, 1859-04-13

BGHE3Re. ttnfer UfMfM{fi<a--.& Sight at
EsrtAfM Matters,

CsrtAfa .ue1sers.
lContspondcncc Of tho n. T. Evening rost-1
ST. Ax1uos1, March -, 169.
I hardly know whnt to say Of the financial
prospects Of Minnesota, That with "all the
rest Of mankind" VIC have been most iuconvs-
nientiv short" or, in other words, "hard up"
in money matters for the past year and hali,
is fact already well understood the world
orcr, But while other States are recovering
from the revuIsion Of 81, and are exhibiting !
many Sims OF renewed prosperity BY the reyi-
val Of legitimate trade and business, Minnesota
is pursuing widely different course, hoping, no
doubt to hasten the return Of TINT golden period
of two or three wears since, without waiting the
slow and regulnr course Of other and older
communities. At first they expected to secure
such result By the railroad policy adopted a |
ycur ago the coming month. In this, however, |
they have become satisfied they we're in error;
but, nowise discouraged BY one unsuccessful
experiment, they have Immediately resorted to
another, which, to many minds Is sure to suc- |
ceed, and this policy is q new and general bank |
inc system. When, therefore, the railroad |
companies Of this State, disappointed in |
negotiating their bonds in New York,
announced their intention Of converting them
hearts Of our people, and they arc quite san
cuinc that what was worthless in Wall street
yesterday may be converted into sufe and
sound currency today. To be sure our bnsl-
ness men look with fear and distrnst upon the
measure, and urge some ugly reasons against
such policy aud currency. First, they say
that our banking law, which b. constitutional
provision must receive n two-tAird vote Of the
Legislature, was amended for the express pur-
pose Of admitting these bonds US 4 banking ba-
SIS by vote Of only thirty-flrc in d house Of
| eighty members-nnt NH njority Of the members
elected even, sayng nothing about the two-third
| constitutional reluire1nent-and therefore the
| whole thin. is illegal. Measures are now taken
| to bring this point before the Supreme Courtfor
adjudication and among professional men there
j. but one opinion as tu Whit the result will be,
| and that is, that the amendment will be de-
c'ared unconstitutional Then, again, il is in
sisted BY some that bonds which have travelled
| through all the money markets Of the countrc
| and found no sale ut any price, and that have
been "spouted' here aud there al over the coun-
try at fifty cents on the dollar having no market
value whatcyer, are not safe basis for cur
rency--and this position appears quite plausible,
| ut least.
At present however, tile state railroad bonds
| are being rapidly turned into currency, The au-
ditor receiving them ut just such figures US the
parties swear they pald for item, which thus far
is from niurty-tiye to ninely-seven cents On the
tollar, the companies receiving in payment the
currency issued upon them. This g railroad
| money!" As It is here termed, passes readily
among us thus far, aud exchange, in small
an,uunts, On New York, can be procured with it;
| Dtlt I0E slHN uHuull VI EblA Ut exchange II Is
| utterly refused cren BY those how urc the prln-
cpal instruments ;u putting it into circulation.
That this currency is to be s}lortlivedis readily
admitted by all but every person hopes to make
it answer their purpose, and he very careful
not to have auy Of il IN hand when the crasl,
| comes.
There las been much excitement in some
quarters within the past few days, in conse-
qNcncc Of certain developments in relation TO
The manner in which our rullroad affairs arc
managed, and tho appearance Of 4 new class Of
operators on the stage.
| y few days since, while the Board Of Direc-
tors of tho Transit Compony were in session at
St. Paul. q Mrs, or Miss formerly, if
not ii present. of Washington, arrived in town,
and presented to the bnard claim against the
Transit Company, Of fnrty-thrcc thousand dol
lars for services rendered in gettin. the Land
Grant blll through Congress. The lady was in
formed that her claim would not be recognised,
wAereuppn she employed counsel, who were
preceding To sue out iii injunction restraining
| 1llc Governor from issuing uny uore bonds ia
the Transit Company, dc. She also exhibited
to her COUNSEL u copy Of private contract en-
tered into between the directors Of that road
and tie contractors, by which the contractors
agreed 10 pay back to ccrtain directors eight
thousand dollars per mile Of the amount they
received from the company
Learning 1lle coursu the fair claimant was ta
king, and that she Was possessed Of such inlpor,
tant papers and secrets, the directors came tt
'hc ''footlights and 1,:id her trn thousand dol
i'll state ruilroad bonds
ILL., connection with tic aboye-statcd facts
it should be- known that an extensive
| change has recently been made in the direction
| nt tlla. company, seven directors rcsignlng, II
! Us to give certain parties the entire control O.
the road. In consideration Of their resign:
simply, the svyen directors reccired two hun
,frtd thousand dollars in bonds and half i'll III,
| bonds ufthc company. 1mcrely state the facts
| leaving your reader, TO draw their own concl,l
>inns may add. however, that our },eortt Art
quite puzzled to understand how tl,c r:liIroas
companies are gong ito deveiope tile resources
"f tie state by sucll application If tue bund
voted bv them to build railroads with.
f None Of Your readers will have furgotten th'
>aid and written, and :s the subject has recent
r ~ BEEN revived here, it may nut be an,iss II
| 1--WE von the facts lately brought ont. Although
it WAS insisted by The democratic press Of til,
. cnuntry that the Furt Smelling sale WIS Il per
ftctfy fair and hour>t transaction, it vet appear
that certain parties in clusc communion with tn
: administration. rs well as Mr.. franklin Steele
f were very anxious to lave the matter "hushr'
y up" :" anxious indeed as to give five hun
!. slrrd dollar drafts IL persons connected viii
I | certain newspapers. In one case ut least, tn
/. draft Of Edmund Rice. the present President {
/ the Minnesota and Pacific Railroad company
. and brother Of Hon. II. Rice, On Franklin Stcclt
!. i"r live hundred dollars. was protested fur no
I payment, Mr. Nice and Mr.. Steele alleging thu
thu editor to whom it wills given, had in yiola,io
I | uf the contract, denounced thu sale Us 4 irauG
: Why these persons should pay five hnndre
dollars each to varions parties to ''hu>ll up" Il
hnnest transaction seems Il little curious, b1
Then thisis said to be "a curious world,