The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1854-12-02
GA Local Bank of Circulati0n.o

The MinneSOtlan or this morning assumes,
upon what authority We know not. that, in ad-
vocating the formation of a Board of Trade we
are looking to the establishment of local
bank of circulation in St. Paul ,""to be char
tered by the almost unanimously Democratic
Legislature soon to assemble" and it takes &C.
casion to link the Pioneer with us.
We know not what are the views OF the Pio-
neer in regard to this matter, but as far as re-
CARDS the imputation upon the Democrat it is
entirely unwarrantcd; and the story has been
manufactured out OF whole cloth, by some who
look with no favorable eye upon the effort of
the Merchants of Saint Paul, to free themselves
from an incubus which rest upon them.
The Minnesolian is right in saying that a
main point to be reached is the establishment
Of some definite basis in regard to the circula-
tion of foreign bank paper in this city. The
long ago have been extirpated. But there are
other duties which belong to the action of a
Board of Trade quite as grave in their charac-
ter, and of as deep interest in regard to the
prosperity of our city. Iii can succeed in do
ing something with the miserable trash with
the city is iooded-ifit can set up some guards
and guides by watch the expansion OF irrespon-
sble paper currency among us can be restrict
ed it will be doing its duty in a most gratifying
degree in one respect towards the community
but the idea that the organization of Board
Of Trade is the initiatory step to the formation
of bank of local currency is simply absurd
Still more absurd is il for the Minnesotian to
oppose that under any circumstances, or in
any way, has the Democrat countcnanccd or
given aid to such movement.
We cannot even be linked with the Pioneer
in this matter of banking. for we do not agree
in any way with the following sentiments which
1t puts forth this morning. 1t says:
I'VE would prefer for our current business
oberations bank bills issued by man like
George Smith. of Georgia, in whose financial
responsibility and integrity we have confidence,
than the notes of any bank whatever, whose is
sues bear the seductive endorsement of 'Secur-
ed by State Stocks u
Now we have n faith in one man, be he as
rich as CrGsus or any set of men to do bank
ing business--we do not believe in banks or
banking at all, ard ifw must have paper
currency. we should be glad to see orr Legis-
lature restrict the circulation of paper prom
Uses to pay to five dollars rs the least sum, and
should not be sorry lift was fixed at twenty
dollars.
We trust we are explicit enough for the Min
nesotian, and that it will join heartily in the
establishment of q Board of Trade without hav-
ting the fear OF a bank of local currency be-
fore its eyes Those who are active in eitecting
the organization most certainly never enter
tanned such an idea.-Dcn.Ocrat.
Our neighbor certainly clears himself of the
imputation of being in favor of "local bank
ofcirculation,' and is now "explicit enough
for the Minncsotan,' or any one else, we should
suppose. But he must be aware, that on one
or two occasions recently, while discussing the
currency and Board of Trade questions, he has
thrown out strong hints in favor of local
bank--at least We so construed his remarks
We are very glad to find we were mistaken,
and to find that the Democrat is still sound on
the bank question.
There are. as the Democrat remarks, quite as
important duties devolving upon the contem-
plated Board of Trade as the matter of regulat-
Ing the currency. One is to take into consid-
Grafton the proposition of forming new line
ofsteamboats to ply next season between St.
Paul and the tcrmini of the several Railroads
which, by the opening of navigation, will tap
the Mississippi below us. Tonight, at Mazour
ka Hail. the merchants are called to meet for
the purpose of taking the initatory steps of or.
ganizing the Board. We can assure the Demo.
crat and all concerned, that whatever aid our
humble efforts can lend towards carrying out
the legitimate objects contemplated, will he
HeS'g anu eoiuiaiiy SiEeu
But the Pioneer amuses US. The very day
we charged it with being in favor of banks, il
came out not only in a strong bank editorial
but bank editorial advocating the very worst
system of banking, namely banks founded sole
~ upon the honesty Of the banker! We will
not stop to-day to discuss the relative merits
of the Atlanta Bank in comparison with 9TH
erS nor do we intend to speak of the purity Of
Character of its owner, Geo. Smith, who has
done business in open violation of law for ma
ny years-just as his hackers and correspondents
IN Minnesota now are doing with their own shin
plasters-nor of the disinterested love for the
dear people which inspires the Pioneers mas
tiers to give out the Atlanta currency" But the
Pioneer should be careful in writing strong
bank article one day, not to come out the next
and accuse us of "mendacity" for stating that it
is in favor of banks. Why, the boy, twelve
years Of age, of ordinary capacity and observa-
ton. does not run Of errands for merchant Of
st. Paul, who does not know that the Pioneer
Is the organ-the creature of the Georgia cur
rency shop opposite its office on Third street.
And 1t Is pretty we'll understood, that "tbe
Doctor had the Pioneer office moved down to
Its present location, so that he could the better
keep his eye on the movements of the some
times cratic Earle. Does any one believe that
the long article in defence of George Smith in
Monday Pioneer would have there appeared,
mad the Atlanta trash been circu ated by Mr..
Parker, MIR. Brewster Brown & Fletcher Tn
man N. Smith, Mackubn & Egerton. or anv
other broker, or firm of brokers in st. Paul, ex-
cept Borup u Cakes: Most certainly NOT.
Would the Pioneer man have a particle of con-
hdence in the Atlanta money lift was not the
'cish or command of its ssuers that he should
have' No one fscnse in st. Paul believes he
would. His position in relation to the Atlanta
brokers is so well understood by every one in
this community. that it is scarcely worth while
to ailude to his motive for writing that defence
OF George Smith. He dared not do ANYTHING
else; and if Borup & Cakes wish to get a bank