The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-03-06


The little loan of S250OOO to pay the ne
cessary expenses of the State Government
is in danger of being lost sight of in the
smoke raised by the battle upon the big loan
Of $5OOO,OOO, to pay the gambling and bri
berry debts of the Railroad Companies. The
Pioneer, however, with a conn endable anx-
iety for its own interests. calls attention to
tie lutie Loan Bill, and urges that the bond,
Shall bear ten per cent. interest per annum !;
and the reason for its urg ncy is because some
WaH Street House has offered to CALDWELL
& Co., bankers Of this place, to take them at
oar If they are made to draw that rate Of IN
tsrest per annum. Now, our necessity ior
having these bonds promptly negotiated, as
the means Of maintaining the State Scrip at
par, ore to be sure, not quite so great 10 dol
Us and cents as the State Printers may be !;
t>but the amount that will be due us from the
State, though smaller, is doubly important to
; the Minnesoiiaa, under the "crushing" process
to which we are being subjected by Mr.. Nor
! TON and the other four of the Winona delega
ton, to say nothing Of the future operations
Of the Crusher- General RICE and Of his lit
| tie that's all"-Crusher called the Daily
Times Under such circumstances to be
| compe led to submit to a shave uron our
State Scrip, would be a pressure on both
,ides-a sort of grinding between upper and
| neither millstones-which might leave US but
little life wherewith even to cry fer mercy at
the hands of cur potent and potential perse
| cutors
, Yet, even IN this awful strait, we differ
| from the Pioneer in thinking that the rate OF
interest should be advanced from eight PEI
cent: as fixed by the I;ouse, up to ten per
cent, to accommodate one Wall Street house.
| There ale more money-broAcrs than this
| one in the world, and even in New York
| there may be found those who will be glad
| TO take the whole loan at eight per c,nt. ;
guaranteed as it is by an annual taxation to
meet the in terest, and ten per cent. addition
al taxation to form sinking fund to pay of
| the principal in ten years, as is provided by
+! the Stale Constitu ion.
Over $s30,00O,000 Of specie are now lying
| Idle in New York because of the scarcity
IF safe investments for it. There is lack
# confidence in the ordinary speculative risks
o. the day F.; and men button up their breecil-
IS ppckets very tigbt against venturing their
aoney in anything ut positive securities.
/ hey do not regar1 nowadays 90 much the
mount If interest ~ the sersqlsty af reeeiy.
| ing it when dr.. In our opinion Therefore,
it is inst absc'oel throwing away $4,000 OF
the peoples mol. very year, to advance
che interest from eight up to ten per cent, as
is proposed by the Pioneer.
Nor are We willing so see the rate of interest
left Discretionary with the Governor to fix
rather weak morality usual with Democrat
&c office-holders. Lead Us not into temp
tation,' saith Holy Writ and with the
sight change of u.s. for Mcm the prayer
will apply foEcib'y-
| But what is the use Of talking of" per
cent" or = 10 per cent" Let the So 600, ,0OO
Lean Bill pass, and "A per cent. wouldn't SUI
i'e to dispose OF the bonds at par. A.
BRIGHAM YoUNG woaid say, we wpuLl the'
20 TO periit.on across lots, and salt ever,
! wouldn't save lis
P. S. We sec hy the Legislative proceed
ings, that the House agreed t, ten per cent.
Thus we go. $1,000 wasted at one slap!