The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-12-02

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may we'll be- facts that arrangement can
effected whereby the State will be enabled to withdraw all
tons of the State Of specific character
be made payable some time in the future when b
agreement of this kind be arrived with the bondodes
the will be relieved from the awkward position which she
finds herself with reference to these outstanding bonds
such the Loan Amendment" must Be swept from
istence replaced by Constitutional Amendment which
specify the mode and amount Of the bonds to be issued
in lieu of the State Railroad Bonds" '2 s -l'7 7j
The Railroad Companies required pay all
upon the engraving and issue Of the State Bonds and
they called upon for Of hundred dollars
for that purpose All of this has been paid and appop
by the Company which has received The
insufficient to the expenditure and have been
the Executive Contingent Fund for which the Companies
justly indebted to the State synopsis of the accounts for the
the Railroad Companies herewith transmitted vouchers
for each item being on file in the Executive Office -
The Reports of the Auditor and Treasurer will show
icuary the condition of the Treasury The total amount
Of unpaid the LIST of the month
Of the appropriations made by the last Legislature the of
present year by the Treasurer of which about S.
apparent the Treasury Of $Ol4 made
up of bills Of deprecated or broken banks.
The Report of the Audit will also contain the details of
under the general banking law of the State The banking
system proved be than useless and recommend it's
modification repeal Experience has demonstrated most
concusve that the elements H. safe and profitable
banking business do yet here No of
by individuals corporations WILL for the future be regarded
worthy of the public confidence until the facilities for exchange
xeceed those afforded The greater part of the crcua
ting medium finds its way hands of The merchants who
necessarily make their pay their debts
eastern creditors and when this medium is not convertible
exchange fails to suberve the great necessities of
and useless drug the hands of its holders
Paper the great Of the West and indeed of the
ton it serious question how the shall
The imitation of the banking system the origin of
the panic and the caames 1851 1t has been well said that
will weather. but flies at the first
appearance of storm 1t always fails when most needed and
suddenness of its fight evidence Of its tendency panic
inherent in its very In State have had
experience of the character Of bank promises
When is the interest of combination of capital to
banking institution the power remorseessy exercised
without regard the loss that may be enaed the
nifty Such exist in every State and 1t should De
the object of the Legislature curb the tremendous WELD
ed by them far it possible do believe that much
benefit would banhng from circulation all bank
less than five The losses from notes OF
deprecated banks fall generally the farmer
M PRODUCE Of tie m daa The paa
them by Inscriptions they the opportunity
enjoyed by other of the community for ascertaning the
daily fluctuations in this species be objected
that small notes convenient answered that if it
made unlawful circulate of less than have spec
coin in the is furnished of less than
dollar sufficient for the wants of the community Another
strong of such prohibition is be found the
that notes for large amounts will always be scrunzed with
severity and than those less denomination Even
if temporary Inconvenience should be felt by the public it
would be much than by the OF
quent dmnuon Of the power of individuals corporations
ct loss the community by refusal to receive them at
will.
Indeed would blessing paper currency could be
ey dispensed with specie used instead thereof The
fact that gold silver cannot be for bank notes at
their aue proof sufficient that the latter not regarded
equivalent The obvious No matter how well
secured bank may be by the deposit stocks with the
State under general laws such stocks however nnscay val
ua subject depreciation when panic like that of 1857
through the land and the holders of notes must suffer
portiOnate losses.
may be possible present provide for the total excu
of bank from circulation but would be-
men To
books making penal offence circulate
bank of less than have Indicated By do
will have effected much protecting the public against
the extorion and losses to which they subjected
While every consistent with joint should be
adopted to lessen the burdens OF taxation the people,
highly necessary that the Counties should be compelled provide
for puncua the State Treasury the amounts
due by them respectively It will appear Report
of State the 1858 consd
eab less than oneh have been paid The is that
upon the Treasury issued by the Auditor accordance
with appropriations made by the Legislature have deprecated
value the loss and Inconvenience of those individuals
whom the State indebted salaries other objects 1t has
been difficult for the last few holders Of these
to realize wohds of their value and in making
chases of necessary articles for the State payable
additional charge made the discount upon them 1t is
saidand have doubt truhat the Teasures of of
Counties have taken advantage Of this state things to buy
State low prices and transfer them the Treas
Of the State Of due the County Teasuers
ceedng To meet this evil still stringent law should be
passed. making penal for County Treasurer other collecting
than actually received BY character which
be specified by law The Territorial statute still in force requires
the taxes to the State to be paid out Of the collected
by the county officers but this provision disregaded
should be enforced and stringent Unless this
DONE the State will not have the to deay
expenses h ~ oes'- - - - an
waranab diminish the upon which State tax
levied to oneha Of the which the basis Of the
County tax evident attempt to nu the clause in the
declaring that all shall be uniform and equal
throughout the State should be promptly rebuked The Lgs