The emigrant aid journal of Minnesota. [volume] (Nininger City, Minn. Terr. [i.e. Minn.]) 1856-1858, 1858-04-14
City Scrip.

City SCRIP.
So far the scrip issued by our Council has main
tanned its par value. Some Of our citizens, are, how
ever, casting doubts, not upon its present but its future
value. They alledge that it will, in two or three months
largely depreciate. We have = few words to say on thi.
subject.
In the 6rst place, it must be remembered that IL
consequence Of the absence Of any State banks in Min
uesota, our currency everywhere, from tho Iowa line t.
Sank Rapids, in q most deranged condition. We heard
the other day = banker express bis conviction that Their
was not over ten thousand dollars currency in St. Paul
The vacuum is 6lled by County Scrip, Town Scrip, en-
dorsed bogus bank notes, and personal credit. MOI
having the best thing. the people are compelled to take
the next best for lack Of gold and silver, and Eastern
bank bills, they necessarily fall back on all manner Of
substitutes. We need not explain, in detail, the man
ner, in which the State has been thus drained; it is
suHi cieut that such is the case.
There being no money to be had, the question arises,
which Of the substitutes offered is the best. The value
of sl will depend upon the probability Of their being
turned into cash at an early day. Let US take them up IN
detail. County scrip is under the control OF the county
Commissioners, and county affairs every where are
| usually conducted in a lax and slow manner. Our OWL
county is said to be S25, 900 in debt at this time. Hence
| to redeem their scrip the county will have to collect moi
| only enough to meet the current expenses OF the hsca'
year, but to pay up the arrearage Of the past, amount
| ing in ali to about the sum stated and If the county
during good times ran behind $25 900, it is not proba'
Die that in this embarrassed period they will b. able to
10 any better.
St. Paul scrip is proverbially bad We say this with
80, l:,.o,root - o,,r ~ro.< o.u;t.0 hut Tho uunosAnt If i'm.
provement made there has been 80 enormous; the crash
f speculation has been accompanied BY so many per-
sonal failures and the scrip is held so low BY its own
people, that it is not to be expected it will abroad pass
for much.
State scrip possesses superior features of eventual re-
liability, but when it is r~ecollected that last year out Of
$780, 900 Of taxes but sc, 900 were collected and when
we look to the increased rate Of taxation necessary to
maintain the State government, to say nothing of the
Extraordinary outrays rendered necessary BY the pro-
posed Five Million Railroad Loan, it is highly probable
hat great difficulty will continue to be experienced in
turning the State scrip into specie.
Of the endorsed bogus bank notes we need say little.
1t IS as a house built on sand-the foundation is worth.
ess, and the superstructure will probably prove equally
o. They are sustained only by the personal credit Of
be eudossers, and the disinclination Of the public to &C.
ept them is not to be wondered at.
We come now to our town scrip. Our people, and
specially our store keepers, should bear in mind that
mike the State scrip or the scrip of other towns or
ounties, they have the whole matter directly under
heir supervision and in a measure control. They know
II about the town they are able properly to estimate
he character of our citizens; and the good intentions
e -. N>...1 ~ ILL., LIZA . r-no Az <o~na ~
collection. They must recolIect that if the citizens are
not able to pay their taxes, they will be less able to pay
heir debts, and that if they are not worthy Of credit as
corporation they are equally unworthy of credit as in
lividuals. Our store keepers hence have q choice be-
tween bogus bank notes, foreign scrip or the orders OF
our eminently thriving, e~ninently energetic town. We
know not what the State may do or the county may d.;
We know not whether the executive officers Of either
may urge on actively the collection Of the taxes or 60
to sleep on their posts; but We do know the kind OF
>tuff our people are made Of, and we do know that they
will support our Council in enforcing unHinchingly the
payment of the taxes.
By the resolution Of the Council the ultimate period
fixed for the payment Of taxes is the 18th Of June,
about two months from this time. All property for
which the taxes are not paid At that time will be sold
without delay. Prior to the 18th Of June there is no
loubt considerable money will be paid. Several parties
have al eady written to the Recorder asking to have
their bills forwarded, as they were ready to pay them
Immediately. This money will be applied at cnce 10
the payment Of the scrip in the order Of its ,presenta.
ton and it was for this reason that no period Of pay
uent was fixed IN the scrip, 80 that it stands payable at
any time there is money in the hands of the Treasurer.
Another advantage our town orders have over almost
all other kinds of scrip is found in the fact that they
bear a fair rate Of interest. While lying in the hands
of any party he feels that be possesses sufficient security
for them, and that at the same time they are bringing
him a profit.
We have every reason to think that the town will be
able to retain its ordera at their present par value. It
must be recollected that the town of Prescott expended
during 1857 about 81, 900, and that the end of the year
it was about $500 in debt. 1t must be recollected that
a large proportion Of the orders will be used in the pay.
ment Of taxes by resident property holders; a large
portion will be paid in cash by non. residents, and if =
proportion remains unpaid, and the Council are com.
PEELED to sell the property, town orders will be received
in payment and hence if any unredeemed balance Of
orders remains on hand, and outsiders cannot be found
to buy the property and pay cash, the holders Of the or.
ders will at least receive lots valued at one two and
three hundred dollars for one two and three dollars.
Even this however will not, VIC think, be necessary !;
for we have no doubt the property when put up for sale
for taxes and charges will meet with a ready purchase.
We say therefore to our citizens, one and al, have
%con6den"e in our scrip, retain it at par, say anu do moth.
ing tina: will deprecia.e it, and in the end it will prove
more available than anything else except specie.
Minnesota Through the Senate
The bill for the admission of Minnesota passed the
Senate on the 1th BY IN almost unanimous vote-two
Southern Democrats aud one American, Kennedy, of
Maryland, voting against it. The latter obstructed its
passage several days after it was reported complete, BY
r.ising objections to the privileges accorded to foreign
era contained in it. This was frivolous, but so has
been the long and useless delay in passingi it, altogether
II will now annear in the House nader favorable cir.