Minnesota weekly times. [volume] (St. Paul, Minn.) 1854-1859, 1855-03-20
REPoRr OF THE BOARD OF rRApE.

q
meeting of the Board of Trade, on the 9TH instant,
to whom was referred resolutions condemuatory
of the currency issues of Messrs. Borup & Oakes,
respectfully submit the following report. b. ..s :
They have little hope, from present indications.
that the business community of st. Paul will act
on this question from principle and in q way that
will promote their best interests They think
the evil, 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 public the wrong it does itself.
and the disastrous consequence that will inevita-
bly, follow, by sanctionng an illegitimate, unsound
paper issue, and giving it in commercial transac-
tions 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. 1t is with ques-
tiOns involved in an unauthorized and unsecured
issue of paper money that we have to do and to
treat these questions with reference to we'll estab-
lished principle, and without personality, is what
your committee recognize as. their duty. .-....-'
First, ther, this issue is unauthorized and in its
inception was in direct violation of law show
ing an entire disregard for the laws of the land.
This contraband character should have condemned
it. When the restraints of law, designed to pro-
tect the public, are disregarded to make gain, the
public sh3uld expect that their interests and safe
ty will be lightly regarded. The practice of in
dividuals or companies without authority of law,
issuing paper to represent money, is in violation
Of well established principles of municipal policy.
In all enlightened communities the right to create
representation of money to pass as circulating
medium, has been conceded to and reserved by
the law making power. Governments in incor-
porating institutions for this purpose, are careful
to limit and restrain, and to acquire safeguards for
the public. Here we have no restrictions or linn
itations. Any amount may be thrown upon the
public; and when money can readily be loaned
at three per cent. per month, it frequently can
here, cupidity will not stop at one or four thou
sand dollars. The experience Of the past in like
cases has been an expansion, limited and ended
only by catastrophe and ruin. n w.,
We might even concede all that the friends of
this issue claim for it: That prudence will lin
it the amount. and that the responsibility and
character of its authors is sufficient guarantee
to the public yet, in the opinion of your COM
mittee, the consequences that will Aow indirectly
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 irresponsible paper. Sew
eral individuals have announced their intention
to make similar issues. The door once opened
by receiving this, and legion will follow. The
temptation is to great too withstand where money
is as valuable as it is here, when for few hum
dred dollars in paper and ink, thousands may be
had to take the place of good American coin.
When men can get the representation Of money
so cheaply, they will be tempted to engage in
wild speculations, to end in certain losses, leav
ing the public to hold nothing but their worthless
promises. Such has been almost invariably the
operation 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.
Under no circumstances can this currency OBJ
tain circulation abroad. When it becomes abun-
dant here, foreign currency, that is bankable in
the cities where we buy, will be driven out of cir
culation and rates Of exchange will necessarily
advance. ee t.. 4. -. ss.s.t'
There other principles involved. The in
justice done real capitalize little incentive men
will have to laborious industry to acquire capital
when by such easy means they can have its equiv
alent, are among them, but your committee deem
it unnecessary to pursue farther, in the light of
political economy, the consideration of this sub
ject, and would submit the following resolution,
leaving every member Of the community to act
for himself. -0a- c-rl flo sIf
Resolved, That the recognition of the currency
issues of Messrs. Borup & Oakcs by this commu-
nity. will bring inevitable loss and detrimcnt 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,
.r' THOMAS FOSTER,
g. O. S. W. WALKER, i@aogI
1883 Io .Ls1 - sUlH .A-V,efS : Com,niyteeI
At meeting on Saturday evening, 10th inst,
fha ohOve renort and rcsol,rtior xroro odnpf a1