The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-06-23

We find the following paragraph in the
Mtnnssd,an, II Tuesday:

we ilhu INC loiioWibR pMsKtaph w tne
Mtnnssot,an, u Tuesday:
Mr. North having resigned the Presidency Of
the Cedar Valley Railroad Company. aud Cen
eral shields having been elected IN his place.
tho position Of the latter in reference TO the
Currency that was issued Ia its behalf by the
tanks owned by that Railroad, 10 one Of the
The Pioneer, In noticing his election, Q main
purpose In President Shields programme OF
policy Is to bring the 0watonDa, Chsago, fnl
more County, and other banks founded On Cc-
dar Valley bouds, up 10 pa, We hear that
tho General 10 now In IT. Paul. whether he il
nj work cfeciing the main end Of his election
as proclaimed by the P,o~tsr, va know not
Hut W. hope he Il. The community are suffer.
Ing. The stagnaton In business, arising from
the issuing Of . currency without means behind
II for its redemption In gold or exchange, Ia de-
plorable. Every moment General shields de
lays In ensctisg the arrangements 10 bring the
currency up 20 par, he assumes . fearful re-
sponsbility. let him move quickly. The
crisis Ia imminent. The relief should be i'm
mediate.
For the error which occars at the con-
mencement OF the paragraph above quoted,
We may DO properly held responsible, be-
cause We first gave currency to il, and its
assertion by the Mmns'oian is simply re-
iteration Of bunder, which We originally
committed. But the statement is none the
less incorrect. for ia double vouchipg, Mr.
NcRrn did not resign the presidency OF the
Cedar Valley Company, His term ex
pircd by lapse OF time. lie was candidate
before the Board OF Directors for reelection
to the presidency, but he was rejected on
account OF the dissatisfaction which existed
in regard TO his management Of the eompa
nys affairs This dissatisfaction arose, less
from any fear Of dishonesty on the part Of
Mr., NORTH than from the evidences Of his
palpablc iucomrtency to manage interests
Of ~ great magnitude. Ills financial ar
engagements with the notorious house OF
Pass h Co. out Of which oil our currency
difficulties have grown, was the special RIA
son why he was superseded.
The remainder OF the Mssne,a,aa's arti.
Gle is subject to criticism rather rom the
uufairuess Of its tone and spirit than from
the direct ialsi,y Of its assertions. II was
written with the design OF loading the no
sponsibil,y Of our currency arrangements
upon the shoulders OF Gen. SulELps, who
never had any hand in the business whatever,
and OF relieving Mr.. NoKru. whs was the
author OF the scheme. and came very
nigh becoming its "inisher." Gen. Sulkl.ps
never Was connected in any way with the
sale Of the binds Of the Cedar Valley Com.
pany. nor did be ever sanction their sale.
but, on the contrary, dIsapproved OF it,
lie was never Implicated IN the NORTH
Pass scheme Of banking lie was In
Washington while NoRru and rrAs. were
executing their brilliant financial heats be-
fore our admiring people and was known
there and here to be unqual,iiedly oppo.-ni
10 oil their masoeuvrs. The a,,emp, OF
these gentlemen 10 sustain currency with,
out capital at the back OF Il, rssmb,d ,oc
much the ingenious bu, unsuccessful devlc,
Of the advrniurer Ia hold himself up In md