One farm per planet. None on civ capitals (your homeworld, homeworlds you take, minor races' worlds). Two farms on colonies after you get all your morale tech/trade goods in gear, and snag all the morale resources you can. Again, none on civ capitals. Particularly in smaller games, you won't get enough morale resources to justify putting two farms on a planet.
Note: When I say "farm" I mean Xeno/Intensive/Advanced. I don't count the basic farm; Xeno is cheap enough (tech AND building cost, in fact) that you should never use the basic one.
But yeah, feel free to fill up the rest with stock markets. Don't forget to keep a production planet or three, though...and the same goes for research.
It seems you're now asking about TA specifically. I have yet to try every race in TA; my advice is just general, and in fact probably more specific to DA than anything else. Maybe I'm misinterpreting that, but due to the fact I haven't played TA Torians I have no idea what kind of approval structures they have, nor what you're getting at when you comment on it.
But I'd say if you need more than one morale building per planet (DA example: VRC), you need A) more morale resources or

less people on that planet. Possibly C) a bigger map might help as well.
Also, don't be afraid to tax your people. You only need planetary approval to be at a minimum of 41% for normal growth to take place, and you only need about 60% overall approval the single week of an election twice a year. You can even go as low as 21% planetary approval (not on all of them, as some will be higher, as in the above example) and have your population neither grow nor drop, but I personally don't like doing that.
Of course, if you're using the Torians for their Super Breeder ability, you'll want to ensure you can make use of it, though generally dropping taxes will work.