The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-01-28
SECOND READING HOUSE, sIl.l.s.

An Act to provide for the payment Of the
expenses Of the Constitutional Convention
For rpeal OF u portion OF chap. - Of the
Revised Statutes.
For State Road from Blue Earth to
Shell Rock City. Referred to Committee
on Roads.
TO authorize the city Of ST. Paul Ia issue
its bonds for street certificates. Referred
to Ramsey County Delegation.
THIRD READING SENATE bills.
Memorial relating to the sales Of public
lands in Minnesota, read and passed finally.
ayes 90.
Bill authorizing the Clerks OF Courts to
grant orders Of publication passed finally
by ages 80.
Bill 10 amend the laws OF the extra SIS.
sion of 1857. relating to the incorporation
Of the town Of Buffalo; passed finally, ayes
50.
THE BANKING LAW.
The House having gone into Committee
OF the Whole, Section $ providing for enc
ti!th Of specie to be in the vaults OF bankers
being under consideration.
Mr.. BRAY moved an amendment requir-
ing l2i, per cent. in specie OF all bills in
circulation to be kept in the vaults.
Mr. BALCOMBE was opposed to tho
amendment. lie hoped this House would
not be influenced by the threats Of members
inside ond bankers outside. that il We left
section remaining, We would have no banks.
For himself, ho did not care whether VIC had
banks or rot lie argued that the dill
cultes of the country now were caused by on
expansion OF bank issues lie wanted Ia
see provisions in the law to keep GU, three
four,hs OF those who proposed togo into tho
business. He referred to the idea OF creating
banks as selfdcicnce and argued tina, the
bankers would take their own money out Of
the State, and exchange il Tor other money
and we would have foreign currency crcu
lating here TO greater extent than now. II
the bakers could not be made TO keep one
fifth of specie On band. then We ought not IL
grant charters to men who would thus VIC
late the law. lie was informed by bankers
that a good, safe banker would keep that
amount OF money on hand and II was
proper for us 10 make them good and safe
and not leave II to each individual banker
Mr.. BRAY said he was not in favor 0
banks, but thought their tendency was tc
make the rich richer aud the poor poorer
but, in self defence we ought 10 have d
bank lie offered bis amendment, believing
that oneiiiih was too high.
The am .udmcnt was not agreed 20
Mr.. CHASE moved TO strike ont see
ton T.
: Mr.. PIERCE moved an amendment Il
the section, by requiring ono-,hlrd to b'
kept IN the vaults
Mr. RuIAN said be was opposed TO nj
banks but, il We must have them we wan
a stringent law. The laws Of other State
require specie 20 be kept on hand and j
We could have no banks in this State il w
inserted specie clause, let us have ~
banks then, but good gold and silve
currency.
Mr.. bow argued in favor Of striking
ont the amendment
Mr. BRADLEY thought we ought Il
have at least onefifth OF specie security 70
the redemption Of bills. II the inserting o
this section would be- to keep ont banks, h
was satisfied it, remaining there would have
the same effect. "a this Hons would no
pas the law. He thought il would bc mon
-lrous 10 allow men 10 gu into banking, will
no provision for the redemption in specie o
their bills ~ the striking ont Of TIM Sec'ioI
would virtually allow them to do lie wen
into an argument 10 show that the banker
could maze il very good business, by ever
keeping onefth Of their capital wi,hon
drawing interest.
After further Discussion 10y Me-srs, Dow
KEIrH, BALcoagg and orrs the commitsc
rose and asked leave 10 ST again.
The House then adlourned.