Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-07-23
For the Minnssstian.
For the Minnssstian.
LMrge Meeting of the Business Men ana
Taxpayer OF The City OF Hasting"'
Opposed 10 Wildcat Currency and
tho $4,000. 900 Railroad Svvi,,dlc.

opposed 10 wildcat Currency and
tho $4,000, 900 Railroad swi..dlc.
Pursuant to a call signed by some of the
leading business men of Hastings, published
IN hand bill and posted about the City for
several days, large and enthusiastic meet
ing of the citizens took place on Monday eve
ming, the 18th inst, at Smiths Hall.
The meeting was called to order about
o'clock by WIN. G. LIE Due, Esq, on whose
motion JOHN L. THoRNE, Esq, was elected
Chairman, and WILLIAM Fl. SKINNER, Esq,
Secretary.
On motion, committee of three was APP
pointed to draft preamble and resolutions,
and report the same to the meeting for con-
sideratiOn,
The committee having retired for consulta-
ton, Col JOHN L. TORRANCE, of the City Of
New York, who has been spending few
| days in Hastng, was called upon to address
the meeting, which he promptly responded to
| in an eloquent and forcible manner. He de-
pictcd in glowing terms the favorable impress
sion he had formed Of Minnesota and her
boundless resources, and the cheering desti-
ny before her, provided the government was
economically administered, no unnecessary
debt incurred, or taxes imposed. He deplor-
ed the tendency existing among the Western
people to extravagant and unnecessary ex
penditures, and said it was especially impor
tant for the people of Minnesota to be eau
tious in lending their credit to spectators.
The Colonel spoke of the s.. 100000 Loaf
Bill, of the issuing Of State Bonds for Rail
road purposes, and of the wildcat currency
based upon it. His speech was quite lengthy
and was received with applause, and we re
gret our inability to report it,
;, The Committee on Resolutions, by thel
Chairman, JOHN R. CLAGErT, ESQ, then re
ported preamble. which we publish below
: and a series of resolutions, some of whic
> were adopted, and others rejected. The IT
port of the Committee was accepted. W
publish only those resolutions which tt
meeting adopted:
Whereas Under an act of the Legislature
| this State proposing an amendment To the CONS
4 tuition for the purpose OF loaning the credit oi
State to the amount of $5, OOo, OOO to certain ia
e road Companies, under certain specified CONF
" tions to be performed the part OF said Railro
ompanies, o large amount of the bonds OF u
5, State. called " Minnesota State kailrOad bonds
n have been ISSUED to said Companies; and
Whereas, In the opinion OF TINS neeung,
he conditions prescribed by the statute prelimlna
to the issue of said bonds have not been compil
- with in good faith by said Companies, and that
al issue of sand bonds is therefore unauthorized
Is, any law OF this State; and
Whereas. 1t is provided by said statute that ca
ie. Company shall make provision for the punct
at payment and redemption Of all bonds issued
delivered to said Company, and for the punct
Gu payment OF the interest which shall accrue the
- ON, in such manner as to exonerate the Treasl
Ut this State from any advance of money for {
Hhveas. BY the provisions of an act of
Legislature to authorize and regulate the busin
-. Of banking, approved July 26tn 1858. and anne
" ed August l4th, 1858, the Auditor Of State is
ar- thorized to issue circulating notes, based u,
United States stocks, or the stocks of any ST
lat their current value" but such stock shall
all cases be or be made to be equal to stock ,
er- ducing six per cent. per annum; and PROVO
10 further that /" if in the opinion Of the Auditor
"' Governor any stocks offered shall be deemed i
,ss, cure, they shall not be received as such Sec
nh ties and also providing that before any cire
ting notes snail De ,iSSueu " suo Auu'oi,
in stockholders of the bank shall give to the Aut
MID good and sufficient bonds to be approved by
VA. to the amount of one-fourth Of the notes that
did bank shall receive, as additional security to
that billholders; and
'""' Whereas. The Minnesota State Railroad boz
BON, have not and never had, any current or ms
and value, in any money market-are MT equal
stock producing six per cent. per annum; and
tne Whereas, Such stocks have been received D.
ave Governor and Auditor as basis for banking
large amounts of circulating notes issued to
SAID ponsibie banking companies, and f0isted upOl
b;s people OF this State, and are now entirely
' deemable, and loss to the holders; there
por- We, the business men and taxpayers Of the
lion, R:oira9 That We are now fn Us sa,;sssd III
me passage Of the IS, 0OO, oo0 Loan Bill was a