
time when a sound wholesome business
is about to be commenced, and with which
we all hau hoped 10 wind up the years
trade prosperously and successful? Why
was it necessary 10 stop discounts 10 good
men at every Branch Bank in the State,
and thereby 10 prevent the sending forward
of produce TO St. Louis, 10 be bought here,
and the proceeds 10 be used in the settle ,
ment of balances 10 our merchants, in the
purchase OF new bills of goods, and the
payment Of their indebtedness TO the Banks
when due7 Why was 1t necessary TO stop
all the channels Of promising and success
trade here at home? 1t may seem strange,
but the only reason assigned is, that they in
sist upon The Inauguration Of specie basis
for all transactions, and that, because the
Branch paper and Lexington Bank paper
although received in payment Of nearly ev-
cry class Of Indebtedness at the Banks, on
executions and in every other shape-is
half per cent. discount when used in the
purchase Of Exchange, that, therefore, they
will not receive it, but insist upon its re-
demptIen in coin at the counters of the
Banks! Do these gentlemen ever expect,
one month with another, 10 get exchange on
better terms? They admit that the Branch
paper is available for this purpose at this
time; that it pays debts as readily as coin;
that the emission oil our own paper, if cir
culated TO the extent authorized by the
Bank chorters and their capital, will grad
ually supplant the notes of other States,
and the whole community will be benefited
by the ability of the Banks to discount good
and acceptable paper; that in this way ev-
cry section of the State would be made 10
prosper and have its resources developed:
yet, these one-eyed gentlemen can see no
virtue except in bags oil gold, and they pro-
pose, virtually, TO compel all the Banks 10
do business upon their capital alone, for no