Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1859-06-09
THE BANK QUESTION.
From the Republican, 3Oth.
Fillibustering Against the Banks

Institutions and Brokers of St. Louis-de.
mand in all cases being made for gold or IFS
equivalent in exchange. The consequence
Of these forays has been to excite bitter
prejudice against this city, at the same time
that it has operated 10 impair the ability Of
the Banks to discount to their customers,
and TO this extent has interierred with the
payment by the country merchants of their
Indebtedness to ST. Louis. Nearly all the
branches and Banks on the Missouri, and
even the branch Of the State Bank al Chilli
cothe, have been subjected TO these vista
tIons, and the demands have been promptly
met. No one has denied the right OF the
combination 10 make the demand, even to
the extent OF the last dollar, but the propri-
ETY. OF policy which goes 10 create an ex-
IRENE stringency in the money market all
over the State, and which forces a rapid
curtailment Of the Bank accommodations at
every counter, has been questioned, and il
is for the people Of St. Louis to consider it
now.
About the middle of the past week, the
principal officer of the Boatmcn's Saving
Institution, acting for the combination, made
demand for the redemption Of fifty five thou
sand dollars of the paper of the Branch
Bank at Palmyra. The Cashier, with a full
knowledge Of the provisions Of the General
Banking law, proffer ed TO pay him in god
and siver-using the latter TO such an ex-
tent as his construction of the charter au-
thorized-that is, if fifty dollar note was
offered. he would pay five dollars IN silver
and forty FIVE dollars in gold. But this was
not agreeable TO the party, who insisted up
on gold, city Bank notes or exchange at par.
TIE agent Of the Boatmen's Institution, with
out taking any further steps in the matter,
returned as he went, with his fifty FIVE thou
sand dollars in his custody. What further
action was had, on his report 10 the institu-
ton, is not known to US.
The ground taken by the Cashier of the
Palmyra Branch, is founded on that clau, e
Of the 9th section of the first article of the
General Banking law, which says:
No Bank or Branch Bank shall, at any
time suspend or refuse the payment, in gold
or silUer coin, OF any Of lis notes, bills or OBJ
legations, nor Of any money received upon
deposit, demanded by the holder or deposit
tor, at The place where the same is made
payable; and, in case of such refusal, the
holder OF such note ,sbill or obligation, or the
person entitled TO receive such money, shall
respectively, be entitled 10 receive Interest,
from the time Of such demand and refusal,
at the rate OF twenty per centum per annum
until paid.
We understand that the best lawyers or
the State have consulted on this question,
and that they have no doubt of lis correct
ness of the construction given to the law by
the Palmyra Branch. The agent who was
sent TO the Louisiana Branch, 10 make de-
mand for the redemption of thirty FIVE thou
sand dollars Of the paper Of that Branch,
seems TO have been Of the same way of think
ing, for he was content TO take S. 900 in
silyer-no very great burden-and thirty
thousand dollars in gold. Ii there be any
doubt upon this point, however, the Attor-
ney General, who is now in the city, and is
the legal adviser of the Bank Commissioner
can soon settle +.
In the .NewS, of yesterday, we find what
we presume is an authorized apology for
the course OF the Boa,men's Institution in
hunting down the Banks and Branches for
guild. II is said: .. ........
"With regard to the demand for gold by
the Boatmen's Savings Institution, 1t is
claimed on their part that, having lately un-
deriakeni on very favorable terms, 10 trans
nit 10 New York, for the State, by the lst
oil July, sufficient amornt of gold TO pay
the interest on the State Bonds, and pre-
serve the public credit, il is the duty OF the
Institution TO procure the gold, Tor the pur-
pose of complying with this contract with
the State"
Unfortunately for this institution the facts
are entirely against the apology in this case.
The contract by which the Boatmen's and
the Savings Association agreed to loan the
State, on her bonds, $450,00O, was made
on the 20th inst. Of this sum, only about
$3.50, 900 are to be placed in New York on
the lst of July next. But long before the
contract was made, these forays had been
commenced on the Bank at Lexington and
the interior branches, and they will hardly
contend that they could have anticipated
making such a contract as they did make
with the Fund Commissioners. This apoI-
icy will not, therefore, begin TO do, Il apol-
ogy must be made for The practice at all.-
Added 10 this, as the institution has only
$l25,000 to pisce in New York on the lst
Of July--that being its share Of the loan-ii