The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-02-13

they now asked for, would rule US. This
demand for $3,OO0,00O or $5,OO0,OO0, was
but the entering wedge for other demands.
When this amount was exhausted, they
would come again to the State and demand
more help. They would cry to us "help us
or we sink"
The same arguments would be used to
give them $5,0O0,OOO or $lO,OO00OO more
that are now put forth to induce the first
grant. This one was but the commence
ment. Grant this and we should be in the
tolls Of the hunters. Their power and infu.
ence could not hereafter be resisted.
He did not think the securities of the pro
posed bill sufficient; and even if they were
it was inadvlsable for US to guaranty five
million dollars, when the ordinary expenses
of the State would compel US annually, fol
several years perhaps, to anticipate our re.
venue, and 60 into the money market to ne.
gotiate for temporary loans. With such q
load already upon US, further bonds would
be worth and bring good deal less than par
to the injury of the State Treasury. To
adopt this measure-for so young and weak
a community to run thus madly into debit
was advertising US to the world as fools, who
ought not and would not be trusted.
Mr.. BANNING spoke also against the meas
ure. He had come, he said, to hear speech
on the Financial crisis, and had heard one
on Railroads. He said the Legislature had
undertaken fearful responsibility in attempt
ing to pass this measure. The cost of the
road per mile had been stated at $l5,O0O.-
He had heard it estimated at $4,000.
He feared the power Of the companies in
the Legislature. By and by, they would de.
mand another loan. When was this to end
&c. He spoke at some length against the
bill, declared there were no securities in it
1t concealed a viper in the provisions, which
Secretary of some company had framed
(Applause.)
Mr.. TAYLOR being loudly called on, respon.
ded-spoke of the double duty imposed on
him as Secretary Of one of the companies, and
as citizen. He presumed it was himself the
gentleman (Mr. Banning) meant as having
framed the bill with viper concealed. There
were men who now aspersed the measure pub
lcly, who had in the beginning made ap
proaches to the companies, and were favora
BILE to it, (applause) and had urged on the
measure.
1t had been charged that the design of the
companies was to get hundred or two thou
sand dollars apiece, and nothing more. Why
should they, for the purpose of expediting
their measures for year, probably, commit
this great breach of trust The idea was
an absurd one, worthy of these aspersers
whom he had mentioned.
If any one supposed the bill was defective
or treacherous, it could be postponed, or de-
feated Emigration had been spoken Of
He contended that this railroad system would
encourage it, as it always had. Missouri was
languishing and stationary before she lent he1
credit to railroads. Now she was fourishing
So was Tennessee, from the same cause. 1t
is the presence or prospects of Railroads that
encourages and induces emigration. People
prefer country where there are Railroads tc
one where there are, or are likely to be, none
(Applause.)
Mr.. BANNING explained: he had thought
once in view of the want of currency, &c.
that it would be we'll to have small loan to
these railroads-thought it would be a good
thing. He did not then dream of the mon-
ster scheme to barter and sell Minnesota.
Mr.. BALcoMBE was sorry that any one had
replied in such terms to the gentleman, a
stranger, who had consented to address our
citizens at their request. 1t was uncourte-
ous-tthey had insulted him. He remember
ed conversation with the gentlemen who
had preceded him, when that gentleman had
declared himself in favor of the Loan, and
now comes out and opposes it. Why? be-
cause they could not get the Legislature to
go in for wild cat banking system. Gap
plause.) They did not want to have the con
stitution amended, unless they could get it
also amended so as to allow banking on bond
and mortgage security. People who live in
glass houses shouldn't throw stones. He
(Mr. Banning) had expressed his ignorance of
the bill-he did not believe he had ever read
it, but was resolved to go it blind in opposing
it. (Applause.)
Col. STEPHENS offered a resolution con-
veying vote of thanks to the speaker of the
evening, Mr.. STRONG, for his eloquent and in
structive address, which was carried, and the
meeting adjourned.