The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-08-12

The bill for . :" Stay Law 4" In Minnesota. 30
obnoxious 10 majority Of the people, Ia In
progress, and will undoubtedly become law,
notwithstanding the many previous assestions
that no such bill could pass. Tho Territorial
Court records have, however. been transferred,
which will serve In some measure TO ofihet the
| other. Miunesotians arc Indignant 1T the im.
| putation that they intend 10 repudAte Their
debts; hence the odiam with which they 70.
gard the stay Law, which they deem nothing
more nor less than an impatatiou upon their
honesty aud honor,
| AT present, financial affairs In Minnesota are
In y mostly unsettled state. In 81. Paul, mo.
ney 10 exceedingly scarce, and the city aud
| county scrip issued for the relief Of tho pres.
sure IL taken only At . very large discount
the former at seventy i've cents on the dollar.
state scrip, however, bears . small premium.
IL II suiicient evidence of the distresa Ut pres
ent existing, that many persons Of large pro-
perry are unable 10 collect enough debts 10
| pay for the actual neoessares Of lifc, Sales
Of real estate are made daily At one half
the amount paid for the Same one and two
years ago and even At this sacrifice. Il Ia an
heult 10 find purchasers, especially for cash.
Were not provisions very cheap, matters would
be still worse. II will be soine time before
~. Paul can recover her former healthy anan.
cial condition chiefly because abe. tho city, In
far ahead Of the country, Tho resources Of the
State are not yet sufficiently developed 70 enA.
bio her 10 maintain the inflated condition caused
by the late speculative mania. The day Of
high prices 10 past, for the present at least.
However, she II making great Efforts 10 recov
| or herself. and must eventually succeed, ~ her
! securities are ample and 81 Tho very best dc
scrption.-N Y Jour. II Commerce.
The bill for 4 stay law will not pass.
And the people Of Minnesota will escape the
odium Of name which has heretofore GOV.
cred projects Of rcpudiatiou but which, in
this case, contemplated nothing Of the sort
only 10 extend the term Of redemption under
foreclosure Of mortgages.
Agrcat deal is said about the scarcity Of
money nj 81, Paul. Yet, In truth, money is
only relatively scarce M compared TO its
usual abundance here Everybody here Of
all classes has more money, obtains II easier,
than people Of corresponding means In the
Eastern States. In truth. We have been 40
pampcred In previous prosperous years, by
extraordinary facilities Tor getting money,
We have made II 10 easily and spent II no
loosely, II came to us so readily and abund.
antly from oil quarters with so little effort,
that now when We are reduced 10 the ordi-
nary condition Of humanity, and are forced
TO exercise some effort In obtaining and
some prudence In using money, We complain
bitterly OF the unaccustomed siringency.
Tho best comment on the state Of finances
in 81. Paul IL that whoever has gone from
here with view Of bet,criog his condition
has been glad 10 return, and IL is the uni
versal testimony that there Is more money
~ circulation at b. Paul than in any city
Of the same sye In the West, or Fast either
for that matter.
Our Eastern friends should recollcct thai
out West we have different standard o
financial strngency from that which obtain
In New England. Our Irish laborcrs think
il hard times " they cannot make from 81 so
TO $500 per day. Every young man who
cannot command loan Of few thousand,
on his own note regards the market ~ ex
eeeiingIy stringent A salary that would
be considered extravagant at the east. u
apologized for here 20 the indignant employ
CO on account Of the financial crisis lf a
man who has been making ten, or twenty
or fifty thousand dollars a year, has TO spend
year or two in collecting his back debts b,
IL incoosolablc on account 0f the scarcity
Of money. The truth Is, We have quite NJ
much money IN Ia good for us. The crisi'
has Effected one revolution which will do III
world Of good. II has changed the ave
MUGS 70 wealth. These lie no longer through
career Of gambling 10 town lots, but
through the old paths Of industry and econ
ony, patience and perseverance, which our
fathers trod before. We have been brough,
back 10 the only conditions upon which q
solid and permanent prosperity can rest Iai
us read the lesson wisely.
| Great ssie 81 Fuss IN -. Paul.