Saint Paul weekly Minnesotian., 1858-12-11


1t is important that the People of Minneso-
Ia should understand one little matter in re-
lation to the sales of stocks in New Yor'
city. ii sold IA. the regular Stock 9 ard
and reported in its daily transactions, .be col,
is genuine and not made up OF arranoed
thing. The amount for which tb ey were SOLD
may, in that case, be almost implicitly relied
upon as the measure Of calse by capitalists
of such particular stocks, State or otherwise
But there is also an auction held at the "Mer.
chants Exchange, in Wall Street." where real
estate, stocks or any other property may be
offered for sale indiscriminately. 1t is COM
mon trick for holders Of stocks to arrange to
have some of them put up for sale at this
auction-and then to bid them an themselves
or through some friend, at such a price as
they wish them for any ulterior purpose to
be reported at, generally speaking for the
purpose decsiving ignorant people who are not
up to the tricks of the trade as to how the
market value of such things is truly deter
mided. Such sales have no effect upon real
capitalists, who make it their business to un-
derstand all such humbug.
In regard now to the Minnesota State Rail
road Bonds reported with such flourish to
have been sold recently in Wall street for one
quarter cent premium" zoe haze no hesitation
in Saying boldly, that the qchole transaction Is
cheat and a hambetg-unreal, false and made
up to deceice and soindle the people Of Xinne-
sofa!
This is strong language, but it is not more
strong than true. We have been aware for a
week or more past, that this game of .fudging
quotation Of the stocks in New York city
at premium value, for consumption here IN
Minnesota, was going to be played.
The object of this proceeding is transparent
1t is part of the scheme of the Railroad
managers to cheat the Farmers, Mechanics and
Business Men Of the State out of another mil
lion or million-and-a-haH Of dollars, besides
the five millions for which they are already
bound, and which everybody now comedies
the people will eventually have to pay.
And this is the way it is to be done. Elk.
cepting the State Bank of Minnesota, every one
Of the thirty or forty banks about to be start
ed, are Railroad Banks; owned by Railroad
contractors, or managed by their Clerks, OF
belonging directly and openly to the Railroad
officials themselves. Despairing in the pres
ent state of the money market, or for othe,
reasons, of selling the State Stocks at any ythine
near par, if at all, their scheme is to pay fol
all the work on their respective lines of roads
deemed necessary to secure the whole S..
100000 Of State Bonds, aciM the currency
issued by these Railroad Banks, which cur.
rency is to be based exclusively on those
State Bonds deposited with the State Auditor
as security for the bill-holders.
Then mark the result. The five millions
all obtained-the currency all issued, and IN
the hands Of the peopie,-the work of these
Railroad managers is finished--their vocation
is at an end. Having no other capital except
what the State furnishes in these bonds-the
banks being based exclusively ON these bonds
when they have all the currency issued, is
it not plain that they will no longer need the
banks, for they will have no longer any bu.
siness for them to do, and of course the
banks will disappear, and no Office of redemp-
ton will anywhere be found.
Then what The bX-holders,-t People
at large-the Farming Mechanical and Mer-
can'iie Community generally, who have taken
these bills, will call upon the Auditor to pro.
duce the securities IN Ais office; put the State
Stocks Of Minnesota there deposited up fol
cash, in the New York Market, and take Mt
proceeds Of the sale whatever they may amount
to, and redeem the bills as far as the fund,
soM go!
There is the point-how far acM they 20
How much in the hundred will then be real
lied from the sale Of these stocks? Will il
be "a quarter cent over Premium" Does
any sane man believe it? Will we not rather
expect to see It loss Of one-third Of Mei,
amount? And if one third, will not the LOSS
on that currency to the PEoPLE-the poor
innocent, already overtaxed bill-holders-
nearly million and a half Of dollarsP A
million and half Of dollars abstracted out
right-fairly robbed-from the pockets of the
community. Is it not monstrous to contem-
plate? This is the result, to achieve which
this "mock auction" sale of the Minnesota
State Railroad Stocks in New York city has
been arranged and gotten up.
Its whole purpose is to back up the
State, Auditor and the acting Governor in
the neao position they have recently taken,
to allop the Banks to issue oneNundrsd dol
lars Of notes or curreacy for euery hundred
dollars Of State Stocks deposited!
Who does not remember that only ten days
ago, these same o6fcials declared in the case Of
the Exchange Bank of Glencoe that only 3d.
900 ofcurrency should be issued for S25, 600 OF
Stock deposited this same decision was
announced with a flourish of trumpets in the
Pioneer as calculated to make safe currency,
as it was-and that then in twenty -four hours
afterward influences were brought to bear
which changed their uieps and made them con-
sent to issue q dollar Of currency for erery
dollar Of State Stocks deposited!
What new light produced this sudden
change of position on the part of our State of.
ficers? By what process of reasoning did the
State Stocks suddenly assume value one
fourth greater than, :nan they were worth in
their opinion few hours before?
The public have right to an explanation
of this matter, and as an independent press
representing only the People in Minnesota, we
demand that such an explanation shall be
forthcoming
But as to this auction sale of the stocks in
New York, no explanation is needed-that is
too plain already The Auditor needed an e.
cmse for future action in issuing the great batch
of currency now ahout tO hn d;crorooJ 10, A.