The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-02-13

The $4,000, 900 Loan-Meeting At tho
Capitol ON Monday Night-Moses M.
StrOng's Speech-COl. Robertson,
cOmbess Remarks.
The meeting in the Hall of the House of
Representatives on Monday evening, Feb 6,
was called to order by Mr.. SrARKEY,
aud on his nomination Speaker BRADLEY
was chosen Chairman, who introduced Mo-
SEES M. STRONG, of Wisconsin, to the audi
ence (:
Mr.. STRONG said that when he was called
on to address the Legislature, he was at a
loss to know what course to take. 1t was a
subject he was not very familiar with, and in
treating of it, he would be brought to bear
somewhat on questions now before the Leg
neutrality-suspicious. of interest to all, and on
which he might be misunderstood.
In the locality he resided in, the various
Railroad projects were we'll known to all
present, and if we mentioned them, he fear
ed that it might be said that he had visited
St. Paul merely to forward certain projects.
But this would be unjust, as his visit was
simply one of business.
But six months ago, our country was in
the full tide of prosperity. The crops were
large, business good, and everybody in pros
porous circumstances. Very suddenly, how
ever, the scene was changed; confidence
was shattered, and men who supposed them
selves stable and strong, were brought to
bankruptcy. 1t was natural, then, that men
should endeavor to gather light, even if it
came from so feeble a luminary as himself
His opinion of the cause of the crisis, was
abused credit, and he then spoke of the ma
ture of credit, it uses and ends. For several
years, he said, credit had been immensely in
fated, and had gone on until collapse Of
the expanded bubble was inevitable. He
spoke of several speculative manias, the
"Tulip Bulb" mania, for instance, in France;
and in our own country, merino wool and
Foris Multicaalis speculaticns, and the Mis-
sissippi bubble, etc. Perhaps the most d.
rect cause of the present crisis in the North
west was speculation in unproductive lands,
and paper cities. In these speculations, cred.
it was obtained on the mere hopes of gain,
and without basis. One bought at extrava-
CANT rates, and found purchasers to whom
he sold at still greater prices, and so on, un-
til it had to stop somewhere. He went on
to say that our issues Of bank notes was also
an expansion of credit. A bank thereby goes
into debt, and the banking system through.
out the union was inflated. This was one
cause Of the present disastrous revulsion.-
Importation of foreign goods was another
cause, and the mercantile world became alst
vastly expanded, by means of the credits
thus obtained, and from over-trading and un
wise speculations.
But to explain more fully the cause of the
crisis, he went on to speak of the specie
standard of valne. 1t was a we'll known
fact that a few years ago there was $500, 900,
900 of specie in the United States. Where
is it now? Hoarded by those who feared
tina, if times grew worse, this only true rep
resentation of value would be needed by
them. 1t exists but is not in use. 1t lie;
dead and unproductive. He spoke of the
good but little money would accomplish
when circulated. One dollar passing through
$4,000 hands, in paying that many debts, die
the work of $4,000 in paying one debt
When money is again put in circulation
the process of liquidation will go on. We
will soon be as prosperous as ever. The
consequence to some will be insolvency-tt
others an accumulation of property. So il
was in 1910, and other times. Then bank
rupt law was passed but he thought nc
bankrupt act would be passed now. The
stay laws, homestead laws and emigrant pro
work.
The speaker then spoke of the remedies
whereby the people would be enabled to re
trieve their prosperity. The only remedy
he believed, was the introduction ofcapital il
its broadest sense. Labor was the real source
of capital. Money had the healthful ten
dency to make the country richer to aid
reward and bring out labor; but men NUS
WORK. They must encourage emigration by
all honest means, for there would lay thu
chief source of our future wealth-poPULA
TON.
He thought it would be done. A greater
resort to labor would take place, and a great
er influx of population would take place, thar
we had yet witnessed, in proportion as ther'
was an increased demand and incentive tt
productive industry.
He cited the laws of Emigration, and thu
manner of the course of the great tide Of emi
grafton, claiming that it had, and would still
tend towards our parallel of latitude; ant
said that seveneighths of the emigrants tt
the United States came from north of th
10th parallel. One saw but few from tn
southern, enervated races of Europe here
They had none of the restless ambition ant
energy that prompted them to seek new
lands and found new nations. The North
West would be the great point where futur
emigration would verge. We have but lttl
to fear from the South. Temporary cause
may divert it thither, but the great mass will
follow the established laws of emigration
and settle in the great empire of the North
West.
He mentioned the immense territory t.
the northwest of us, containing 500,O0
square miles, and inviting to the emigrant-
1t was gradually being filed up and at tn
present and past rate of increase, every tire