Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-01-03
MONTGOMERY
Ranks and Ranking In Missouri.

We extract the following from the Message
of Gov. STEWART TO the Legislature of Mis-
sonri, now in session. Gov. STEWART though
Democrat. recognizes the necessity of bank
ing facilities to prosperous commerce, and
seems generally to entertain lucid ideas on
the subject:
Under the "Act to regulate Banks and
Banking Institutions = passed at the regular
session of the last General Assembly char
tering Bank If the State. with authority TO
establish seven branches. and nine other pa
rent Banks, having authority to establish in
the aggregate twentv-thrpe branches the
Bank of the State and six branches have gone
into operation: also, six other parent Banks
and eight branches. These hing distributed
throughout the State. and all based on large
bona fdS cash capital. have added largely to
our banking means, and are furnishing to our
people home currency. the responsibility of
which is undoubted. Their operations. how
eyer. have been somewhat restricted hy a con-
fiict of interest which has been manifested
between these regular Banks of issue,and the
Savings Institutions within the State.
While no honestly managed banking in
sitution will complain that vigilant eye is
kept over it's operations by the people who
handle its paper. it is equally true that some
degree Of confidence and forbearance are in
dispnnsahle to the credit system. and to
financial operations generally. And since a
paper currency is unavoidable it is better
that we should have a circulating medium of
our own. over the issue of which we have
some control. and thus the means Of know
ing something of its solvencv. While our
interests cannot DO subservcd by needless
diStrust and an unwarrantahle rejection of
the currency of our neighbOrs, whose com
merce is intimately interviewer with our own.
and who are largely our customers we ought
to guard the interests of our own Banks
as to enable them TO use, prOfitably. the cap
itai invested, and to furnish to our people, to
the extent of that capital, the facilities they
were intended to afford Some legislation
may be necessary to harmOnise the different
interests referred to. and il is hoped that the
wisdom of the General Assembly will be
directed To that end.
As authorized by tho act. the sum of one
million dollars has been suuscibcd by the
Executive as part of the capital stock of
the Bank of the State of Missouri, and is now
held hy The State.
1t will he remembered that during the fl
nancial crisis in 1857, our Banks. although in
their infancy, found it necessary to suspend
specie payment. and that fears were entertain
ed by many that lcgaliZatOn of that sus-
pension would result in giving us an ire
spOnsible currency. Those thoroughly in
formed in regard to the causes of that suspen-
sion thought otherwise. and subsequent events
have shown that the public good was thereby
greatly suhserved.
Our banking Institutions. all perfectly sOlv-
ent. were saved from being forced into iiqui-
dalton; their customers from unnecessary
p"cuniary distress. and in many instances
doubtless, from ultimate insolvency: and the
people generally from degree Of stringrncy
in money matters that must have fallen
heavily upon them. and for a considerable
time paralyzcd their efforts. The temporary
relief soon restored confidence, and in less
than six months all our Banks were sble to
resume specie payments. 1t must now be evil
dent to all that the suspension and its legali-
cation, however Objectionable they seemed,
were, for the time, conservative measures. pro-
tccting the interests Of the many, rather than
crushing the few.