Minnesota weekly times. [volume] (St. Paul, Minn.) 1854-1859, 1856-01-19


shinplas'srs in General and Wildcat Money in
While the people are moving along glibly, un-
conscious of any danger, there is an under-cur-
rent of rottenuess, which, when exposed, will
startle the most experienced in matters of dollars
and cents. Within a few days past, the bills of
responsible Banks east have been driven out of
our market and other bills issued by irresponsi-
BILE parties, are flooding in upon us. The people
are apparently asleep on this subject, unaware
Of the ruin staring them in the face and careing
less for the general crash which will inevitably
follow. What is our duty2 Shall we let the pen
lie idle in view of these facts? Such course
would bring upon US, az it ought to, the indigna-
ton of every honest man, and hencefCrth we plant
ourselves against all shinplasters, of whatever
name or nature, and sincerely hope,that our bust
ness men and the Legislature, will take such ac-
ton now, as will drive from our midst these mere
rags, on the circulation of which reputed shrewd
men are garneriny up fortunes. Suppose these
men suspend payment? Who would be the suffers?
The masses. Have they any guarantee that these
bills will be redeemed? Not particle, So
n In connection with this subject, we call atten-
ton to the following article from the Galena Ad-
vertiser:
Georgia wildcat. fH- !.f
This currency is going out of active existence,
for which the community are congratulated.
thanks to few resOlute men. Its heart or centre
of existence was at Chicago, and its circle of
travel has been gradually lessening on all sides
towards that point, till ut last it's very vitals have
been attacked. More than one hundred firms and
principal business houses of Chicago have signed
the following circular:
To The Banks and Bankers Of the City Of Chica.
90, and the Stnte of Illinois: r. '-' i'
The undersigned Merchants, and business men
of this city, respectfully solicit your aid in sur
pressing and driving out of circulation all Georg
believing it highly injurious to the business in
terests of this community, and unworthy of
longer credit. pa IN ,-ioa Z"
We hereby assure you that we heartily concur,
in the late movement made by several of our
prominent Railroad Companies against the issue of
Georgia and Tennessee Banks, and would urge
the Banks and Bankers of this city to refuse re-
ceving itou deposit on and after the fifteenth day
of January next!". .yl. .ss a
This, doubtless. will give the finishing blow to
this deprecated currency. Its danger consisted
in the fact that its value not equivalent to the
standard of one hundred cents on the dollar, and
it consequently had the capacity, if permitted. to
drive all currency of full value out Of the market.
Of the inevitable result of the above, there can
be no doubt, for it depends on principle as sure
as that of sravitation. The heavier weight will
sink in the scale and the lighter will ascend. We
should sOoR> have had nothing for currency
bat deprecated wildcat bank paper. The same
perverted law that had driven out the better and
substituted the worse, would have continued to
operate, and once having the field to itself, the
decline would have been rapid, and even few
months would have carried it into the descending
scale to the point Of absolute putrefaction. And
then, the loss of millions would have fallen on
those who had received this paper in exchange
for the products of their labor, besides all the
loss and arrangement of business which follows
in the wake of money panic. The public need
not be informed of these things, for the events
of the last twenty years and their experiences,
often taught the lesson that there exists neces-
sity of being continually fortified by the most
firm decision in defence of a currency, equivalent
to gold and silver. eae
T., IL