The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1853-07-23

Thus, our readers know as much as we do
about the Central American Bank and its
propretors Messrs Richards, Clarke & Co.; with
the additional fact attached, that Mr.. Richards
is an oil dealer in Chicago Mr.. Clarke has been
pointed out to us in the street, but we never
spoke to him. We know nothing about them
further than this. But we have to say, that the
business in which they have engaged is not at
all likely to elevate them in the estimation of
those among whom they have come to reside.
We have made thorough round among the
business men and mechanics of St. Paul, since
we got hold of this one dollar bill, and are by
them authorized to state that they entirely and
decidedly repudate any such circulating medi-
um. They regard it as one of the same breed
of dogs as the st. Anthony bank, though
there was less boldness and more plausibility
in attempting to circulate it at the start They,
as we, know there is no such legal institution
as the Central American Bank at ST. PAUL.
consequently the very first and main line on
the bill convicts the parties of attempting to
utter fraud-to deceive our citizens into the
belief that bank exists when one really does
not. A bank for the issue of promises to paw,
signifies legal corporation, capable of sueing
and being sued by its corporate name: the
rate of interest must be fixed by law; the
amount of specie required to be kept on hand
in proportion to the circulation is also fixed by
law and in all the States where sound le-
Ultimate business in banking is done, bank COM
missioners, or other officers of the State. make
annual or semi-annual visits to all the banks.
and examine, under oath, the officers thereof
touching the condition of their entire affairs
A statement of this condition is then published
for the benefit of the public and if any bank
officer proves to have made false return. of
course he goes to the penitentiary for perjury.
Added to all this, of late years, the system
Of banking having become open to so many
abuses. it has been found necessary in most OF
the States particularly in the West, to bind
down bankers to fulfllment of their obliga-
tiOns by the exactiOn of ample collateral secu-
rity. What is called free banking has come
into general reputc. That is, any one who
chooses can establish bank, provided he is able
to deposite with the Treasurer or some other
officer Of State, public stocks of par value. to
the amount of every dollar he is allowed to is
sue. He receives his bank bills, before issuing.
from this same officer, and he cannot issue bills
procured from any other source. If he fails to
redeem at any time with gold and silver, his
banking house is closed by summary process
the stocks deposited sold, and the circulation
taken up with the proceeds. Says Thompson
In the last number of his faithful Bank Note
heporter, of this system of banking:
Most of the States have now General
Dahking Law, requiring Banks organized I'M
uel '1e same to hypothecate security for their
Circulation. This is the only safe system of
Danaing, and the law should be adoptcd Inv ali
the States. The notes of the new R,nEs W., no
tice, are much better executed thar faru'ori,,
.nls IS que 10 the public, who, in the course of
BUSINESS, nave TO receive them, and thew are
less liable TO be counterfeited We are oi,d ~
see the public, nay all classes of citizens no.
ginning to appreciate the difference betwoor
the bills of Banks under the security svsta,,
and the old chartered monopolics, and hone
soon to see the latter repudiated by all'
Now, we would like to have Messrs Richards
Clarke d Co. explain why, if their system--with
no law to compel them under oath to render a
true statement Of their affairs with no author
ity vested in any officer to enter their banking
house and examine their papers, books, coin,
assets and liabilities with no legal restriction