The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-01-20

giissfsi Correspondence Of tho rioserr 4 Democrat.
NEw YoRK, Dec. 80, 1858.
regret 10 be compelled to write you that
none Of our Land Grant Companies repre-
sented here have yet been able To make sale
Of the bonds guaranteed by the STATE. upon
satisfactory terms although negotiations
now Ia progress promise favorable result
Everything thus far has served to conspire
against.thc interests OF our companies. The
swindling operations in Wisconsin are re-
membcred, and ARE brought up IN judgment
against the entire section whenever Western
street. and the late faiures Of tho cities and
counties Of Wisconsin to meet the interest
payments on their railroad securities has
aggravated the prejadices heretofore exist
ing. So that our companies had at the
start this serious obstacle Of general dislrust
TO overcome II is believed. however, and
indeed 1t is openly acknowledged. that this,
Of itself, could have been qaiekly removed.
The prompt and high sale Of the Quarter OF
. Million issuo Of State bonds. showed that,
as State, Minnesota stood well in the
market; and clt to the ordinary chances Of
negotiation, the State endorsement would
have carried our Railroad Bonds through
without depreciation. hut the agents Of
the several companies bad hardly arrived in
Wall street, before they were met by state
ments dscrcdting their securities, emana.
ting from their own home. A single Journal
which, by . strange paradox, derives its
support from a community whose most vital
interests il seems ambitious 10 destroy, fur
nished the bears OF Wall street with the
weapons which they eagerly clutchud, and
with which, creating senseless panic, they
have nearly roin,d the credit OF our State.
That the Wnnssoimn should have oppos.
ed the loan Of State credit though singular,
was not unaccountable, but that, after th.
loan had been granted, by nearly n nnani-
nous vote Of our whole people, it should
seek 10 render this freely gwen aid lnopcra.
tive. can be accounted for only on the
ground of that foolish obslinscy and perver1
pride which will ~, caunicnance a good
il has not itself performed, and which.
II its prophecies of ruin give no promise Of
falfimcnt will seek 10 create the calamitics
II has forctold No, that the Nmneaiidn.
or any other Minnesota paper, possesses
sufficient influence to control or seriously
effect the judgment OF Wall Street. IN any
legitimate way on any financial subject
Ba, manga man who lacks the power to
subduo ior,rsss in the capacity OF II mill
tary commander, and by the exercise OF
stratege'ic skill may yet accomplish the
same purpose through the means OF baser
arts, II his hear, ia only abandoned enough
aud his wM corrap, enough to induce him
TO play the part oil traitor. And this has
been the part performed by the N,nns,o;,an
and its hackers at St Paul against our
pubic securities. The very weapons which
the brokers wanted but could not elsewhere
find. have been supplied by this antiMln
nesota clique, through the columns Of lts
organ. That they will ultimately hail to
realize their destructive designs. does no, IN
any deyre relieve III, hascnoss OF their al
temp, TO cmbarrass and destroy our grcs,
system OF internal improvements. | confess
myself curious 10 know to what further
ex,en, y small band OF brokers in St Paul
vii, be tolerated by the business men IN
leechlug living cut ~ their distrcsscs.
and on, Of the prostratiua Of the mos, valu
able and vital interests ami enterprises OF
Minnesota.
Ii will be seen by the statement enclosed,
that Goy. SiBLxy. nov here. has promptly
and officially vndica,ed the Railroad sccuri,
ties from The aspersious which have been so
recklrsSly cast against them aud ia, State.
y e.
The above len,er was mailed in NV
York on the first ius ant, ba, no, revived
IN 81. Paul until Monday last, The state.
men, Of Gov. SIBLxY referred to in the las,
paragraph, has heretofore APPEARED in this
paper.