The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-11-12
WAR KID or MosEr We NAY TAKx.-

this Is an interesting question for business
men. When money ia very plenty, and
banks are doubtful, the best plan is to be
upon the safe side, and refuse all issues that
are not particularly good. But just now
when all banks are alike. and money il
scarce, It is absolutely necessary for all classes
es TO exercise degree Of confidence which
is not required under a healthy condition Of
business. We are led 10 these remarks from
an intimstion that the Board of Brokers, a.
body, are unwilling to receive the City
Orders, or extend a helping hand towards
the relief Of the public.
We desire in brief space to review the
position Of the bankers, with reference to
the welfare Of the people. There is no class
in the community who are 50 dependent upon
public confidence as bankers. They become
the receivers Of large sums Of money on de-
post, often without security, and merely
upon the position they occupy as bankers.
In times Of panic, when confidence begins to
fail, we always find bankers subject to re
vulsion, merely on account Of this want OF
confidence, and not from their inability to
meet all demands against themselves in Or
binary times. II is the implicit confidence
in bankers which brings into circulation the
issues Of banks, Of which the public know
but little. and in many cases this confidence
is abused, by giving circulation to bank
notes, which are known to be issued upon
no more substantial basis than this same one
of public confidence. Although we have
the utmost faith in the honesty of our bank.
ers. and believe they would never ordinarily
foist any foreign currency upon their Gus
toners, of which they had the least doubt,
yet we leave it to their own common sense
and to the judgment OF every business man
to say, whether the bills they have agreed
upon to take a. currency are any better Sc
cured, or more likely to yield dollar for dol
lar, than are the city and county orders,
which are secured by all the real estate Of
Ramsey county, amounting to two hundred
times the value OF the orders circulating.
Why do you refuse to recognize the City
and County Orders to be us good currency
as can be obtained by the citizens You
do not doubt the security you cannot doubt
it. Is it because you hope to produce so
great financial distress in this community,
that people will leap over the barriers of
law, and give yon the opportunity of com
ing forward as special bcneiactors, in estab-
fishing bank, and issuing bills, based
upon the deposit Of your real estate mortga
gcs, which are nearly oil drawing five per
cent per month interest Can it be posi-
bic that you see an opportunity OF realizing
the semblancc OF money upon your interest
bearing mortgages, which you can again
loan at three and five per cent, taking
mortgages, depostipg them, and !oaning
more money, al mhnaum. DO you see
prospective realization OF ten PEI cent, on
your real capital by the creation of bank?
AMI is it because there is no possibility Of
making three per cent. out OF the City and
County Orders, and in the hope tina, by
your refusal to acknowledge them. you can
force bank upon the community that
YOU decline TO receive them? We have
better opinion of our Bankers than
to suppose them to be actuated by such
motives, particularly AT period Of great
financial distress, when forbearance and con-
,idence are SO much needed and we trust
this refusal is but temporary and caused by
a consideration Of the public good, Ii any
member Of the Boarl cf Brokers can cy.
plain why the Treasury Noics o; TIE city
OF -. Paul and Ramsey county are not a.
good currency, and as safely secured as any
Of the banks named below, which the Board,
by resolution, have agreed TO receive tor the
present we would be glad TO have them DO
II:
Troy City Bank. New York.
panby hank, Vermont.
Bank Of Hsl,oweIi, Maine.
baltimore hanks.
Providence and Hartford Bank.
And also the following named Indiana
Stock Banks
Bank Of Goshen, Bank Of Gospo,i' Bank Of
Mt. Vernon Bank al Indiana Rank of fsoii;
Bank OF Rockville. Bank o; Salem. y. \ lbany,
Bank Of salem salem; Bloomington Bank;
Cambridge CITY Hank. Canal Bank Crescent
Ciiy Baak. Exchange Bank; Farmer. Bank,
Westae,d, Indiana Bank. Indiana Farmer :
Bank. Kentucky stock Bank. la Grange Bank;
PsFkv County Bank; Prairie CITY Bank; salem
Bank Goshen; Sout erh Rank u Indiana.
The Bcari Of Brokers also propose TO ~
GIVE the notes of Banks OF the following
States. except those named;
Mlt~E...A!l except Canton az. south China,
Ellsworth. bk. Bangor; Exchange b'k. Bangor.
Mara,ae SIX, Bangor: NG,eam River u \ san.