The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-09-30
Speech OF C. G. Andrews, ESQ.
We take the following extract from an

we take the following extract from an
able and eloquent address recently delivered
at St. Cloud, by G. G. ANDREWS, ESQ.
The Democrats are charged with extrava-
gance, both in the State and National gov
eminent. But will show that the Demo-
cratic party are no more at fault-not so
much so, in fact-than their opponents. 1
hope no man who expects to exercise the
right of suffrage is foolish enough to sup
pose that the late revulsion in business was
owing to Democratic rule in this State or in
the United States. Our opponents, how.
ever, are endeavoring to make capital at our
expense on account of the hard times which
have for two years retarded but not discour-
aged US. The revulsion in business was
owing to an excess of the credit system. 1t
broke out as mysteriously as the pestiIence.
1t ravaged the whole commercial and bust.
ness world. 1t broke down ancient and
renowned credits, and large corporations as
well as individuals. 1t sent bankruptcy and
poverty over thresholds that had always
been familiar with affluence. 1t stopped
great public works, and overwhelmed pri-
vate enterprise. 1t was the natural depres-
sion which follows so great an excess Add
yet the Republican press and politicians tell
the people that this great business revulsion
was caused by the Democratic party, and
that the way to get rid of hard times is to
elevate few Republicans to office. We
may we'll exclaim that they conceive no
imposture too monstrous for popular Gre
dulity"
The charge of extravaganza has been so
fully discussed by the Democratic press and
speakers that it is hardly necessary to allude
to it here. am glad it is before the peo-
pie. 1t will do good to let our future legis-
latures see that the people are watchful and
demand economy. If the public money is
ever squandered, hope the people will no.
4ice who are the guilty parties, and hold
them responsible The last Legislature GER
tainly did not set an example of economy.
1t is only just to remember, however, that
a little over ninetysix thousand dollars of
their appropriations were to satisfy past
Territorial Indebtedness, seven thousand
dollars of which went to one of the Re-
publican newspaper establishments pa
per that has been loudest for saw
ing the peoples money. The appro-
priations were all passed nearly unanimous
ly, receiving the strength of both parties.
The journals of the Legislature show this
fact. Thus you see the unfairness of hold
ing the Democratic party responsible for
extravaganza. If one party is more cen.
surable than the other on this matter, it is
the Republican party, for in the early part
of the first session of the Legislature, it in
stituted factious opposition to BUSINESS, on
the ground that the State was not admit ted
into the Union.
The next Legislature can do something to
lessen the expense of public business. In
the first place, it can save expense by
promptly discharging its duties and ad-
journing. 1t can undoubtedly curtail our
heavy county taxes, by reforming in some
transacting county business. The finances
of our counties are in most thriftless con-
ditiOn; and | trust we may soon reach
point when county and State warrants will
be worth their full nominal value in gold.
Until that time arrives, public disburse~
ments will necessarily exceed cash prices.
l have word to say about Banks. The
present banking law in my opinion gives too
great latitude to banking business. 1t per-
mits inadequate capital for a banking basis.
Without doubt the measure was passed in
good faith. 1t did not pass as party mea-
sure. On the contrary its most earnest
advocates and those who were the most
active in bringing it into operation were
Republicans. Under that law as many
as thirteen banks were chartered. Perhaps
they afforded a temporary relief from the
scarcity of money; but some of them soon
went down causing individual losses. They
have impaired our credit abroad. So, in
deed, l was mortified to hear from MIR. Grow,
the other evening. 1t should be remembered
however that petty but ferOcious warfare
was commenced upon the banks by private
bankers and brokers, and by one or two
Republican papers, as soon as they were
established. The banks did not meet with
fair play. Nevertheless we want banks that
can stand in spite of the brokers, or we
want none. If we must have paper curren-
cy, let US have that which will keep over
Sunday. Let us have kind that will com.
mand respect in st. Louis and in Boston, or
let US cut up the whole by the roots.
Then there is the railroad question and
it is one that demands candid consideration.
When the muni6cent grant of land was
made to the State in aid of system of rail-
roads, we all felt that the material prosperity
of the State had become remarkably en-
HANGED. This, however, was on the eve of
the great revulsion. Real estate securities
soon began to depreciate, railroad stock in
other States, from Encouragement and other
causes greatly deprecated, and confidence
was shaken in nearly all railroad securities
The consequence was the railroad compa-
MES of this State, as you we'll know, were
unable to proceed without aid. They asked
the State for loan of its credit. The
State with vote almost unanimous loaned
them its credit. Bonds have been issued
to the companies under the constitutional
amendment. But the companies found that
the State credit did them little or no good.
The bonds could not be negotiated at any
reasonable consideration. With the hope,
however, of realizing money from those
bonds, the companies continued to incur
expense in labor and materials for the roads.
Men went to work on the roads expecting
the credit of the State would surely be
sufficient guarantee of their wages. Two
and half millons-nominally~ those
bonds have been issued. The railroad COM
panies are not supposed to be able to pay
the interest. What shall be done? There
is constitutional course to pursue, and
that is the honorable course. 1t is to meet
all our obligations fairly, and to insist upon