The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-10-29

issue orders in small sums for the payment
Of their indebtedness, which might be used
as circulating medium.
1t was ascertained, by answers TO direct
inquiries, that 81 1000 Of City orders, s2O,-
900 Of Ramsey county orders, and $50 900
Of Territorial orders, are now outstanding,
and mostly held in this city. Here, then, is
5000, which, on the return 81 the pres
ent obligations, might be re-isued in small
denominations and thus b. made available
for circulation. The holder Of Territorial
order for 81 10, for instance, may not he
able TO use IT, but on its return and cancel
lation, he might receive fve Sos, ten S5's,
and fifty 81 which would soon be visible
in daily transactions. Although one gen
tleman, in reply to Mr.. TAYLOR. expressed
some doubt Of the commercial utility Of city
orders, yet they are, and would be, unques-
tionably at par, and perhaps be received in
Galena and 81. Louis, in liquidation of
debts while even Ramsey county orders, in
small amounts, would he readily current 10
the city and Territory. As to the indebted
ness Of the Territory. that will soon be- re-
deemed, either by Congress or the State
Government.
TO the extent, therefore, Of municipal
and Territorial obligations now outstanding,
bu, comparatively unavailable, there seems
to be an obvious and speedy method of re-
lief--at least 80 far a. $4,000 OF home cur
rency would 90.
Mr. TAYLOR further contended that the
paid up stock Of the 81. Paul Gas Light
Company amounting 20 100000, land he
might have added, Of the st. Anthony Sus-
pension Bridge Company, amounting to
$4,000 and returning nett profit Of 20
per cent. per annum,) was no less available
and their Directors were urged to invite 10y
resolution the return Of outstanding certiti-
Gates and TO authorize reissue Of fraction
al certificates. Here is the holder Of Gas
Company Stock violence of the
payment Of $50. by the express terms of
the Act Of Incorporation. this share is per
sonai propety'-and may not the holder do
rs he will with his own! He may return
it to the Secretary, and in lieu thereof, re-
cciye certificates for two "ii(ths," four
'tenths" and ten "tiitieths' Of d share of
stock, and whatever he could do in market
or street with his first evidence of title, he
may do with the fractional substitutes. Their
circulation is no circulation Of a credit. or
"ernience Of indebtedness" to use the Ian
gnage Of the prohibi,ory act of February Is,
1856. That act. familiarity known Us the
ant, shin plaster law prohibits in Section
|, the unauthorized circulation OF bills
drafts, certificates OF deposits or other err
de1,oes of deh = in Section ,, that phrase il
repeated in one place, and, in another, modi.
fled to read Indebtedness instead of debt"
while Section !. referring 10 the same sub
ject, drops the whole Of the above enumcra-
ton except "ertdene,s Of dsbf." The object
of the enactment is manifest, To prohibit the
circulation OF promises to pay money lfor
such is the legal e'iec, and the terms of even
certificate OF deposite) but cannot extend
farther. As u penal statute, il must be strict.
ly construed, and d'es not affect in any man
er whatever the repeated transfer of what
ia in no sense n credit, but is personal prop.
/ eytg. Now. Section 2 Of the Act of March
LIST, 1886, incorporating the 81. Paul Gas
Light Company. expressly provides that the
! stock of said Corporation shall be- deemed
and considered PERSONAL PROPERTY" With
rs much pruprsty could the transfer OF q
bill OF sale for steamboat, he pronounced an
( unauthorized circulation, as to endeavor to
/ force tina, construction upon the successive
assignments OF share, whether in whole or
parts. Of paid Gas stock.
I Making every allowance for the non-resi.
dcnce of stockholders. or their unwillngn,Ss
10 change the form Of their certificates. for
what is proposed is merely change of form)
the subject is certainly worthy of cousidera.
lion whether sloo,oo0 OF capital now locked
up in these public Investments might not he
So far released in ten days as TO Ray vas,
number Of debts, and greatly relieve the
community Mr., TAYLOR contended tina,
such negocia,iois should be immediately
prosecuted. but a motion Of Mr.. PgAsg 70
appoin, u commti,c for that purpose Was
not successful.
4 There is another provision in the charter
Of the Gas Light company, which is worthy
of public consideration Section /. i as
t,iin~S