The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-01-30
HOUSE.-The House was called to order
by the Speaker pro tenn.

HOUSE.-Fbe House was called to order
by the Speaker pro tenn.
PETITION PRESENTED
By Mr.. PIERCE: OF inhabitants of Fari-
bault County for the passage of law allow
ing the electors 20 vote on the location of a
county seat
BY Mr.. NJ. THOMPSON OF citizens of
Brown County, for the passage of Memori-
al for mail route from Albert Lea to Made
liza in Brown County.
Mr.. KINGSLEY from the Committee on
roads and bridges reported back sundry bills
for the establishment of State roads, and re-
commended their passage.
Mr.. BALCOMBE, from the select Com
mittce to whom was referred the Senate bill
for the extension of time for the collection Of
taxes in this State, reported the bill back
with sundry amendments and recommended
its engrossment. Concu. red in.
BILLS PRESENTED.
By Mr.. VI. THOMPSON Memorial for
for mail route from Albert Lea to Made
liza.
By Mr.. RAUCH: For an extension of the
limits of the City of St. Paul, and a division
of the same into four Wards.
By Mr.. KINGSLEY Memorial for a mail
route from Mankato to Fort Dodge, Iowa.
BY Mr. Z. A. THOMPSON: 10 repeal
portion of act relating to the county seat of
Wabasha County. Referred to the Commit
tee on Towns and Counties.
BY Mr. SEELY For a State road from
Lake City to Mantorville.
By Mr.. CHASE To establish State
rad from GlouI 70 Drool,ou,;Jua
SECOND READING OF BILLS.
For the establishment of the following
State roads: From West St. Paul to Shako-
pee from Cannon Falls to Faribault; from
Austin to Red Wing; from Mankota to the
Iowa line from the Iowa line to Winona :;
from the Iowa line to Wilton from Daho-
ny's Lending to the Lo YER Sioux Agency :;
from Leroy, Mower County to Claremont,
Dodge county; from Blue Earth City to
Shell Rock City.
Memorials for the establishment of mail
routes from Glencoe to Clearwater and from
Glencoe to St. Cloud.
BILLS PASSED.
Senate bill. To extend the term for the
collection of taxes for the year 1857.-ayes
46, nays 4.
To authorise the Commissioners of Henne-
pin County to levy tax for building bridge
across Nine-Mile Creek.-ayes so.
TIE establish State Road from Shakopce
to kasota-ayes 46, nays2.
BANK BILL.
On motion of Mr.. KEITH the rules were
suspended and the House went into Com
mittee of the Whole for the consideration of
Bank BILL Mr.. Keith in the Chair.
Mr.. BALCOMBE proposed substitute
for Sectifn s, requiring the Banks organized
under this act to keep on hand in gold and sill
yer bullion equal to 80 per cent. or it's equiv
alent-an exact copy OF section in the Ohio
Free Banking law
MIR. DOW proposed substitute for the
substitute provi,ling that the Banks be re-
quire to keep on hand an amount of gold
and silver equal to the depreciation of the
stocks, held by the Comptroller as securities
for the redemption of the bills
Mr.. STARKEY favored the Ohio substi-
tuted and became more and more convinced
each day that this discussion was continued
OF the necessity of provision like this.
Mr.. DOW advocated the substitute offered
by himself and explained the effect of it.
Mr.. OTlS was not in favor of either sub
sttutes because he did not understand them.
They appeared to be parts of some other
kind of banking system. lie preferred if
we were to have any other kind of securi- |
ties than the stocks it should be sum GER
tain, definite, one which the bankers could
not get around. But he preferred to have
no specie lause. The banks of Wisconsin |
had stood the test of the late panic. The act |
under which they were organised did not re-
quire any specie to be kept by the bankers.
The bills of tie banks in that State were
preferred by the people OF the Northwest
above all others.
Mr.. RUTAN made an argument and cited |
instances to show that the banks ought to be
required to keep on hand certain amount of
specie.
The question on the substitutes was then
taken and lost.
MIR. BEARCE moved to strike out Sec
ton s.
MIR. BRADLEY said it was new thing
to him that banks should not be required to
keep certain amount of specie on hand.-
lie alluded to the late Message the Governor
OF Wisconsin recommending an amendment
Of their banking system to conform with the
system of other States in the Union in this
particular.
Mr.. BEARCE said that no banker would
pay one hundred thousand dollars for an
equivelant amount of stock if he was com:
pelied to keep on hand 333 thousand dollars
gold and silver-dead capital, for the edemp-
sion ofits circulation. Gentlemen had cited
both stock and cash capital tass as the best
sysem-a bleeding of TIE two, but one good
system complete in itself, was better than any
law. sir, prefer the wisdom Of
other and older States-thcir experience has
more influence with me than the suggestions
of individuals, and shall be my guide in the
vote shall give upon the floor. Where in
the wide world is there better system than
that of New York and Wisconsin And yet
they have no specie clause. Gentlemen have
travelled outside of parliamentary privilege,
and taken occasion to insult bankers as at
to force a bill through the Legisla-
ture.
The specie clause should be stricken out
the stocks under the direction of the Comp
troller are sufficient guaranty for the re-
dempton of outstanding notes. Every bank
will keep enough gold and silver in its vaults
for the proper protection of its circulation
BY this section you impose restraint upon
capital and keep it from seeking an invest
ment in our State, thus defeating the good
object Of the law.
The motion was lost
Mr.. BEVANS moved to amend the Sec
ton by striking out ''one-fifth" and inserting
Lost.
Mr.. OTIS moved to amend section IL by
providing that no bank should be established
in any place that did not contain 100 inhabi-
tants.
Mr.. BRADLEY moved to amend the
amendment by inserting 800"
Mr.. TEFFT opposed the last amendment.
He thought that no community should be
debarred from the privilege of participating in
banking business. If it was adopted, he
could not support the BILL
Mr.. SEELY said if the amendment was