The emigrant aid journal of Minnesota. [volume] (Nininger City, Minn. Terr. [i.e. Minn.]) 1856-1858, 1858-04-28

scrip nave oeen universally employed; these nave DeeA
regarded with the least favor, as their limits of circu.
lation have been circumscribed, they are nevertheless as
safe as the others, aud will all be required to meet the
local taxes, which will make them sought for when
the period arrives when they must be paid.
1t is not possible to conceive of better security than
the credit on which all the above issues are bascd-all
kinds of property may ~auctuate, but the amount Of
Indebtedness remains fixed, and will be paid t. the last,
mill, even if the entire community should combine to
repudiste them.
A good banking system, such as is authorized in Min
nesota, is created for the purpose of systematizing this
credit, and making it available at home or abroad. Its
bills being easily recognized as those Of a genuine aud
legalized institution, are accepted in all exchanges in
every market. The uncertainty an distrust that per.
tains to issues Of bills for temporary expediency, caus-
ing their acceptance to be made at q serious d~eprecia-
ton, will not affect the issues made in accordance with
the laws Of trade.
We may, therefore, hail with qualification the estab-
lishmento Of som, lesitim tie an recognized currency as
. means of escaping unnumbvred evils which our de.
privation causes US. If the custom and demands of
trade in our day require such to be bank bills, let us
accept them, and enj,y all their benefits until some bet.
ter mode is devised and introduced. All theories must
give way when necessity puts in its imperious demands,
and its present one is to have j currency by which the
machinery of business may be put in motion, and the
present death -stupor give place to life and activity.
our state Organization.
On The FIRST Of May, MINI sofa will be u State with
out the formal recognition by Congress; the vote of
the people at the late election was aim 'st unanimous
that the Constitution be so amended that the State
officers, elected last fall, assume their duties on the first
Of May, instead of waiting until Congress recognizes
our Constitution and withdraws its Territorial Govern.
ment. What the effect of this step will be, it is not
possible to tell: it is certainly a revolutions declar-
alton Of independence against the Federal authority,
without it's consent. 1t may be that the Territorial
Government will quietly resign their authority to the
new claimants, and the courts Of justice recognize the
higher law Of popular sovereignty. but it does not seem
probable that they will do so. The object of tue Gen.
era} Government is to keep Minnesota in its present.
dependant state for scme specific purpose, and it will
bold its agents responsible for the use they make OF
their power in ,hwarting its object, ifthey do not resist
the ASSUMPTION of the State officers. We hope this
anomalous condition Of affairs IN " prompt Congress to
hast. y it's action for our admission int" the Union, and
prevent the difficulty aud ward IF the collision OF au.
thority we are Fastening into. If Congress is urged
by these wise considerations to do Us justice, the move
to establish our State authority will prove judicious,
and we are inclined to think that such will be its effect.