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

t'onal Conventions held in st. Paul.
To authorize the City of St. Paul to issue
its Bonds for Street Certificates. Referred
to Ramsey County delegation.
Senate File No. 4, memorial to the Post
master General for increase of service on
route No. l3S4S.
Also, No. II, an act to extend the time
for the collection Of taxes for the year 1857.
Also, No. Is, to authorize the Regis ter of
Deeds of Chisago County to copy records
from Washington County.
Also, No. %, to locate State road from
Brownsville to WinnebagO City.
Also, No. SO, memorial In relation to Pub
lie Lands.
COMMITTEE OF THE WHOLE.
The Committee of the Whole, Mr.. OTIS
in the Chair, had under consideration the
Senate File Of bills, and made the following
recommendations
Memorial to the Postmaster General for
increase of mail service on route No. 13848.
TO be read third time.
Bill to locate State road from Browns
vile to Winnebago City. To be read third
time
Bill authorizing the Register of Deeds of
Cbisago County to copy records from Wash
ingtOn County. To be read third time.
Memorial relative to the public lands. To
be read third time.
BILLS PASSED.
Senate Memorial to the President, relative
to the Public Lands. Ayes 60.
Senate Bill, authorizing the Clerks of
Courts to grant orders Of publication. Ayes
80, nays 2.
70 70 ho 1ox, ~,
session of 1857. Ayes Al.
BANK BILL.
On motion of BEARCE. the House went
into Committee of the Whole, Mr.. Bearce
in the chair, for the consideration of the Bank
bill
Mr.. BRAY, moved to substitute section
provision requiring the banks to keep on
hand l2a per cent of the amount of their Cir
culctinng notes in gold and silver.
Mr.. BALCOMBE made some general re-
marks on the banking system, and said as an
individual he would be willing to frame such
bill as would keep out large portion Of
the persons who were intending to 90 into
the banking business. He advocated the
keeping in of the original section requiring
the banks to have on hand one-ffth of the
amount of their circulation in gold and en-
forcing its provisions.
The substitute was lost.
Mr.. CHASE, moved to strike out Sec
ton 8.
Mr.. PIERCE moved to amend the Sec
ton so as to quire the banks to keep on
hand an amount of specie equal to one third
Of their circulation.
MIR. RUTAN spoke against the striking
out of the section. If the keeping in of the
section would prevent any person from en-
gaging in the banking business, let them stay
out of it.
MIR. DOW said it was subject of Mathe,
NAUTICAL demonstration, that no banks could
afford to keep on hand in gold $4,000 for
every 100000 that they would put in Cir
culation under the provision of the bill. The
provision was perfectly useless.
MIR. Brady argued that the bankers
ought to keep on hand at least onc-third of
the amount of their circulation in gold He
thought if that amount was required by the
bill, the bankers would evade the provision
so as not to keep on hand more than one
fifth; but that was no good reason why we
should refuse to insert the provision.
Mr.. DOW said the practice of Legislatures
had been to restrict the banks too much, in
stead of establishing thom on sound basis.
He argued that we should not pamper the
banks so that in the TIRES of strngency they
would not be able to accommodate the people.
In France and England during panic the
banks expanded, and afterwards gradually
contracted as confidence was restored.
Mr.. KEITH thought the Democracy was
letting down considerably when its leader on
this floor was advocating system that all
the wild cats in the Union could slip through.
He thought it was time for the Representa-
tives Of the people to look cautiously at their
proceedings. The just provision of the eight
section should not be struck out. lie hoped
members would not yield to outside pressure
and let it run away with their Judgment
Mr. BALCOMBE believed the eighth Sec
ton would work no hardship to the banks.
No prudent banker would ever have on hand
less than the amount required by the section,
and the effect of this section would be to
keep the banks from encroaching upon the
funds of their depositors.
MIR. OTIS was in favor of sound banking
system based upon public stocks. Expert
ence had shown they were the only kind of
securities that was reliable. He did not care
whether the banks had q dollar in money -
that was question to be left with the bank
ers themselves as to how much it was neces-
sary fer them to keep to redeem their circu-
lation. No prudent banker would ever let
his notes go to protest and lose his credit.
Without the question being taken, the cou,-
mittce rose and the House adjourned.