Minnesota weekly times. [volume] (St. Paul, Minn.) 1854-1859, 1854-11-21

The INDIANA RAxks. 10 Auditor of the State
of Indiana appears to be playing bold and rath-
er singulargame concerning the. Indiana Banks.
He has issued circular setting forth that he will
not offer the securities Of any suspended Banks
for sale until they have been advertised for sixty
days in London and Paris as well as in New York.
The Cincinnati Gazette thus alludes to the mat
ter:
GA gentleman who returned from Indiana yes
terday, informs us that only six of the Free Banks
are now paying coin for their paper. The notes
of such as will not redeem promptly, cannot be
made to circulate as money and the effect of Mr..
Dunn's circular will be to further depreciate the
paper. Brokers will not buy notes that they may
be compelled to hold six months, unless at very
heavy discount. TO this shave, the public who
hold this paper, must either submit to retain it,
until it pleases the Auditor of the State to sell
the stocks, and thus provide for its redemption
Whether the notes are bought by brokers, or re-
tanned in the community, they will constitute an
amount of dead capital, equal to five or six mil
lion dollars. 1t may be that this is a dodge to
enable the owners of Banks to get their own notes
at fifty to sixty cents on the dollar, and thus not
only save themselves from loss. but make hand
somely at the expense of the public. The fact is,
Mr.. Dunn is owner of two or three Of the Banks,
and instead of acting the part of faithful officer
between the people and the Banks, he has espoused
the cause Of the latter. We cannot believe that
the people of Indiana will tolerate such conduct on
the part of their leading officers.
We were told yesterday that Mr.. Dunn, has, in
some cases, allowed the owners of Banks to 20
into his Office, and cut from the Bonds deposited
by them the coupons due next January. One
party thus obtained coupons to the amount Of
$4,000, while the stocks deposited by him had
deprecated 20 per cent, and the Auditor was
bound by law to require further deposit Of Sc
curity to that amount"
We sincerely hope that the Auditor will not
persist in his suicidal course-at least suicidal to
those who hold the bills of the Indiana Banks,
for by his advertising the Banks in London and
Paris, it will prevent a..redemption of the cur
rency for six months, if not longer.
To SErrLERs.-We would call the attention of
been entering land during the summer, under the
provisions of the act graduating the price of the
public lands, to the following construction which
the Secretary of the Interior and the Commits
sioner of the General Land Office puts upon this
act these gentlemen say the reduction in the
price is to operate only in favor of three classes
Of persons, viz:
First-To persons who were settlers AMI occu-
pants at the time OF the enactment of the law.
such as may hereafter become such settlers, and
who may be entitled to presumption.
Second-To persons who desire the same for
his or her use, and for the purpose of actual
settlement and cultivation. That is where the
land is desired for immediate use OF that partic
ular person farm for himself or family, and
for no other use ana purpose and
Third-To persons who already occupy or own
land previously acquired, who may be desrous
of securing public land adjoining that SO occupied
o. owned, with view to thu extension of their
present form or plantation" No other person
can rightfully avail himself of the provisions OF
the graduation law iii this respect. All entries
made under other circumstances will be regarded
by the General Land Office Illegal, and thare-
fore void.
This will be a serious back-sct to those cormo-
rant spectators who hive already secured all of
the West and part of Michigan, by tn .ir Land
Office entries. 1t has always been known by the
spectators that the above construction of the
law was the just and designed one, and their pur
chases have been in OPEN violation of what they
were conscious was ighs: therefore they merit no
pity if they shoin of their thousands Of &C