Page:The New International Encyclopædia 1st ed. v. 13.djvu/696

MISSOURI. 1829, when the United States Bank opened a branch in Saint Louis. The branch was discontinued in 1833. The Bank of the State of Missouri, chartered in 1837, was a large institution with five branches in the State, and was both a bank of issue and discount. For twenty years it had almost a monopoly of the banking business, but its circulation was insufficient and in 1857 seven more banks of issue were chartered. Many more followed. All were forced to conform to the law which allowed the issue of only three dollars for every dollar of specie. The law of 1857 provided also for a bank commissioner, who should visit and examine the various institutions. This office was soon abolished, and there sprang up a number of small speculative banks, all of which collapsed in the panic of 1873. The system of national banking extended very slowly, but the largest institutions sooner or later became national banks. In 1868 the Saint Louis Clearing House Association was organized with 35 members. Trust companies were first formed in 1889, and became very popular. There always have been many banks bearing the word ‘savings’ in their titles, but none of them conformed to the general plan of a savings bank. This is explained by the fact that all the banks usually pay interest on deposits.

The condition of banks in the State in 1902 is shown in the following table:

. The present Constitution was adopted in 1875. A proposed amendment becomes a part of the Constitution if approved by a majority of the members elected to each House, and in turn by a majority of the qualified voters of the State. The General Assembly may at any time authorize by law a popular vote upon the question, “Shall a Constitutional Convention be held to revise and amend the Constitution?” If a majority of the popular vote approves, the convention will be held. Voters must have resided in the State one year, and in the county, city, or town sixty days. General elections are held biennially on the Tuesday after the first Monday in November of even years. The State is represented in the National House of Representatives by 16 members. The capital is Jefferson City.

Members of the Senate (34) are elected for four years, and Representatives for two years. The Legislature meets on the first Wednesday after the first day of January of odd years. Compensation of members includes mileage, and not exceeding $5 per day for the first seventy days of the session, and $1 per day for the remainder of the session. A two-thirds vote of all the members elected to each House overrides the Oovernor's veto. The power of impeachment rests with the House, and the trial of impeachment with the Senate.

A Governor, Lieutenant-Governor, Secretary, Auditor, Treasurer, Attorney-General, and Superintendent of Public Schools are elected for terms of four years each. The Governor and Treasurer cannot succeed themselves in office. The Lieutenant-Governor, president of the Senate, and Speaker of the House are in the line of succession to the Governorship in case of vacancy.