Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-10-22
THE W EEKLY MINNESOTIAN
The st. Paul Bauk-The Stock Substt-
tutiOn-The State OHcials.


tutiOn-The State Ofhcials.
The indignant feeling in the community
concerning the conduct of the State Auditor
the Governor (?) concurring-in changing
the securities of the st. Paul Bank from su-
perior to an inferior character, is growing IN
intensity. The Pioneer even dares not de-
fend the State Auditor-the man who VIOLA
ted the law to give it the State Printing when
its editor was the highest instead OF the low
est bidder. That paper informs US, that the
exchange of the Ohio 6's, for the Minnesota
7's-of the ''hig Oh and perfectly safe original
securities for SECURITIES hauing no market
ualue ,ohateuer, without notice to the public I"
was ''made in August or some two months
ago, though the fact was not publicly known
until yesterday" The Pioneer then ex-
presses the following opinion
sour opiuion is, that, with the constantly
developing dishonesty on the part of bankers,
and the chances. for substitution Of stocks per-
mitted in the banking lao, the best Of our
HOME CURRENCY can at any time be made
worthless, and that it should all, therefore, be
treated as absolutely worthless now, and be
driven utterly out of circulation"
We beg the public to note the contrast be-
tween the position of the Pioneer now, as de-
fined in the foregoing, and its vehement abuse
of the MINNEsorIAN few months since for
warning the public ofthose very objections to
the banking law, and of the little confidence
to be placed in the honesty of the State Off
Gals to defend the interests Of the public.
The organ now speaks of the dishonesty
of the bankers as the principal reason why
the "home currency" should all be discredi-
ted. We tell that print, that dishonesty Of
bankers" would not seriously effect the val
ue of Minnesota currency, provided only Aud
itor Dunbar and Mr.. Sibley were not also
dishonest" or reckless of the public securi-
ty. Ifnone but good stocks promptly con-
yertible into cash on the failure of the bank
ers, so as to redeem the bills at anyrate-if
none but such stocks had been taken as the
basis for the issue of currency by the Cover
nor, and Auditor, and if, when taken, all cor
rupt exchange of them for inferior securities
had been refused as inimical to the public in
terest the Banks might all break and the
bankers all run off if they choose, and still the
bank bills remain "good" and be ultimately
redeemed with little or no loss to the commu-
nifty.
The grand trouble, however, is not so
much that the bankers are dishonest" but
that the State officials are rogues and rascals
who will consent to the Redistribution" (as the
Pioneer says) of stocks shaving no market
value whatever" for securities of 'high and
perfectly safe character" upon the faith Of the
deposit ofwhich, the currency obtained cir
culation amongst the people.
The conduct of Auditor Dunbar in this
matter is the more fragrant and criminal mas
much as, to his violation of his ordinary Off
eial duty as guardian of the public interests,
he has added deliberate Justification of his
pledged word of honor, not to do the very
act he has committed! About the 18th of
July last, he was waited upon by commit
tee appointed at a meeting of our citizens, to
know, amongst other things, whether he
would permit this. exchange of good for poor
currency securities? That committee was com
posed of DR.. David Day, Parker Paine, j. Jay
Knox and j. W. Cathcart. These gentlemen
in their published report, signed by them,
state as follows:
"He 1.-THE State Auditor stated, that he
should decline to exchange the stocks now on
deposit, other than the Minnesota Railroad 7
per cents for these stocks, if requested so to
do"
In the MINNEsoTIAN of July 18th, appeared
full report of the same interview, by sour
own Reporter" who was present and heard
all that passed. That report says:
son being asked whether he would allow
Banks founded on other than the seven per
cents to withdraw their stocks and substitute
the railroad bonds, he Auditor Dunbar re-
piled unequivocally, he aeould not; and ex-
planned, that though the railroad bonds were
good, the others were better, and he would
hold to the best stocks"
Yet, in one month after this solemn
pledge Mr.. Dunbar allowed, according to the
Pioneer, Just such withdrawal and just such
a substitution Mr.. Sibley looking on and
permitting by his silence, the outrage.
AS consequence, the people are cheated
and betrayed-the hard earnings of thousands
robbed from them by the corruption of Dem
ocratic officials; while, instead of the Pene-
Tertiary yawning to receive them into its en-
braces, they are allowed to 60 entirely scot
free, to still enjoy the offices whose trusts they
have abused, and still draw money from an
impoverished treasury for services rendered
against instead of for the people But such
is modern Democracy
The Responsibility of both Stbley and