Minnesota weekly times. [volume] (St. Paul, Minn.) 1854-1859, 1855-03-20
xDrrxp BY c. n. PARKER.
aiils ~
, NEW CURRENCY.


We have given the report of the Board Of Trade
upon the new s'Currency Issue" of Messrs. b.
rup b Cakes, Bankers in this city. We caunot
conoede that it is within the legitimate province
of said Board to undertake the regulation of the
currency of the Territory, and if it were, we be-
lievs it utterly powerless to accomplish such
result.
If il can be controlled at all, it must be by laws
which they can neither make nor control,-
po,cers lying outside of the circle of their inHu-
ence as Board of Trade and the best that
they can do is, to do as has been done in this in
stanoe-give little Fdtherly Advice, knowing
at the same time that tho people will not heed
it.
They virtually admit this currency will pass as
money, and enter the into various commercial re-
ations of the Territory, and that the people will
not act upon principle and reject,-this it seems
to US is yielding the whole question. They think
and no doubt believe, that this new issue of cur
rency is ssillegitimatc, unauthorized that ssits
inception was in direct violation of the law,'
s'showing an entire disregard of the laws of the
land" and ssthat the restraints of law ore disre-
garded to make gain" &C., &c. Gentleman are
you not too fast How is the law of the land
violated? What law have we in existence upon
our Statute Book, or in force here, preventing
any man or company of men from issuing money
to any extent, the confidence of the community
and their ability to supply the means in other
funds to meet the continual drainage caused by
redeeming, will warrant!
We had such a law but the Legislature of last
Id 10 <bc
saying to the people that the Legislature was not
opposed to the issuing of paper by Private Bank
ers, designed to circulate as money, and by indi-
rection inviting the state of things we to have
hereafter. The Board had no duty to perform
after this-no responsibilities were resting upon
them-the Legislature had relieved them. 1t Is
somewhat strange that the Board should urge as
an objection to this currency ssthat under no cir
cumstances can it obtain circulation abroad.'
This view of it is the most consolatory of all. If
the field is limited, the circulation must be also,
and its safety is rendered almost certain. If for
every dollar they put out they careful to take
good security under no circumstances can they cir
culate an amount equal to their real bona .fde
capital.
My own opinion in relation to the propriety of
private bankers issuing currency of their own,
without regulation of law, have been heretofore
too often expressed in various ways in this city
not to be we'll understood, and although it might
be interesting to discuss the principles involved,
yet am persuaded that it would avail little or
nothing. The masses are disposed to "wink at''
any financial schemes calculated to afford tempo
rary or permanent relief.
The very constitution of things here in Minneso-
ta-the great demand for money-its real search
ty--the high rates of intercst-the necessity for
greater faclities-the general distrust in foreign
bank paper--all conspire to render the introduce
ton of the new currency of Messrs. Borup &
Cakes, easy and acceptable to the business COM
,nunity, and the upshot of the whole matter is,
that if my customers take tho paper as money.
shall place it upon the same footing with other
currency. tr,t
As the people will it, SO shall it be. 'es