Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1859-02-03


that they want currency Of their own,
which is specie paying. After trying toI
drive out this wild cat currency, the cons'i-
tuition was amended and ten Banks char
tered, and why was ihisp Not that the
people preferred Bank noies TO gold and sill
yer, but because they wish TO drive out the
currency OF other States, and furnish cur
rency in which they had confidence. Tney
had lost by this foreign currency.
Savings Institutions had been chartered.
and seven ont OF hine were doing banking
business with the exception ofissuIng notes
1t was never contemplated that they should
be allowed 10 deal in this foreign currency.
They were Incorporated 10 be Savings In
stiiurions where the laboring man might de-,
post his earnings to be well secured. But
they had gone beyond this. Year alter
year they had obtained amendments 10 their
charters, until now they have immense pow
ers. And are we 10 be tcId we have no con.
fro, over them; no power 10 stop their deal
ing in depreci,,ed paper? He would show
their power and how their puwer was used.
He expected TO show that this deprecated
currency came here moi in the regular course
of business and oftrade, but was bought mp
with gold and silver, drawn from the Banks
and put in circulation in Missouri.
He came here 10 leg<late for the people
| of the whole State oI Missouri, md wonId
| legislale for the advantage Of no particular
locality, nor for few capitalists. His re-
marks were directed towards no particular
individuals. He had no interest in any
Bank OF Missouri; he was not interested, as
some other Senators, and he would aci en-
tirely for the interests Of the while State.
| Here the Senator read The charters Of the
! New York Savings Banks, as published IN
the Examiner, OF The 9th, and con,rasied
Them with the charters of the State Saving
and Boaiman's Saving Institution. The
Senator also read the memorial OF the Cham
Der of Commerce, and commented upon ii.
These Savings Institutions had grown up
10 be power different from what they were
designed TO be. They wsrred against The
B,nks OF our State; they drew out their
gold and silver and sent il of 10 Illinois and
Wisconsin TO buy up deprecated paper and
pu, i, in circulation. They had endeav"r-
I'd 10 break the Bank at Cape Girardeau.
| It was their interest 10 put down the Banks
Of the State. As soon as they go, ho!d oi
their paper they rushed 10 get the gold 10
send out of the State. Ask these lnsti-
tuions TO discoun, for you, and they will
tell You we can discount your note IN cur
rency, but not in gold. With their gold
they buy up foreign currency and discount
with II. The issue was shall we submit 10
this or have reliable currency Of or own.
He hoped the section would no, be stricken
out. ..r
The debate was continued by several
leading Senators. The motion 10 strike osl
the 10Th section was lost, Ayes 10, Noes
81. The bill was further discussed, until
the hour of adjournment.
HousE-The Putnam election case was
decided in favor OF the setting member, and
Mr.. Jacks son, confession, was allowed mile
age and per diem. No further business o.
general interest was transacted.
JANUARY 20.
Housr-Mr. barnes introduced bill pro.
yidine for call OF a convention, 10 alter oI
amend the constitution Of this State, which
was read and referred to selec, commit
lee of Is members. THIS proposition II
understood 10 be in aid Of the Internal I'm
: provrment policy oI the State.
Senate bill, amending the charter Of th,
Western Bank Of Missouri, wa. called up
:. on motion Of Mr.. Hardin, Of Galloway, All,
, read frs, and second time, and referred
; 10 the Committee on Banks. This is ih'
! act which gives an additional Branch Il