Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1861-02-14

pate, however, that this rate will be the
case much longer. / offer this amendment
in order to have nothing but Missouri pa
per circulated throughout ths State. If
you allow the Banks Of the State to receive
The notes of specie paying banks in any
other State, and do not allow them TO pay
them out sgain, Of course The Banks arc
compelled to send them back home, and in
this manner they will be able to fortify
themselves in regard 10 exchange. II is
just to our Banks that we should give them
this privilege because they are now drained
Of their specie by the Kentucky, TenRes-
see and Indiana Banks, without being sble
at all to run upon them in return.
Mr.. HyER objected to the amendment on
the ground that it might compel the eiti'
zsns to take deprecated Missouri paper
currency in preference to other money as
good as gold and silver. ..
Ma. BRowS spoke in faver Of the o.
mendmsnt. He advocated on the ground
Of convenience in business operation. Busi.
ness men would make deposits where they
could deposit both Missouri paper in ore
institution and their currency IN another
They would rather 60 to. Insurance Com
panies, Savings institutions or private
banking houses.
Mr., REID held similar views. II would
be sound legislation to allow oui Banks to
receive notes Of specie paying Banks of
other States and pay them out. They
should be required TO send them immsdi-
ately back, with the view to receive ex-
change on New York or some other sas :
tern city. l. would greatly widen the cir
Gle Of influence and have tendency to pro-
duce the desired relief.
Mr.. WILSON, thought the change propos.
ed BY the amendment was very great enc,
and should be well considered. Its appli-
cation was altogether unlimited. II his
memory was not at fault. the old Bank Of
Missouri had this privilege at one time,
and for a number Of years, in consequences
of an error committed by that Bsnk in re-
ceiving Illinois currency, it was not able
to pay any dividend at oil. A large a.
mount Of the currency had failed in the
hands Of the Bank.
Mn. HALLIBURTON, said tina. the case
was not analogous. The Bank of Missou-
ri was receiving the paper Of the Illinsi,
Banks and the State Banks Or Illinois for
the purpo'e of discoun,isg upen it. In
stead Of diseOuntiDg on their own notes,
they discounted On the notes Of the Illinois
Banks. But that was not the purpose new.
This amendment only proposed that, while
other States could send their notes to our
Banks and get the specie, we might do the
same by sending them their notes. As it
now merchants were compelled, in their de.
pesits, to resort to ths br oksrs and savings
associations.
MIR. PARsoks spoke against the amend
nent. 1t would cause perfect flood Of
one dollar currency, and drive the specie
out. He would vote for the amendment il
the Senator would SO alter is as to exclude
Of all notes Of less denomination than five
dollars.
Mr.. Scorr had two objections to the a.
msndment. The first was that 1t would
convert the banks into shaving shops; they
would not receive the notes at par value,
but at such rates as they would fix upon
item. They would aim to dsprseiate tha.
currency SO as to make good speculation.
The other objection was, that it did no,
meet the present difficulty. 1t applied to
specis-payipg banks in our Immediate
nsiehborhood now, it could net be of any
practical benefit. IF the susnduent was
adopted. he would insist en- striking out
specie paying banks, aad inserting solvent
banks therefor. ,-.s.,, ge srsg
Mr.. PARsoss offered an amendment, 10
restrict the banks to receive bills Of Eve
dollars and ever, which was accepted by
Mr.. Churchill. a.
Mr.. JoHSssN said he was willing to give
The Banks the. privilege provided in the a.
If they were willing to subject
to a restriction in turn. He
was willing 10 give them every oppor,uni-
y tesbscome useful; proved they were viii.
% do ju'ties to the people. He had long
been Of opinion that the Bank. ought 10 have
he privilege .sf receiving n.ies Of the
Banks of other States, because this would
enable them, to furnish exehangs, had be-
'ause such course would do away with
he necessity Of drawing gold. He illus.
rated this point by some example taken
rom practical life, and proceeded 10 ,.v