Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1859-05-26
FinanciaI--The State Interest.

and Auditor Of the State, constitute the Board of
Fund Commissioners, and are authorized by law,
to issue State Revenue Bonds IN such amounts as
may be necessary TO pay interest falling due, &C.,
in anticipation of the annual collection of the rev.
enue. They have completed arrangements for
meeting the July interest. We take from the Sum-
day Republican, the following account of the trans
action:
o1rhe Commissioners offered 10
the Bank Of the State of Missouri the privilege
of purchasing Sl5G,O00 ofthese six per cent. Rev
enue Bonds, having two years TO run, for the pur-
nose of reimbursing the State Treasury for amount
of inter- ST advanced for the Iron Mountain and
North Missouri Railroad companies in January
last, and also the amount accruing in July next.
The Bank being the fiscal agent of the State, en-
loving the exclusive privilege of having lis notes
received for all taxes and dues to the State, and
the State herself being stakeholder to the amount
of one-third of the capital, 1t was deemed proper
10 give that institution preference over Others
But the best that was offered by it was nnety-one
cents for the whole amount. The Fund Com
missioners were not satisfied with this offer, and
proceeded al once 10 negotiate with the Boatmens'
and the State Savings Associations, without con-
suling the other Banks of the city. With the
two companies named, they were not long in agree
ing upon satisfactory terms. The Commission
ers sold TO them $3.50 600 al ninetv-siX cents on
the dollar-fve per cent. better than was offered
by the State Bank-the bonds bearing interest at
the rate Of six per cent, payable seml-annually,
and having two years TO run from LIST Of June next,
and the companle, TO place one-half Of the money
in New York by FIRST of July, on payment of three
quarters premium. As the other half is only wan
fed 10 meet demands upon the Treasury, it will be
checked for, from time 10 time, The wants OF
the Treasury may require. In making tins ar.
rangement, the companies named have acted with
commendable liberality, when compared with the
terms proposed by The State Bank-at the same
time we may be allowed 10 say that we think they
have made good bargain. These revenue bonds
are really worth par, for no earthly doubt exists
of their redemption 1t maturity, and there could
be no risk in purchasing them. But in The pres
ent disturbed state OF the Eastern money market
for all securities, give them all credit for their
decision in taking the bonds at the price named -
1t shows what shrewd inanciers think of the abil-
lily and The resources Of the State for the protect
ion Of lis credit, and il ought TO teach lesson 10
our Banks not TO be TOO nice in driving bargain,
when the interests Of the commonwealth are 10 be
affected by it. Further than this, il ought 10 SIT
isfy Eastern capitalists that our moneyed men
have every confidence in our own securities, and
that they must always be safe investment.
! The Democrat of Monday, has leader on The
same subject. After noticing the offer of the
State Bank, and lis decliuation by 1.-The Fund
Commissioners, it says:
! ssFortunaely, The Boa;man's Saving Institution
and the State Saving Institution were applied 10
after the proposition Of The Bank was rejected and
thew offered nineiy-six cents on the dollar. This
the Commissioners accepted. 1t gives the the
State S22. 800 more than the Bank would hay
given, and sill does credit 10 the sagacity of The
Savings Institution, who must be credited with
having accomplished brilliant transaction. serv-
Ing the Stale withal. Had the crusade which
was initiated against them by the Republican, and
carried on by The National Democracy in The Leg
BSnE would be master of the situation and could
do as it pleased. When the Stale confers exclu-
sive priv ieses any monetary concern, that con-
Germ is sure 10 interpret them as a privilege 10
make the Stale bleed on every occasion. We have
but poor opinion of banks in general, especial
" of banks Of issue,) but since we are compelled
TO endure them il Is well that there are two class
es, whose opposite interests maintain mutua !
checks and rivalry, 10 The advantage OF the public
We are almost tempted 10 enter at length on the
question of banks, and on fhe consequences which
have sprung from their establishment in this State,
and probably shall do so at an early day In the
mean time we will remark that the idea of restrict
ing the currency Of ST. Louis 10 Missouri paper,
IS manifest delusion and impossibilifv As long
as we have trade Or portion Of the trade of other
States and communities, so long will their bank is
seS It's 10 a Certain extent. Mel
ther can We see VIVA. benefit il would be if Mis-
souri, paper only Were in circulation in Missouri
II would be monopoly, and, as such. obiectiona-
bic as any other monopoly. The Missouri banks,
OF course, would gain by it, put exchanges and
buying and selling would be embarrassed and re-
stncted by 1t, and consequently The mercantile
community at large would be inconvenienced. II
we musthave shinplasters let there be free trade
IN them as far as free trade is applicable 10 such
commodity. When the periodical crash comes it
alieVlaes the injury but very slightly 10 know that
yon are victmized, not by Wisconsin or an ILL.,
nois, but by a Missouri bank Missouri is also
placed in such pasition as 10 render caution in
such matters as involve the currency of other States
binding duty. The banks of the Northwestern
States are based in large measure on Missouri
securities, and any attempt 10 repel the currency
Oh these States. is blow struck al the credit Of
Missouri. The bank bills OF Illinois and Wiscon-
sin that find their way here, are but fractional
parts OF the Missouri Skies Gas our thousand dol
lar bonds are called by the stockbrokers,) under
another NAME
"our legislators on finance, who promulgate the
most original monetary theores--theories unknown
10 MIL Or McCulloch--would perhaps find it adj
vlsabie TO take cosnizahce Of tits fact. In con-
cllslon we would observe that the incident of the
savings Institutions having given the State S22,-
oOO more than the bank would have given, con-
firms us in the opinion that the Institutions ought
10 be maintained as long as the banks are permit
ted 10 eXst,o