Saint Paul weekly Minnesotian., 1859-06-18

aid to build up another in the new? He came |
to find the land where labor stood on an equal |
ity with wealth; will he assist to make labor
Synonymous with degradation and life long
servitudes IGNATIUS DONNELLY.
The State OF the Currency-.-The Rag
~. Democracy.
The results of our inquiries yesterday
showed that the Exchange Bank of Glencoe's
issues were slightly improving in credit; but
in all other Minnesota Railroad currency, no
improvement was manifest. =
We cannot speak confidently, therefore, of
the revival of this Railroad currency general
ly, though we still hope, for the sake of nume-
rous business men and poor people who are
suffering from its falling dead upon their
hands, that some of the many projects being
agitated to bring these issues up to par again,
will yet succeed, though our expectations of
such result, we confess, are not of the bright
est kind. -..-
The point which we submitted the day be-
fore yesterday, that every man who loses
dollar by the depreciation of the Railroad
currency, should hold the Democratic State
Administration, and the Democratic Party
which elected and supports them, responsible
for their losses, is being generally accepted as
the true and fair solution of the question of
"Who Did It" this time?
This, a brief reference to facts will estab-
lish. The Banking Law of the State contains
this proviso, giving the Governor and Auditor
entire control over the subject, for the pur-
pose of protecting the People from being rob-
bed by Bank or Railroad currency swindles.
Read
| g rorided, That if, in the opinion of the Au-
| ditor and Governor, any stocks offered shall be
deemed insecure that they shall not be receUtd as
such securities under the provisions OF this act.
This shows, that the Democratic State off
cials could easily have saved the people from
all loss on this Railroad currency. 1t shows
indeed, that the law absolutely enjoined upor
them the duty of refusing insecure stocks
or stocks that would not bring in the New
York market, IN cash, the amount for which
they were deposited with the Auditor as Sc
curity for the bank notes issued!
Now, it is notorious these Railroad Stat
Stocks were known by the Democratic Stat
officials to be totally insecure when they &C
cepted them as tbe basis for banking at 81
cents on the dollar
This cannot be denied. Mr.. SIBLEY wa
fresh from Wall Street when he and the Au
ditor accepted them. While in New York w
all know that the best offer he could get fc
those stocks was about 30 cents on the dollar
Is 1t not transparent therefore, that when tn
Railroad bankers offered them as security ft
their notes. his "opinion and the "opinion
of the Auditor could not be otherwise tina
that they acere "insecure" as guaranty ft
- the redemption of more than 80 cents on c,
=. cry dollar of the currency they authorized
y be issued upon the them?
Yet, knowing this, and imbued with tn
"opinion," these Democratic officials disr
garded tho lew-disregarded their duty
disregarded the interests Of the people at larg
to crafty the wishes and accommodate the il
e terests of the Railroad operators and fina
:. ceers
)" Let the suffering People of all parties r
> member this Let every man who experience
. embarrassment in his business, or any 10
whateyer on this currency, remember that Il
" Democracy as a party, through their chose
u officials, are responsible-tha Democrat
y cared more for the Railroad Nabobs Al
Is SwindIers than they did for the Busine
Men and Working Men of the country
u 1t has been observed that if the Railroa
j. currency had been adequately secured, to
" full amount with stocks that would bril-
e the cash in the money markets Of the cas-
L. the mere breaking of the banks, and the ia
ure to redeem their notes at their counter
IS would be but temporary embarrassment
u n the currency would still be entirely "good
e e at its face; because everybody would still co
a- fide in the securities in the hands of the Bar
RS Department of the State being ample in val
to2redeem every note issued-redeem them
n. their full faces. But how is it with the pl
of sent Democratic Railroad currency? Is
e. not the knowledge the people have, that t
D. Stocks behind these Railroad Bank issu
= are "insecure"-that these stocks would n
d. bring, if sold, more than third of what t
a; entire currency issued amounts to--is it r
us this knowledge which makes the pal
ID amongst the people so hard to alay and viii
at so thoroughly depreciates this currency almt
er beyond hope of its revival? ~. .-
es Yes, it is The grand trouble with
currency is, that the community have no CO
ne fdence its 6aeking-in its basis! They knt
~ all is hollow underneath it
mt And is 1t surprising that it should be
n. when they behold Railroad Companies wit
IN out capital-Stocks without market value
ng and currency founded upon them which
ne not convertible into gold or silver or Exchan
ID now, end with slim prospect of its ultima
~ redemption in the future? What wonder tt
en- profound distrust in the whole Railroad
u rangement and these incidentals thereof, ,shor
ne pervade deeply the popular mind, the me
ne particularly as, SO far as the currency is ot
IN cerned, all would have been well, had it I