The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-01-31

lf'o WY tii"I Hiay Dc Hiaue on the Otner
side meantime we think the Legislature
cannot be too careful in considering all su h
bills as the one We have alluded to 4'a
b.. q For the Minnesotian.
Light Wanted. %
MEssRs. EDIToRs: The attention of the
public is specially directed to bill read in
his place few days since by Mr.. Murray,
entitled A Bill to incorporate the st. Paul
Savings lnstitution." AS the bill gives ex-
elusive and very important privileges to the
distinguished gentlemen named as corpora
tors, we hope its provisions will be closely
examined by our representatives and citizens
before it is permitted to become a law. A
prominent feature of this bill (when stripped
of its bombastic and plausible proportions)
is that it grants to the gentlemen named as
oorporators, certain privileges, worth to
them at least one hundred thousand dollars.
and will give them very high financial po-
sition in this community in the future. This,
however, is not good reason for obiecting
to the measure, for we do not believe in the
doctrine that it is always unwise to grant
special and even profitable privilege to A.,
b. or Q. by special enactment on the con-
trary, this may safely and properly be done
if there be public benefit secured thereby.
and this benefit is fair equivalent and con-
sideration for the franchises parted with by
the state, and vested in the favored indiyi
duals. Such grants of a monopoly of power
and privilege may be right and proper, but
should always be we'll considered for, alas.
poor human nature is so weak that men have
been known, in their laudable desire to be-
nefit the public, to blunder so sadly that the
entire benefit has resulted to themselves
OF course the high political and social po-
sition of the distinguished gentlemen known
as corporators in this bill is such that no one
would charge them with any motive in this
matter except such as would be highly Gre
ditable and above all suspicion Of evil Most
of these corporators have received high po-
litical preferment at the hands of this com
munity. They are stern Democrats, and it
is part of their political creed to oppose,
upon principle, those special grants of profit
able privilege, and no one will presume to
say that these corporators will use the posi-
tion of preferment and influence given them
by this community in abusing it's confidence,
and thus, by making splendid personal
speculation in the Legislature of the Terri
tory. stultify themselves. That surely,
Messrs. Editors, will not be pretended nor
would these sound and sturdy Democrats
thus ask grant Of power and privilege in
opposition to the received doctrines of our
party unless there was some special good re-
sulting, not to themselves, but to the COM
munity at large
AS, however, the public benefits are not
so apparent to your humble servant as they
doubtless are to these distinguished corpora
tors, he begs leave to ask for some explana-
ton from them as to what are the public ad-
vantages which he is bound to believe were
intended to be secured by the passage of this
measure? This bill erects these gentlemen
into corporation for thirty years, allowing
them to receive or put in funds to the amout
of five hundred thousand dollars, and to use
said money to speculate in real estate, or to
invest the same on mortgage, or in the pur-
chase of bonds, stocks, &C., and to charge
as interest, for loans made by the corporation,
20 per cent. per annum.
This, gentlemen, is the bone and marrow
of your bill, and you must excuse curious
reader of that remarkable document if he
ventures to ask for some information relative
thereto. Now we can readily see how this
special privilege to receive or put in large
sums of money, to be used under the provi-
sions of this charter may be of immense ad-
vintage to you, and how the right to issue
certificates Of deposits, indirectly granted
you by the terms of this bill, may, so far as
you are concerned, be construed as virtual
repeal of the act of last winter, prohibiting
this kind of circulation, and be glorious
plan by which we may all be supplied for
thirty years to come with those splendid
promises to pay, beautifully engraved.
We can see all this, and also see how a
right to charge twenty per cent. per annum
for money for thirty years to come on cap
ital of half million, may be of great advan-
tage to you, gentlemen, and your successors,
when the future legislation of the state shall
make it usury for all others to charge more
than seven or eight per cent. We can
plainly see all this, but we confess we cannot
see anything your fellow-citizens or the state
will gain in exchange for this great privilege
except the character Of being largely liberal
to half dozen of her loving citizens.
Will not some Of you, gentlemen, who
doubtless know precisely what you all are at
give US light upon this subject, and thereby