The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1855-03-17
TUESDAY MORNING, MARCH Is, 1855

TUESDAY MORNING, MARCH Is, 1855
The Board Of Trade and the Borup & Oakes
"Currency."
Below we give the proceedings Of the Board
of Trade, on the question of unauthorized pa.
per currency, which question has been duly
considered and deliberately acted upon by the
Board. The principles put forth in the report
are such as must be endorsed by every correct
minded citizen. The Board of Trade, and that
portion of the st. Paul Press not subsidized by
Borup & Oakes, have now done their duty, and
for the consequences which must ultimately
sponsible paper, those who have given the time
ly warning are not responsible. The Commit
tee appointed by the Board for that purpose
made the following
Report:
The undersi gned, a Committee appointed at
meeting Of the Board of Trade, on the 7th in
slant, to whom was referred resolutions con-
demnatory of the currency issues of Messrs.
Borup & Oakes, respectfully submit the follow
ing report:
They have little hope, from present indica-
tions, that the business community Of st. Paul
will act on this question from principle and in
way that will promote their best interests.
They think the evi, ,one that will have to be left
to work its own cure. Nevertheless, your
Committee believe it to be the duty of the
Board of Trade to take right action, and guided
by unerring principles, to point out to the pub
lie the wrong it does itself, and the disastrous
consequences that will inevitably follow, by
sanctioning an illegitimate, unsound paper is
sue, and giving it in commercial transactions
the character and value Of money.
With the respectable banking house which
makes this issue. neither your Committee nor
the Board of Trade have anything to do. It is
with questions involved in an unauthorized
andI unsecured issue of paper money that we
have to do; and to treat these questions with
reference to we'll established principles, and
without personality, is what your Committee
recognize as their duty.
First, then, this issue is unauthorized and in
its inception was in direct violation of law;
showing an entire disregard for the laws of the
land. This contraband character should have
condemned it. When the restraints of law,
designed to protect the public, are disregarded
to make gain, the public should expect that
their interests and safety will be lightly regar-
ded. The practice of individuals or companies
without authority of law, issuing paper to rep
resent money, is in violation of we'll establish
ed principles of municipal polity. In all en-
lightened communities, the right to create q
paper representation of money to pass ~ . cir
culating medium, has been conceded to and re-
served by the law making power. Governments
in Incorporating institutions for this purpose,
are careful to limit and restrain, and to require
safeguards for the public. Here we have no re-
strictions or limitations. Any amount may be
thrown upon the public; and when money can
readily be loaned at three per cent. per month,
as it frequently can here, cupidity will not stop
at one or four hundred thousand dollars. The
experience of the past in like cases has been an
expansion, limited and ended only by catastro-
phe and ruin.
of this issue claim for it: That prudence will
limit the amount, and that the responsibility
and character of its authors is sufficient guar
antee to the public; yet, in the opinion of your
committee the consequences that will flow in
directly from it, will be highly detrimental to
commercial interest. and will bring certain
loss to the public. We predict with confidence
that if this issue is tolerated, in six months we
shall be flooded with like unauthorized and ir-
responsible paper. Several individuals have
announced their intention to make similar is
sues. The door once opened by receiving this,
and legion will follow. The temptation is too
great to Withstand where money is az valuable
as it is here, when, for few hundred dollars in
paper and ink, thousands may be had to take
place of our good American coin. When men
canget the representa- on of money,so cheaply,
they will be tempted to engage in wild specu-
lations to end in certain losses, leaving the pub
lie to hold nothing but their worthless promi-
ses. Such has been almost invariably the ope-
ration and result of all such violations of right
principles elsewhere; and there is nothing in
the constitution of things here to prevent the
same results. a....
Under no circumstances can this currency
obtain a circulation abroad. When it becomes
abundant here, foreign currency, that is bank
able in the cities..where We buy, will be driven
out of circulation and rates of exchange will
necessarily advance.
There are other principles involved. The
injustice done real capitalize little incentive
men will have to laborious industry to acquire
capital, when by such easy means they can have
its equivalent, are among them; but your COM
mittee deem it unnecessary to pursue further,
in the light of political economy, the consider
alton Of this subject. and would submit the fol-
lowing resolution, leaving every member of
community to act for himself: ra5
Resolred, That the recognition of the cur
rency issues of Messrs. Borup & Oakes by this
community, will bring inevitable loss and det-
riment to our commercial interests and that
the Board of Trade recommend to its members
and the public, not to countenance the same.
WILLIAM r. MARSHALL,
THOMAS FOSTER, p.
S. W. WALKER,
.-.....f. Committee.
At meeting on Saturday evening, 10th
inst, the above report and resolution were