Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1859-07-16

and the Land Grants should revert to the
State. If the Companies will not listen to
any fair terms of compromise the people must
then state frankly and decidedly what portion
Of the bonds they propose to provide for, or
else exercise to the fullest extent possible, our
constitutional rights, and as long as single
gravel stone is wanting to the grading, or
single spike wanting on the track let the bonds
be refused. He believed if the Companies
we've held closely up to the letter of the law,
both with regard to the grading and building
OF the roads, and the payment of interest on
the bonds, that in less than one year the
whole grant of lands would revert to the
State. Thus by providing for from one mill
ion to two millions of dollars we could by rig
id and prompt measures save the credit of the
State and command the self respect of the
whole country. With the Land Grants once |
more in our possession men of capital would |
soon be found to take hold of our Railroad En- |
terprises and finish the Railroads as soon as
needed. Since these Railroad prospects were
originated the vast country above us had come
into notice; and the Red River country was
becoming familiar to the eyes and ears of cap
italists throughout the country. We had
within few menths sent Arson Northrup,
with his boat samson Northrup," five hun
dred miles down Red River as good epistle
from st. Paul to the Selkirks; and the enter
prise of this one man cheered on by few
citizens of ST. Paul had already done more for
our State than all our Grants of Land, all our
Five Million Loan, and all our Railroad Com
panies combined. With these things now so
we'll known Railroads to the East or West will
be built years sooner by new capitalists than
by the present bankrupt Companies.
Petitions should at once be circulated and
sent in from every quarter of the State ask
ing the Governor neither to issue further
Bonds or Currency to either of the Railroad
Companies or other parties until the meeting
of the next Legislature.
Parker Paine Esq, endorsed many of the
remarks of previous speakers. He said all
| felt the evil-and now for the remedy. We
must prevent an excessive issue of one, two
or three millions of the deprecated currency,
and believed it is in our power to do so. A
good influence can be brought to bear on the
tition, and who could refuse to sign such Pc
titions. They would influence the Governor.
He could not be deaf to the popular voice.
Not another dollar of the Railroad money can
safely be issued. If it goes on, ruin stares us
IN theface. No one says 1--WE will repudate,"
but they say, 'stop the ISSUE"
Here the Committee appeared and submit
ted the following preamble and resolutions,
accompanied by the explanation that it was
a majority report, dissented from by one
member
We, the merchants, business men and Tax Pay
ers of st. Paul, deeming it expedent, and our
We at 10
publish to our friends and customers, and to the
people of the State of Minnesota, our views
and determination respecting the present Rail-
road currency which is now circulating through.
out the State, take this method to accomplish
that object. We would, therefore, respectfully
say, that we believe that a sound and redeema,
BILE currency.is great public convenience, while
an irredeemable currency is a public calami
ty; that the legitimate office of Bank promises as
a circulating medium, s TO fachitate the exchange
of property and as it purpOrts to be money, and
the representative of value, and intended for gen
eral circulation, it should be convertible into coin
at the will of the holder; that q necessary cond
ton of its circulation is that it is good in the
hands of one man as it is in the hands of another
. Therefore, we condemn and denounce the doctrin,
that is advocated and acted upon by some of tn,
ssuers of Bank paper in this State, upon the fac
that they have moral right to refuse to pay thei
debts or redeem their promises in the hand of par
ticular individuals. Wehold that by so doing the
depreciate the value Of their paper IN the hands
: While We condemn captious and spiteful ru
upon any Banking institution we hold the RICH
OF every individual as yet unyielded, to deman
of their debtor their DUE And particularly d
we look to the moneyed institutions of the Stat
for courteous reception and a prompt re
8 demption, when respectful and courteous de
= mand is made upon shem; that we pledge our
G selves each to the other, that we will honorabl
cation, labor to sustain all Banking institutions es
tablished in this State, whose issues are made fo
. Redemption as well as Circulation whose note
are based upon stocks saeable at will at par an
upwards, In the City Of New York which ar
Banks of deposit and discount as well as Banks {
issue, and have I'm accessible location.
We believe that the laws of trade are as exactin
as the laws of nature and that violation of ethe
Z. | the laws of trade is violated when irredeemabl
t promises are put forth. Punctuality and prompt
s ness is the father and mother of confidence, and
violation ct either 10 destructive Of healthy cor
:, or men can successfully Bank aud honestly fulf
u their obligations to the public, without NOR
\ ey,-and that no man or institution can circu
late promises for which they have received value
O | with deliberate intention of avoiding the nav
: ment of the same, without deserving the name &
= swindler and swindlers, and such We hold them.
. ,We believe that the cnErenGy issued by the Rail
ros&Banks is unworthy of credit, as the bonds up
are worthless a security, there being no authen
!. ticated account of their honest sale in any quaint
II ty for cash, at any price.
s That the Railroad Bank currency ought to b
Q discountenanced because the individual response
bility clause the law authorizing their Organize
= ton is rendered lugatory by reason Of their own
= ers not being men of responsibility so far a
security is c0ncefned-mefc men of straw; that
ought to be condemned, because the Banks who is
sue it are subject to control or supervision AM
because it is evidently for their pterest to refus
to redeem, because the experience of other State
admonishes us that wheneoer and scheregr a corpo
ration can avoid responsibility, they have neve
been known TO refuse to embIac the opportunita
because we regard the whole system Of Railroa
Banking in this State as having been deliberatel
= formed to swindle the people; and because the
have already failed in every particularto meet tn
just expectations of the honest friends of the sys
tenn, and large quantities of Rail Road money
:. now under protest and hopelessly irredeemable
s Resolo6d, That we will use all honorable mean
to discountenance the circulation of r. r. Bank pa
:, per, based upon Minnesota State Railroad Z pc
u cent. Bonds, and that Committee of five be ap
e pointed by the Chair to wait upon the Govern0
and Auditor State and to request them in behal
It of this meeting to issue no more currency on Min
a nesota State Rail Road Bonds.
s The report was accepted, and the Commit
tee discharged:
Mr.. Ingersoll the minority of the Commit
o tee then urged his dissenting views, whicl
u were respectfully listened to by the audience
Judge Sherburne made an excellent speech
r and presented some sound conservative ant
l. calm-minded views and suggestions regard
!; ing our State and course, which were well re
ceived, but lengthy proceedings rules out
= fuller report of them.
The Chair stated that this meeting is an i'm
:, portant one, and would mould and inauenc
\ public opinion to great extent, and may b
. decide the fate of the issues.
j. w. McClung Esq, said in view of thi
e we should do nothing hasty, and moved fo
= an adjournment until next week sometime
y when we could in the meantime reflect on tn,