The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-12-17

cen,age, at risks generally propor;ioned 30
the amount paid by the borrower, sgspen-
sions and assignments inevitably follow a
sndden crisis. The high character Of the
individual, ard a life Of blameless integrity
are insufficient TO divert from u common
ruin. such wide departures from the rules Of
prudence AMI the lessons OF experience. The
Banker becomes the common endorser for
all who leave money in his hands. What then
must be the consequences, when such busi
ness j. left To the unrestricted license Of the
unprincipled and designing, whose leading
purpose mus; b. 10 defraud the unsuspecting
Of their hard earnings.
10 enactiDg laws Tor the regulation Iof
these subjects, which are generally supposed
10 be 10 intricate, Il law prescribing the rates
Of interes, cannot properly be overlooked.
10 a new an rapidly improving country
where property doubles in value almost be-
tween the rising and setting Of the sun, the
sun paid by the borrower is not Of very sc
rious Importance, and may be left TO the dis
erection OF the parties. But three and five
per cent month, paid tor money in the or
binary business Of trade, or ia real estate
bAh'oN"i'bHt VhNh pi'BNtty ~ itS uiaAt-
mum value, or has a downward tendency
leads to the ruin Of the debtor, and appeals
for such interference az the law il able to
give. a true and reasonable standard Of in.
terest is just US important to the lender az
20 the borrower. BY grasping too much
the lender, not unfrequently, gets nothing
The oyerreachiDg Of the one and the reck-
lessness Of the other dissipate the whole,
and both become bankrupt.
Money, a. designated by the Constitution
Of the United States, and az conceded by all
nations, is not an article Of merchandise like
farm products, to be bought by those who
choose TO give the most Tor Thought and
rebought until consumed. Were gold and
silver. like the wares and products Of com
merce. capable of a. endless increase az the
market demands, they would BE- Just a.
worthless tor the purposes for which they are
now used a. are ordinary articles of manu-
,ucture.
IL Is difficult 20 account for The extent OF
the present monetary crisis in the United
States, except upon the principle Of strug-
gle between coin and paper--,he former
seeking Il circulation, and the latter strug
CLING TO keep it out Of the ordinary avenues
Of trade, Aside from the snb-treasury es-
tablished by Congress and few Of the
state Legislatures, which had virtue enough
to withstand the opportunities Of bankers
there has been an almost unlimited license
given to the 'ssue o! paper money and had
these yielded to the false lights which so long
and 40 zcalously struggled for the mastery,
no one can calculate the extent OF the misery
and ruin which might now aiiict the land
When the gold fields OF California and
Australia opened their precious stores to the
world, people awakened 10 renewed hopes
that their day OF deliyerapcc from Bank pa.
per was near at hand. But the Bankers
were not to bc iolled in their purpose for as
gold increased they demanded new charters
and thus succeeded in eiiectually preventing
the millions yearly dug from the mines from
ever reaching the pockets Of the people
They we'll knew that two descriptions OF cur.
reucy, the one good and the other doubtful.
could never circulate together With this
double accumulation OF gold and Bank pa
per, Wall street, the great point Of ts con.
centratlon. became an arena OF the mos,
reckless gambling; and railroad securities
because the most plentiful became the lead
ing stocks oi the players. Millors OF CAPT
tai were thus absorbed in the perpetual
round The real value of these scckiti,s
was entirely hidden from those desiring 10
make permanent Investments, by the game
,tcrs who thus earned their profits But
when the curtain was withdrawn, and the
reality exposed 10 public gar. CONSERVATION
A A. 0 L.. L.. Al 4.
and the panic became general.
In advance of the announcement of the
Eastern bankruptcies the people of the West
were startled by the warning of the press
that the country would be ruined by the
number Of emlgrants coming TO the frontier
States and Territories, and he rage for the
Western lands, aud town sites. How the
country was to be seriously injured by the
opening of new farms, the erection OF com.
Portable houses, mills and workshops and the
sprnging into life OF new and ilourshing
towns and cities, was to th' Western people
incomprehcnsible In Minnesota. where
Government land could only b. obtained by
the actual settler, 20 the amount OF one hun
,lred and sixty acres cach--her soil not be-
ing subject to the mouopo,ies Of the Specu-
la,or.-;hs Eastern cry If ruin from snch a
course, induced the belief, that i, was an #
for, 20 prevent the poor man from seeking a
home upon the rich and hcalthrl praires
ahounding within our limits Subsequent
events proved tina, II was only to divert sus,
picion from disasters they had measurably
brought upon themselves
That our presen, financial cmbarrassmcnts
will be 81 briei duration, there is every reason
~ believe. Although, ike The Revision Of
lSl7, and $50 il is manly attributable TO
an over issue Of Bank psp'r there is wide
difference In many particulars, and in the
general condition Of the ccs.tty.
In addition to the glu, ,g,y. there
are time hundred million. d. a and silver
in the country seeking circulation, With
the annual yield o! our own u,ines, the
amour, hrough, into ID. country BY immi-
grants and the influx Of foreign commerce,