Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1861-01-10

ton OF their patrons, TO suspend spe-
Gle payments. The crisis then was the ef.
feet OF monetary panic in the Atlantic
States, which had It's origin in dislrust, &C.
cidenlally created, and not in undue expan-
sione The Banks of This state found it nee.
essary TO suspend on account of the unusu-
al, though temporary demand upon them
for specie, and not because Of any depart
ure from The ordinary and legitimate rules
Of banking. In view Of these facts, felt
il my duty, in opposition 10 The opinion and
views of those who see no virtue in any
other than the iron rule to recommend re-
mission Of the penalties Incident TO such
suspension.
The speedy restoration of confidence and
the consequent early resumption of specie
payments by The Banks, attesied the wis
dom of The measure; while thousands Of the
business men Of our Slate, by The coDtnu-
ance ssof ordinary banking accommodations
which could otherwise have been extended
10 them, were enabled TO meet all their OBJ
legations, and thus TO pass through The cri-
sis unframed. To have forced The Banks
then into liquidation, would have caused
universal recuniary distress throughout the
State, and the bankruptcy Of thousands who
are now solvent, and in many instances
wealthy. Another financial panic has re-
Gently seized the public mind, though orig
mating in causes entirely different from the
one which gave rise TO the crisis Of 1857.
Now. the chief cause of financial distress
is political in lis character, creating almost
universal apprehension throughout The o.
nion, inducing oontraclions and suspensions
in every department Of business, the gener-
al Withdrawal confidence and the total de-
rangement of our commercial relations.
Under such circumstances our Banks oil
issue are first 10 feel the shock, merchants
and traders flying 10 them for succor in
their distress; while for the purpose of ex.
change, the issues of the Bank are returned
10 Them with demand for coin, thus dimin-
ishing their ability 10 accommodate those
who have usually looked 10 them for facili-
ties in The way of exchange OF discount
The only alternative was the withdrawal
of such facilities, or suspension Of specie
payments until the panic abates or our husi-
ness men have lime to adapt their affairs 10
the fury OF the storm. 1t is better TO give
them an opportunity 70 bend than compel
them 10 break, carrying ruin in their wake
the fearful effects Of which must be felt
throughout all the ramifcatlons Of trade and
society.
These considerations led our Banks to
suspend specie payments again on ihea 30th
day OF November last. la doing this they
only con;orned 10 the action Of the Banks OF
other States. | believe The measure 10
have been conceived in wisdom, and TO
emana!ed from desire 10 save cur people
from The financial evils the disturbed state
of our public rainds tends TO bring upon
them. Any other course would have rem
dered them powerless Tor good; and under
the necessity of rapid withdrawal of their
circulation, and OF the facilities usually af-
foried by them, and consequently IN many
instances of making forced collections,
they must have become engines of mischief
whereas they can now mitigate. at least,
the sufleriDgs our political Troubles are pro-
ducng. Whether cur solvent men can be
brought through the crisis unframed, will
depend upon the intensity and duration Of
our banking institution will undoubtedly
con6uce TO the welfare of the people, and
unhesitaiinsly recommend that the Gen.
eral Assembly relieve them from the pen.
allies incurred by temporary suspension.
The Governor calls attention to the PEN
i'entiory, and recommends that provision
be made for the increase of convicts, On
the subject of the Capitol Grounds, the
Governor suggests thai. additional appropri-
aticns be made for The prosecutor of the
work of improving them. He also recon-
mends an appropriation for the completion
Of the Geological Survey of the State.
EDUCATION,
The act passed during the Adjourned
Session Of the General Assembly, vacating
the several Chairs of The Slate University |
on the oh Of July last, and the election Of
an entire new Board of Curatoss, has resuI. |
ted in thorough reorganization of that In
s,itution. The present Faculty, | have
reason TO believe, enjoy the eonfidenc Of the
public; and all The asperlties which have |
heretofore married the usefulness Of the T.
University seem to have subsidized. The re-
suit is an increased patronage, and the
prospect of future pros perity. 1t is
hoped that its present high scholastic mer-
lis may no! be dimned or oyershadOwed by |
any OF the causes that have hitherto im
paired its efficiency and alienated from il
the affections uf The people. Standing at
the head OF the educational facilities Of the |
State our citizens, whatever their religious
views or political sentiments, should feel
deep solici,ude for lis success. and Just |
pride in making it, in The broadest sense Of
The term, Unirsrs,fy-a centre Of science
and literature, capable of preparing its grad
yates, SO far as scholarship is concerned,
Tor all the avocations of life, and Of so edu-
ting them as to make them ornaments OF
their several professions. And located as
it'is in the Central State of the Mississippi
Valley, and that which is so on TO he the
great central Empire STATE of these U. States
it ought to stand out prominently before the |