Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1859-01-06
BANKS.

baNAos
Under the "Act 10 regulate Banks and
Banking Institutions" passed al the regu-
lar session of the last General Assembly,
chariering Bank Of the State. with au-
thoriiy 10 establish seven branches, and
nine other parent Banks, having authority
TO establish in the aggregate twen'y-ihree
branches, the Bank OF the State and SIX
branches have gone into operations; also, SIX
other parent Banks and eight branches
These being distributed lhrousho the
Stale, and all based on large bona tide
cash capital, have added largely 10 our
banking means, and are furnishing 20 our
people home currency, the responsibility
of which is undoubted. Their operations,
however, have been somewhat restricted
by q conflict Of interest which has been
manifested between these regular Banks OF
issue and the Savings Institutions within
the Stale.
While no honestly managed banking in
stitution will complain that vigilant eye Is
kept over lis operations by the people who
handle its paper, ii is equally true that
some degree Of confidence and forbearance
are indispensable 10 the credit system, and
to financial operations generally. And
since paper currency is unavoidable, It Is
better that we should have q circulating
medium of our own, over the issue OF which
we have some control, and thus The means
Of knowing something of its solvency.-
While our interests cannot be subserved by
needless dlslrust, and an unwarrshtabie
rejection of the currency Of our neighhors.
whose commerce is intimately interviewer
with our own, and who are largely our Gus
toners, we ought so to guard the interests
of our own Banks, IS 10 enable them TO use,
probably, the capital invested, and 10 fur
nish to our people, 10 the extent OF that cap
ital, the facilities they were Intended 10 al
ford. 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 10 that
end.
As authorized by the act, The sum Of one
million dolsIs has been subscribed by the
Executive as q part of the capital stock Of
the Bank OF The State of Missouri, and is
now held BY the State.
twill be remembered that during the fl
nancial crisis in 1857, our Banks, although
in their infancy, found II necessary 10 sus-
pend specie payment, and that fears were
entertained by many that a leealizalion Of
that sus pension would result in giving Ills
an irresp onsible currency. Those thorough
" informed in regard 10 the causes OF tina
suspension thought otherwise, and subse
quent events have shown that the public
good was thereby greatly subserved. :.
Our banking institutions, all perfectly
solvent. were saved from being forced init
Liquidation; their customers from unneces
sary pecuniary distress, aud in many insian
ces, doubtless, from ultimate insolvency
and the people generally iron degree o
/ strineency in money matters that must
have fallen heavily upon them, ant
for considerable time paralized their eff
forts. The temporary relief soon restored
confidence, and IN less than six months al
our Bank were able TO resume specie pay
ments. Ii must now be evident 10 all tina
the suspension and lis Equalization. however
objectionable they seemed, were, for tn
time, conservative measures, protecting III
interests of the many, rather than crushing
the few.
| EDUCATION.
take take great pleasure in stating 4
you that the University OF the State, tn
usefulness OF which has been heretoior
much restricted by conflicting influence
which ought 10 have been united in a com
mon effort 10 enlarge lis patronage and ex
lend its benefits, is now enjoying an in
creased patronage; and possessing facilitie
equal, and it is thought superior, 10 al.
other educational institution in the Missis
sippi Valley, ii is believed that the advan
tases it affords the student will no lnnge
be ignored as they have been even by th
citizens Of our own State, and that hence
forth, in constantly augmepting numbers
our youth will seek admission into its high
iy favored classes, and there, having OBJ
tanned its benefits, and entitled lhrmselve
1 10 IFS hohors, will delight, in their f'iiur
career, 10 claim the renowned UniversIt,
of the great Central State as their Aim
Mater, within whose cherished precinct
were laid the foundations OF their own sue
cess and fame.
1t is made the duty Of the General As
sembly, 10 select Board of Curators for tn
University. This duty having been omit
ted, ii has devolved upon the Executive
for several years, 10 supply the occurring
vacancies, and the entire board now holt
their commissions by his appointment.
would urge upon the Assembly the dis
charge OF this important duty, thus reliev
ing the Executive from the exercise of
power which was given only with view
10 filling vacancies occurring at irregular
periods. And | cannot too strongly urg,
upon you, in electing Board of Curators
to secure the labors of those who, by thei
zeal in behalf OF educational interests, en-
lighened and liberal views. and strict i'm
Partially, are eminenty qualified for the i'm
portan, trust committed 10 their care. Ev
cry citizen should feel deep solicitude ii
the character and fame Of the chief ed lea
tional institution OF the State, and espec
tally should the governmental officers real
iza that nnnp them IL imno.ph a e,oref