The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-01-23

creation, the re-issuing those notes with a
Bankers endorsement, may not render the
latter liable under the shinplaster law. Still
there is room for doubt even on this point.
We have been shown one of the Memphis
notes with the endorsement of Bostwlck,
Pease & Co., upon it. "Redeemabe at our
Bank in Gold at current rates." is printed or
stamped on its face enclosed in ring border,
and the names of "Bostwick, Pease 4 CO..
signed in red ink below it. The signature is
family and obscurely written and there be-
ing no place of redemption mentioned, 1t
would puzzle stranger, into whose hands the
paper might stray at distance from ST. Paul,
to read the name so indistinctly endorsed, or
tell where their banking house was located in
case they should ever succeed in decypherlng
the came.
Altogether we do not think We can hold
BosrwIcK, PEAsE & Co. less guilty than their
fellow bankers in validating our currency.
One merit, however, we will allow them.
Along with CALDWELL & Co., and IRVING,
STONE and McCoRMIcK, they contended for
the policy of endorsing and making local
currency at par of our City Scrip, which GER
tairly has an intrinsic value, Slightly greater
than Central Bank of Gray, or even Mem
phis, or Bangor notes, to say nothing of Ne
braska bills! Some of this City Scrip this
banking firm did endorse; but the other
bankers non-concurring in the policy, it was
Immediately driven back upon their hands
for REDEEM ton. Though solitary and alone
they put the ball in motion, they could not OF
course, unaided, keep it moving For the at
tempt, however, the public should thank
them; and let this one good deed excuse
multitude of currency offences that they
may have been guilty of.
In conclusion, We say to all our ankers
and currency merchants, that three per cent.
a month and like rates of interest-which we
do not object to their demanding if such is
the market rent for the use of MONEYS
sufficient tax paid by the community to en-
title us to decent currency at their hands.
They make money enough off of US in this
way, to justify their foregoing the game of
note shaving, as much as they doubtless
would the business of coin-clipping. They
are ready enough to exact the penalty on
notes of hand of "five per cent. month after
maturity" This they say is for their pro-
tection-to ensure prompt payments. Now,
the Legislature has provided penalties like
wise, for the protection of the public. To
issue bogus currency, unsecured, irredeem-
able, without authority of law, is an offence
that has attached to its commission, a punish
ment almost equal to making a man pay
"fve per cent month after maturity" on
his note of hand "Couldn't pay it owing to
the hard times" is no excuse for Delinquent
cy with them. They must have their bond. |
Should ''the necessity of the case," or the |
'stringency of the times" he admitted as a |
plea on the part of the bankers, to relieve
them from the penalties the law imposes on
those who food the land with promises to
pay, unauthorized and worthless -? "That
mercy to others show, that mercy show to
me-" Tried upon the principle enunciated
in this prayer, how much mercy ought they
to receive