Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-07-16

believed the growing commerce and trade Of
cur city needed them. And in the present
exigency, thought it would be well if the far
Their issue of currency could be stopped
Col. Robertson CDR. Day in the chair made
few remarks exploding Mr.. Rice's theory Of
confidence" in bills that had no value, and
said that bonds issued in payment of work
and debts could not be made a basis to do le-
gitimate banking with. While this continues,
no capitalists from the East will come here to
do banking. We will never have money
He had investigated the personal securities OF
most of the banks, and found no personal
bonds of the very men owning them If Mey
stand from under, can zoe help distressing
| them?
Mr.. Starkey here said he believed he had
brought about fair play that is, by getting
an opportunity for the Railroad men to con-
sumo the whole evening?l
DR.. Day said his position was that of many
others,-he must have some currency, and had
used wildcat as long as he could stand it, and
lost by it. He had no prejudice against the
currency-had confidence" in it until he
found it didn't pay. The meeting was not to
oppose Railroads, and we had no personal en-
mites towards them. Our mutual interests
forbid it.
j. P. Owens asked him if the preamble did
not call the Railroad men swindlers?
DR.. Day read the preamble, and showed
that the passage read "that men who issue
promises to pay, without the intention to re.
deem them, deserve the name of "swindlers. !"
[Applause.l
Jas. E. Palmer, ESQ.,, said he drafted that
preamble. In reference to the Banking Law
as it now stands, any man who understood
| legitimate banking would pronounce it swim
die. There were no provisions for redemption
He had seen the evils of this, and mentioned
examples in other States, in reference to loose
and dangerous banking, the avails of which
experience our State might have had, but re-
fused to profit by it, and ignored the legti-
mate principles of honest banking in their bill.
We have nothing to guard against the same
evils and swindles, and no wonder there is no
confidence in the money. We hear they have
no coin to redeem with, and we feel like the
Frenchman who wanted his note paid when
the maker was not able, but when he was, did
| not.
The preamble had stated that those who
issue notes without intention to redeem, de.
serve the term of swindlers, and the bill itself
| therefore, must be swindle which does not
provide for redemption, and he believed those
who passed the bill kner the people would be
| Swindled by it.
Parker Paine, Esq, wanted the resolutions
brought up He said this was an important
matter, and one in which every body felt an
interest. When our purses are touched, we
| don't stop to reason much. We know these
| issues are dangerous, for we have tried them,
and nearly every poor man in the State had
some of the money, and of course they would
| sign petition to stop the issues.
w. p. Murray wanted all wild cat issues
included in the resolutions, Gray. city and
county scrip endorsed, and all. He moved
the resolution be laid on the table for week,
and that when the meeting adjourn, it be to
that time, which was finally carried, after
| considerable exertions on the part of the chair
to get a fair and honest vote.
DIR. Day offered resolution "that in the
opinion Of the meeting it was incxpedient to
issue any more railroad currency" and re-
questing the Governor and Auditor to stop
which was unanimously adopted.
On motion, committee was appointed t.
procure signatures to petitions to the Gov
ernor and Auditor. The chair named the
committee appointed at the last meeting.
The meeting then adjourned.