The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-01-28

SOUGHT uouhiuk fNoeS ohu -
soon rs the notice is published, the stock
will be earnestly sought after. The demand
for the State stocks for banking purposes,
must necessarily always keep them at par.
New York stocks stand at par, because the
demand Tor banking purposes has kept them
up, and the same principle would work here.
When we start out with the idea that we
are able and determined 10 pay our stocks,
We give them "A value which cannot be de
preciated.
Mr.. TATTERSALL wanted TO know
WHY Mr. KEITH wanted 10 strike out United
State stocks,
Mr.. BRADLEY had one objection 10 the
amendment. II seemed 10 hun that We
might fail TO comply with certain restrie-
,ols Of the Constitution, which requires
depreciation OF Uuited states or State
stocks, to be made up by the banks making
the Deposit. He referred to the position OF
Mr.. Dow, now conlending that our stocks
would no, 70 below par, while on the dis
cussion on the bond bill, he contended that
the State stocks would be sold below par.
Mr. BALCOMBE thought Mr.. Dow was
laboaring under a m!sapprehcnsion in the
belief that stocks OF other States were eX-
Guided from being used as deposits.
Mr. DOW in reply 10 Mr. BRADLEY stated
that he never coDiented that State stocks
would depreciate below par, if Minnesota
stocks were the basis for banking
Mr.. kEITll's amendment was not
adopted.
The amendment OF Mr. BEARCE COM
ing up, il was not agreed to-
Mr. DOW moved TO strike out such por-
ton Of Section !, SO Us TO make Minnesota
and United States Stocks as the only basis
FOR banking. lie contended that this was
safe basis for banking,
Mr.. STARkEY hoped the amendment
would not pass. lie raised u constitutional
objection.
Mr.. OTIS said he was in favor of the
provided for the debt not 10 exceed $3.50,
600, and with another provision requiring
tax to he annually levied to pay the interest
and one-tenth Of the principal, there could
be no reason for the depreciation Of State
Stocks He referred TO the precedent Of
New York. allowing that we would have
but a meagre basis Tor banking, this fact
alone keep the Minnesota Stocks ON great
demand, and keep them at premium
Mr. KEITH agreed that although this
amendment would be very good he thought
the basis was entirely too limited.
Mr.. DOW said ii was not al all probable
that at any time within the history of our
Government, the United States Stocks would
be all called in and when such state Of
things did occur, there would be no necessity
for bank bills.
Mr.. BOWS amendment was then agreed
10.
Mr.. LORD proposed 10 strike out Section
:, requiring the hanks TO keep onetith OF
their circulation in their vaults, in gold and
silver.
Mr.. DOW favored the amendment be
cause he believed the section woud be a
dead letter, and would prevent the Bankers
from accepting the provisions Of the law
With Il stock basis. the gold and silver de-
post was not necessary. When the basis of
tanking il gold and silver, let there be pro
visions for deposit of gold and silver only.
He then contended the specie basis WAS not
practicable, hecause banking couid not be
carried on by it, with dollar for dollar.
Mr.. PIERCE hoped the bill would be
killed at once, if -pece deposit was not
required to be kept on hands al least equal
10 oneihird.
Mr.. STARkEY approved the amend
,nent to strike out.
Mr.. DOW referred to the crisis Just past
and argued that the money which was the
only good currency in circulation, was that
based upon the pledge Of public stocks, and
Ill tat han la haH
not one-iilth or one-tenth Of specie in their
vaults for the redemption Of their blls.--
The only bills that were not good were those
depending upon sJecie basis and whose
notes were worth nothing after the specie
was drained from the vaults. He then went
iatO an argument 20 shoS that banks with a
sp4cie oasis were the ones that broke an'i
failed TO redeem their bills while stock
banks we're always received for the payment
OF the bills by the stock.
Mr.. RCTAN said he was willing 70 max
a bin TO secure the interests Of bankers, b1'
he must also look to The interests Of the PEG
pie. lie thought this provision in Section
was looking towards the benefit Of tb'
people. lie argued that this provision Wa
necessary for the protection OF the people
lie insianced the bauk,lsws Of Indiana AM
Ohio, requiring .pecie deposits. He con
tended that i .uch provision was not il
the bill. there would b. no security tina, an,
person on presenting bill could secure spc
Gle IN exchange for i. II might be- argue,
that the banks would necessarily be obiigc'
to keep specie On ha.i, 50 as t" keep them
selves RON suspension bot strike out IN
provision .or #. and you would have no -
cgfity bot their honor that they would e'er
Keep asy specie on banf.
Afpr further discussion ~ Mr.. Dow an
R-rAS,
Vi BALCOMBE m1yel hat 'he Con
m..tf~ r.ss ard ask ieavc 70 at again ihis q
,ernoon at ? O'Clock. The Commute
then roo.
On motion O, Mr PIERCE, The iloa'
adjourned