Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-02-26


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New York, Feb'y 18th, 1859.
10 the Editors efths Msnnssosian:
During my absence from Minnesota, have
had frequent applications from parties resi-
ding there, DESTROYS either to effect sale OF
property, or to borrow money upon real es'
tate security. Wishing to serve those conf
ding their interests to my care, have taken
considerable pains to bring their applications
to the notice Of persons able to respond, and
have in doing SO, learned the objections which
are SO generally made to the employment OF
capital at the west-the section of country
which affords ready profitable, and really safe
market, when fair precautions are observed
and the conditions are not made too onerous to
the borrower.
As may be expected, the most unreasona-
bic ideas in regard to the civilization, business
and actual and prospective development Of
the most progressive and promising region OF
the world, prevail in circles, where one would
suppose ordinary newspaper and almanac
reading would suffice to insure more correct
notions. The reasons for this state of mind
are tolerably clear, however, and in stating
the most prominent Of them, l believe may
render service to those who are at loss to
understand the origin Of so many mlsconcep-
ttiions, crudities and falsities in regard to the
west as are now current in this metropolis.
First purchasers of property and lenders OF
money on the mortgage, rely very much upon
Real Estate agents, for the safety and profit
of their investments. This class of our bu-
siness men, influential in numbers, in ability
and shrewd computations of self-interest are
not likely to permit any expression OF favor
for distant investment to escape them, since,
were the fact once realized that money could
be a. safely employed in St. Paul at ts'sIue
per cent. as in New York at sir per cent, you
Will understand, as they do, that the occupa-
ton Of these gentlemen would be somewhat
interfered with, and they could not control the
immense capital which now seeks the chan
nels to which they direct it. Hence the con-
temptuous tone in which everything pertain
ing to western securities is spoken of in the
Real Estate and Banking Offices of New York,
by.which timorous men are deferred from
awaiting of the best markets for their money
and following the promptings of their own
judgment; for they are not wholly ignorant
of the status of the west and would be much
less so if they read some one of your reliable
and able papers. ..
Second, among the causes operating to pre-
vent just ideas, is the systematic misrepre-
sensations of the west by the city press. Be
the motive what it may, the fact is patent to
all who read our daily journals with care.
Schemes originating with sharpers in Wall
Street, and there consummated with adroit
rillainy and the holiness engendered by long
impunity are set down by the press to wes-
tern account, and thousands who have been
swindled with worthless bonds and stocks,
taken on the assurances of value made by the
sharpers in whom they have confded, arc
firmly of opinion that somehow, the western
community is responsible for their i'll fortune.
They seem to suppose that because their
bonds bear the seal of the "Great Swindling
Railroad of Illinois," somebody Of Illinois
must be concerned in the rascality of their
ISSUE Could they see the true character OF
their confidential brokers different view
might be entertained.
The papers of New York depend for their
profits upon the advertising patronage Of New
Workers, and it is not difficult to trace the
connection between the views of any partic,
ular journal and its patrons interest With
view to counterfeit, as far as may be practi.
cable, the evils resulting from such unfairness
towards your magnificent State, l propose to
open a real estate office which shall be devoted
exclusively to the registry of property in the
Western and North Western States, which
may be offered for sale or as basis for nego-
tiations of loans.
1t is believed the advantages Of such an
Office in the chief money market of the coun-
try will be many. Capitalists seeking desir-
able investments will find q large number OF
registered applications open to their inspection
and acceptance.
They will from these and such other reli-
able information as may be able to furnish,
learn the extent and nature of the demands
for money in a region of country SO rapidly
settling and developing as to render constant
and large accessions of foreign capital for
many years to come, entirely legitimate and
jud,cious. They will, with more extended
information and just views, be naturally in
spired with confidence in the enterprises they
are invoked to aid with money and pen.
It is also believed that many persons, hav-
ing small sums to invest will be glad to avail
of such an agency as is here proposed. Small
sums, not easily rendered profitable by en-
ployment here would prove of great value to
the settlers and pioneers of the West, so many
of whom labor under the weight of an exor-
bitant interest, which they are compelled to
pay for the means to enable them to make
their necessary improvements.
Should this real estate agency prove sue
cessful, every loan negotiated through it, at
low rates of interest would tend to cheaper
money in the markets of the West. This
might be a little unpleasant at first to my
TREND Edgerton and others bankers of st.
Paul and Chicago, but they would eventually
be compensated for a diminished rate of dis
count, in the increased property of their Gus
toners.
will now briefly sketch the plan to be
pursued in explanation of my advertise
ment in the Daily and WseAly Minnesotian.
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