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

for in the Constitution of the State, ana when are
established to transact legitimate banking busi-
ness of ISSUE discount and deposit, and that make
reasonably adequate provision for the reoemPtioh
of their issues.
Rssolred, That the banks of this State, now in
operation, which are based upon Minnesota per
cent bonds the $3.50 600 State DEBIT and stocks OF
other States fully eltitled to the entire COM
dence and support Of the business community
which they enjoy. .o.;..
R.solped That in the opinion of this meeting,
the abundant crop of the present season. which
now seems so auspicous; and the preVenuon VI u
further issue OF railroad currency, wnlcn we re-
gard already accomplished by Puonc voice VI
this city and State, and will ensure nourisuihs
an1 nroftahle trade 10 our own business men,
prosperity to all and adequate anu souno circu-
lating medium and speedily reheVe ah ciasses
from their present temporary emparrassments.
Mr.. Starkey enquired if persons opposed to
the objects of the meeting could uotes
The chair replied, under the circumstances
he could not.
Mr.. Starkey, in loud tone denounced it as
strange proceeding in an enlightened COM
munity." [Applause.l
The chair said no gentleman would seek to
interrupt meeting where he clearly had no
right to participate, being opposed to its OBJ
jects. [Applause.l
Mr.. Starkey attempted to reply, but was
called to order by the chair. Moreapplause,
and the Captain retired.
Mr.. Ingersoll proposed that the meeting
hear any adverse sentiments if any one was
here to urge them. Truth never suffers from
discussion He would be glad to hear any
thing on either side of this importatant SUBJ
ject.
DR.. Day also favored this, and the chair
thereupon threw open the forum to the other
side
Frank Steele, Esq, being called out, made
a short speech:
He said he too, was opposed to Wild Cat
currency and to railroad currency also, but
not to sound and acelt-prOtected currency
Tmeaning of course his own nest of varmlntS.
He presumed, however, a remedy was wanted
against the evils of an unsound currency, and
and knew that committee had waited on the
Governor to request him not to allow further
issues of currency on railroad bonds. He
had observed in the preamble offered the
other night, to his great modification, that
men were denounced as wilfully issuing this
currency to swindle the people. He had come
to the meeting hoping to speak, but after the
remarks of the chair would not extend his re-
marks. He then wandered off to the Cedar
Valley R. R., said if the people had sustained
them and held up their hands, they would
have got along. He denied the charge of the
company being engaged in issuing shinplas
tiers. He acknowledged the bonds they con-
fdingly sold for csc. Oh the dollar, probably
had, after being out of their hands been
used for banking on, but they were not re-
sponsibie for that. The parties issuing the
money should protect it. They had made a
bona tide sale of the bonds to Pease & Co.,
and had in other instances loaned bonds, But
believed if the bonds were sold in naAset they
would redeem the currency. Said people
should discriminate between the different
breeds of wild cats, and that tho action Of
these meetings would depreciate the value of
the bonds, and wound up by saying the pre-
amble Was an insult to himself and his asso-
GATES,
At this there was loud cries for Mr.. North,
who came forward and made very calm and
gentlemanly speech-avoiding any harsh Ian
guage and personalities.
He said: He had net come to speak, but
10 listen In regard to the currency he said
tons, when we scarcely knew what to do
He was not responsible for the Loan or Bank
ing bill in any way, nor was his company.
They were launched on the stream, the peO-
pie passed the loan, and it was their duty to
bow respectfully to the peoples will. They
had foods Of letters demanding of them to
accept the loan, and finally agreed, and let
contracts and went on with their work. Once
the people thought they would not do enough,
now they wanted them to stop. They had
graded SO miles already, and done it thorough
y. But they needed money, and could not
pay in bonds. They. had arrangements with
a banker who came from the East, to furnish
them with currency, but he backed out, and
they then tried the New York market, with
no success. What could they? They were
offered 90 cents for them az banking basis,
and made the effort. Mr.. Pease undertook
It, and the State bonds were saved from be-
ing thrown on an unfavorable market. Though
it is the best thing that could be done, may
be they erred if so, he would bear his need
of blame, and shrink not But may be the
other side had erred, too? and hoped there
would be more fraternal feeling cultivated from
this time henceforth He thought Banning
whom he said had originated the loan idea
entitled to same blame, but may be he didn
see the consequences of his measure,
Ed. Rice having been called out by hi.
claquers who evidently had turned out in force
came forward and addressed the meeting in
rambling speech Of nearly an hour in length
devoted principally to praise of the NJ. & P
R. R., and abuse of Mr.. Banning
He said he didn't know exactly, bu
thought he was favorable to the meeting
any were influenced by sinister motives, h
said it was one man, Mr. Banning who wa
inducing the public to try to collect his debts
Here the chair interrupted him, and said
had got up the meeting, and Mr.. B. had know
nothing of it. Mr.. Rice crawished, but sal
he knew Banning was favorable to il, but h
would indulge in no more personalities Tn
Loan, he said, did not originate purely for al
to the railroad companies; but also for
banking basis, and was thus made to subserv
double purpose. If currency at the Eas
were as badly treated as ours, it would ia
too, even the Bank of England Confdenc
was the: sound basis required. They say W
can get no exchange for it, but if nursed
will do. Emigration will furnish exchange
so would our crops.
The objects of these meetings he though
was to prevent the further issue of the cul
rency. But the State officers have their d.
ties TO perform, and n0 petitions of the poop
eoud justify them in violating them.
He then went on to show why Minnesot
bonds should be received as banking basi
said the Railroad Companies ought not
have touched the Loan, it was against the
interests, and they had only wanted $4,000
600 in the first place. He thought two and
half would have -done. Believed the who
amount could be expended in grading onlv
and went off into heavy eulogy on their CO
tractor who had performed prodigies of lab
without any money and paid all his debts,
Said the Loan would all have been negotiat
at par but for opposition at home, and belle
ed the anti's were trying to subvert the &C