The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-07-28


the public stocks Is. shall .
sued or TO be issued by transfei
the United States. or Audit0I
the stocks Of any State any pol
Of the l.. States, on lie stoc
which full interest is be issuI
semi annually paid. states
said stocks to be val MINES
ued at a rate to be esti rent va
mated and governed by Of any
the average rate at the
which such stocks have which
been sold in the city OF been
New York, within the than th
next six months pre-. the ste
ceding the time when the cit,
such stocks may be lett within
on deposit with the Au months
ditOr OF State, such per time W
son or association OF may bt
persons shall be emit. with
tied TO receive from the state,
Auditor, an amount OF associa
such circulating notes shall b.
Of different denOmina. ceiye Fl
tons, registered and an amC
countersIgned, equal to culatin
and not exceeding the ent der
amount Of public stocks istered
assigned and transfer. ed, ECU
red, as aforesaid, but ceedin,
such public stock shall public
in oil cases be, or be and
made TO be, equal to a aioress
stock producing six per public
cent. per annum, and il cases
shall not be lawful for equal
the Auditor Of State to ducing
take such stock above annum
its par value nor above time III
Its current market and ira
value in the city Audito
OF New York at the culatin
time OF deposit. by such part III
person or association OF preciat
persons if at any time or NOR
the stocks assigned and New \
transferred TO the Audi. Audito
tor OF state for circu reduce
lating note, OF any part the san
thereof. shall depre as sec
ciate ten per cent. or quire :
more IN value in the sociati,
New York market. the owning
Auditor Of State shall make I
reduce the rate at with
which the same shall be stocks
continued to be held as this Ac
securities. and require red an
such banking ass0cia. aforesa
ton or banker owning bankin
such stocks, TO make banker
up the deficiency with such d,
such additional stocks turning
as required by this Act, Of Stat,
to be transferred and of banl
assigned as aforesaid, ISSUED
or such banking asso as shall
citation or banker NAV de6cier
make good such deh created
cheney by returning TO the der
the Auditor Of state. said SIC
such amount Of hank curitv
bills previously issued Proud
TO him or them, a shall the OPT
be equal 10 the def ditor
cheney Of security ere. any sto
ated or caused by the be dee
depreciation Of the said they =
socks held "a security ceived
a. Aforesaid /; P,ormed. ties un
That II in the opinion OF ions Of
the Auditor and Cover.
nor, any stocks offered
shall be deemed inse
cure, they shall not be
received as such secur.
tiles under the proyis ,....s
ions Of thsAct. fssRs
II will be seen that the {
entirely changed the charact,
ing system for while the act
y passed, permitted all stat
States stocks /" on VIA
est is semi-annuaiIy "a
received as a backing bas
tain rate therein specified
tory act practically confne'
the stocks of the United st.
sofa, and Of two or three
the Union. The object o.
banking basis TO this small
bring into request the stock
issued 10 aid ofour railroad 7
The bill tor the amendator
ed IN the Senate, and pas.
alter going through liz regull
vote Of twenty-five 20 four. In
having been read twice. the b
10 the Committee on Bankin.
Il back 20 the House wit.
materially changing il cI
amendments OF the Commit
CURED in by the House,
failure Of one attempt 10 pas
a twothir,ls vote, ii was
through by a vote OF fftyf'
the return OF the bill 10 Il
body refused to concur il tn
OF the llo1e, and appoini'
member, "a meet with a Tx
the HOUSE a. a committee Of
the bill. This COMMITTEES
recommends! the Iiouse 20
amendments The House a,
arry out the rccommen,latb
icrenc committee, by a vote
uir,y-nye by It ,ub-qaer
from Is ametlmfn', by a
eight 20 thirty four. Tn
question 10y lived Va. "a ~