The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-12-19

hOduShuJ, SetS nOLulnS. lnc OVerrcacHlne
OF the one, and the recklessness of the 9th
er, dissipate the whole, and both become
bankrupt.
Money, as designated by the Constitution
OF the United States, and as conceded by all
nations, is not an article Of merchandise, like
farm products, to be bought by those who
choose to give the most for Thought and
rebought until consumed. Were gold and
silver, like the wares and products of com.
merce, capable of as endless increase as the
market demands, they would be just as
worthless for the purposes for which they
are now used, as are ordinary articles of mar
ufacture.
me Present Monetary Crisis Difficult to account For
1t is difficult to account for the extent OF
the present monetary crisis in the United
States, except upon the principle of strug-
gle between coin and paper-the former seek
ing circulation, and the latter struggling to
Keep it out of the ordinary avenues Of trade.
Aside from the sub-treasury established by
Congress, and few of the State Legislatures,
which had virtue enough to withstand the
opportunities of bankerc, there has been an
almost unlimited license given to the issue of
paper money; and had these yielded to the
false lights which so long and so zealously
struggled for the mastery, no one can calcu-
late the extent of the misery and ruin which
might now afflict the land.
lie attempts to account for 1.-THE Bankers did it !
When the gold fields of California and Aus
tralia opened their precious stores to the
world, people awakened to renewed hopes
that their day of deliverance from Bank pa
per was near at hand. But the Bankers were
not to be foiIed in their purpose for as gold
increased they demanded new charters, and
thus succeeded in efectualIy preventing the
millions yearly dug from the mines from ever
reaching the pockets of the people. They
well knew that two descriptions of currency,
the one good and the other doubtful, could
never circulate together. With this double
accumulation of gold and Bank paper, Wall
street, the great point of its concentration,
became an arena of the most reckless gam
bling :; and railroad securities, because the
most plentiful, became the leading stocks of
the players. Mill MS of capital were thus
absorbed in the perpetual round. The real
value of these securities was entirely hidden
from those desiring to make permanent in
vestments by the gamesters who thus earn
ed their profits. But when the curtain was
withdrawn, and the reality exposed to public
gaze, CONSERVATION and disnay seized the
minds of the people, and the panic became
| general.
lie don't 6eliere Emigration to the Vest has or acil
| Ruin the Country.
| In advance Of the announcement of the
Eastern bankruptcies, the people OF the West
wer, startled by the warning of the press,
that the country would be ruined by the
numbe: of emierants coming to the frontier
States and Territories, and the rage for the
Western lands and town sites. How the
country was to be seriously injured by the
opening of new farms, the erection of comfort
able houses, mills and workshops, and the
springing into life Of new and fourshing
towns and cities was to the Western people
incomprehensible In Minnesota, where gov
ernment land could only be obtained by the
actual settler to the amount Of one hundred
and sixty acres each-her soil not being sub
.ect to the monop,lies of the speculator-
this Eastern cry of ruin from such course,
induced the belief that it was an effort to pre-
vent the poor man from seeking home upon
the rich and healthful prairies abounding
within our limits. Subsequent events proved
that it was only to divert suspicion from dis
asters they had measurably brought upon
themselves,
Present Einbarrdssnents aciNbe Brief.
That our present financial endorsements
will be of brief duration, there is every rea-
ron to believe. Although, like the revulsion
of 1917 and 1887, it is mainly attributable to
an over issue Of bank paper, there is wide
difference in many particulars and in the
general condition Of the country.
In addition to the general plenty, there arc
three hundred millions Of gold and silver in
the country, seeking circulation. With
the annual yield of our own mines, the
amount brought into the country by immi-
grants, and the influx of foreign commerce.
we may safely estimate that during the next
twelve months, hundred millions might be
added to the present amount of metallic cur.
rency, if necessary to fill the channels of cir
culation. With such prospects before US,
there is no cause for dependency. The
present crisis will sift the sound from the un-
sound, and separate the real from the worth
less. The increased emigration to the West,
of those who desire to augment their happ-
ness, and their wealth, will re-establish the
hopes and stimulate the progress of our new
State. Wise legislation, based upon sound
principles, will do It's part in establishing the
character and multiplying the resources of
Minnesota; while contentmcnt, industry,
and confidence, will pervade society in all its
branches
Can't 90 Behind the Lecompton Constitution.
Notwithstanding the excitement which has
recently disturbed the nation in relation to
the powers of the General Government over
the Territories, let us hope that the question
ind
future peace and harmony of the States and
Territories can be best secured by each act
ing in its own proper sphere. A people ac-
customed to regulate and control their own
SIC al and political relations, will not long re
main in disorder, when left to devise their
own means of safety.
On the application of new State for ad-
mission into the Union. Congress has power,
and it becomes its duty to inquire whether it
is Republican in its organization; accord
ing to the meaning of that term as applied to
he principles and practices of our govern
ment {. ON the beginning. But it has neither
the power, nor right, to prescribe the mode by
which the people shall arrive at that organi
zaticn. Any other conclusion would preclude
the idea of equality; because the equality of
States does not mean being equal IN size, or
strength, or similar in domestic policy but
equal in the rights reserved to the States and
the people, in their sovereign capacity.
Hdllucindtion about "Delicote and Responsible
Duties" dc.
Gentlemen of the Legislature While I
am not insensibe to the delicate and respon-
sible duties imposed upon me by the Consti-
tuition, under which you have organized, l
sha cheerfuly cooperate with you to facil-
itate the business of legislation, and promote
the public good, during the brief connection
which may exist between US.
S. MEDARY.
EXECUTIVE CHAMBER, st. Paul, Dec. II, 1857.
DROwNED.-Several weeks ago. a man