The daily Minnesota pioneer., 1855-09-29
Georgia Currency.

We had occasion a short time since, to
make special mention of a run made by a
combination Of capitalists upon what is
known as the Georgia Currency" having
special reference to the notes of the Allan
ia and Interior Banks, which have always
circulated here as among the best that have
been offered The run on these banks has
been continued now for several weeks, caus-
ing even in tie New York market, which
has suffered drain of between one and two
millions of dollars from GEo. f. SMITH &
Co, the proprietors Of these institutions,
who have sent out that amount to Georgia,
for the redemption of their notes The run
has, Of course still more seriously affected
the money market of the West During
the continuance of the strife between the
champions of free banking, and the regular
chartered institutions, the local banks of
the West dare not make issues to the cX-
tent demanded by western business. The
result is, that the void occasioned by the
Withdrawal of several millions of our COM
mon currency, is being filled by Eastern
banks and capitalists, who in the present
state of affairs enjoy perfect monopoly OF
the western money market the value of
whose issues fuctuate according to the will
and interest of those who set them afOat,
and of whose ultimate worth the people can
have no certain security. The results of
this monopoly are already beginning to be
felt in the lack o. supply, and enhanced
rates of interest 1t is impossible to con
lecture the ultimate effect upon our b'lSi-
ness interests, of this war among the
Bankers
Our opinion as to the merits of the quar-
rel, have not changed from the last season
We gave our opinions of the stock-banking
system in the early part of last year-de-
nouncing it as a system of false pretences,
certain to be blown up at every period of
financial crisis. The disastrous fall of scores
Of Indiana banks, during the pressure after
wards made upon them, fully justified the
correctness of our judgment The bills of
stock secured banks, chartered and operat-
ed on the most approved modern principles,
went down from par through The whole
gamut of per centage, forty cents on the
dollar; while, during the same crisis, the
notes issued by g. SMITH 4 Co., based on
individual responsibility, maintained their
original quotations. And now, under the
severest pressure ever concocted against
any capitalist we find Atlanta and Interior
money promptly redeemed to the tune of
millions.
We allude to this matter only for the
purpose Of cautiOning the people Of this Ter
ritory against becoming parties of this f.
uancial quarrel, aud thus seriously impair
their own interests We believe GEORGE
Smith, and his associates to be impregna-
BILE: that all his, issues will be redeemed
without question. What the people want
here is a circulating medium which is safe,
and in which they can repose confidence
Without any banking system of their own,
there exists no nece ssity for them to inter
fero in uuarrels about different systems in
other localities. We trust that any attempt
to create monetary panic in our Territory
will be promptly discountenanced and
the people be thereby saved the losses
which are their necessary result