The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-02-25

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yides, also, for special tax to meet the in
terest, and for sinking fund to redeem the
principal at maturity. Now let US look at
our resources. BY reference 10 the Auditors
report, il will be seen that the amount Of
taxable property returned from twenty-five
/ counties, for 1857, il in round numbers
. $4,000, 900, being an increase over the
whole Territory, in 1856, Of nearly 81 ,000-
900, and with twenty counties yet to hear
from. These will doabtless swell the aggre-
gate amount Of taxable property to $50.
100000, which at one mill on the dollar
1.-THE amount assessed) gives a revenue Of
$4,000 for 1851. There remains, also, a
balance Of delinquent taxes Of about $4,000
while the valuation Of taxable property for
1853, AZ estimated by the State officials, is
not less than S700OO,000. Assuming now
an assessment for State purposes Of but "a
mills on the 81 90, or the fourth Of one per
cent and we have in the uncollccted taxes
now due, and the assessment for the present
year, q revenue of S235,O00 to meet the
expenses OF 1859. leaving entirely out OF
view the probability Of Congressional appro-
prctions, the per centage OF all sales OF
public lands within the State, and the pro
ceeds Of other lands coming to the treasury.
The Scrip il to be redeemed from the
proceeds of the bonds and an additional tax
which cannot amount in any year to one
tenth Of one per cent. is provided for to meet
the principal and interest of the loan, thus
spreading the deficit now existing over o
period Of nine years. With these facts
before us, can the ability Of the State to
negotiate her first bonds be questioned, or
can her integrity in appropriating the pro.
ceeds thereof to the redemption Of her Scrip
be impugned! Are not these very issues
receivable "as cash and with accrument Of
interest" for the bonds which we are told
capitalists 50 eagerly desire at less inter
est, as a basis for their banking operations ?
But it is said they will not pay Eastern
debts this is an argument more specious
than real, and we beg, in the first place, to
be informed of the nature OF the resources
and currency that We otherwise have, which
is better adapted for that purpose. We as
sumo the well.known fact. that the entire
monetary system Of the United States is a
system of checks and credits, upheld by gen.
eral confidence, which enables merchants and
others to anticipate by bank discounts the
credits that they in turn have given. Now,
if the notes of the Minnesota merchant can
be discounted in New York by the endorse.
ments Of known parties, or otherwise, at :
per cent, will it appear reasonable that the
notes Of the State for which ample provision
has been made, will be refused at IL per
cent. The business of banks is to discount
to substitute their credit for the less avail
able credit Of others, and thus make profit
and declare dividends their ability and the
character of the paper being the only ques-
tions legitimately guiding their operations.
How unreasonable then to urge that while
they are restricted to ak and seven per cent.
in ordinary discounts, with the chances and
risks of individual failures, they will never
theless refuse every facility to their custom
ers, doing Minnesota business, who may
offer. as collateral security or otherwise. the
notes of the State drawing twelve PER cent.
until paid.
The Harbor notes Of Dubuque, bearing
the same interest and running for series OF
years, are gladly received, and We cannot
believe that the post notes OF Minnesota will
be less available il an honest effort be made
by our merchants and bankers to render
them so the more especially when we cannot
shut our eyes to the fact that otherwise we
have not 1.-THE Of the amount of currency
necessary to meet our eastern indebtedness.
Away with all such pretexts. The argu-
meuts to deprecate this reliei currency can
be used with tenfold force against all issues
that may hereafter be made under the popu-
lar banking systems now pending in our
Legislature. and the short-sighted policy
fortunately of the few which for temporary
gain would "bear" our Scrip to 20 cents on
the dollar will assuredly react upon their
own interests and may seriously affect our
entire financial welfare.
II is too evident that the currency offered
us IN exchange by our bankers is OF less
valuable character. or that il the gold in
their vaults or their facilities for exchange
demands a premium like this, We are not
ready for banking law. and east Of all for
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