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

SENATE-ArrERNoor PsocErDIses.
DEBATE OF THE BANK BILL.
The consideration of the Bank Bill being
the apscial order, Mr.. English offered the
following amendment to the first section
"Strike out the words May, 1862, and in.
sert October l, 1851, thersfor'-this being
the date on which specie payments are IL
be resumed.
Mr.. English said:
1t is provided in the bill that II, sfter the
first day of May, 1862, the political troti-
blss shall continue, and it should be unwiss
to resume specie payments at that time, the
Governor Of the State and Bank Commits
siOner may grant further extension.
understand the only difficulty in the wsy
of banks suspendiug at the time Of the gen.
eral suspension was owing 10 the political
troubles, and the commercial and financial
disorganization arising therefrom. aud not
any inefitiency in the management of the
hanks; in other words, that the banks were
in healthy and sound condition for ord-
nary times. II those troubles should con-
tinue, the Governor and Bank Commits.
sicner, according to the bill, can grant a
further extension. If they cease, (and in
all probability they will cease early-by
next spring,) and commerce and trade will
resume their ordinary channels, there will
be no apology for the banks suspending
specie payments longer than the lst Of o..
tober. Indeed, in that case. as early as
May, 1861, mould be proper time, but
am willing 10 say October, 1861. II on
that day our political troubles shall still
continue, then the Governor and Comnis-
sloner may step in and exercise the author
ity conferred upon them by the bill.
Mr.. Scorr. hope the amendment will
not be adopted. While I agree with the
gentlemen in assigning our political trou-
bles as cause Of The present financial en-
barrassments, I do not agree with him in
regarding them as the sole ceuse. 1t is
well known that for years in succession we
have had only partial crop in this coun-
try. The result has been that the country
has become very much in debt. Our mer-
chants are in debt, eur farmers are in debt,
and there is general indebtedness all over
this country. II our banks are to bs re-
siricted TO specie payment within SO shor.
time it will be utterly out Of their power
10 grant the relief that tbs people require
But if, on the other hand, this suspension
can be legalized uniil the spring of 1862.
we shall have an opportunity to prOdnce
and dispose Of crop and create a differ.
sncs in the exchange between here and the
East, with which we trade. Now ex-
change rules so high between Missouri and
New York, tha. it will absolutely drain
Missouri Of all its gold and silver, and will
to great extent deprive our banks Of the
ability 10 extend aid to our own merchants,
and through the merchants to our farmers
and other pursuits. The political ruin
which now stares US in the face, is scarce
ly worse than the financial ruin m case of
every man being compelled to pay his dsb.s
within the next twelve months. Unless
we extend the time as is nsw contsm pla.
ted BY the bill, you win find that we shall
have to pass relief laws for lhs whole COM
munity. We shall have to suspend our
Courts, lengthen the time within which ex-
s.u,ions are levied, and adopt . great many
similar measures in order TO safe US from
utter ruin. I do not presume that there is
q single bank now in the State, that would
be willing to accept Of provision to le-
galize su'psn'iOu until May next, even