Saint Paul weekly Minnesotian., 1859-06-18

their mast. luclr SVouS, uAeh SnAAA' S |
labor, have been exchanged for it, in good
faith. 1t is now on their hands in various
amounts from dollar or two up to several
hundreds. They live IN hopes that the panic
is but a temporary one, and that the currency
they hold will not continue dead loss on their
hands. As long as the shadow of a prospect
remains of the possible realization OF such
hope, we feel reluctant to fire single cannon
shot into the airy fabric Of their ardent dreams.
We want, therefore, to let the Banks have all
the chances possible for recovering themselves
and re.instating their Currency in the conf
dence of the public.
Not that our opinion as to the tinality OF
the whole scheme of building 14OO miles OF
Railroads by issuing $5,OOO,Ooo Of State
Bonds and then cashing them by cutting them
I'D into currency, has undergone any change.
Not at all-none whatever. But then, our
;udpment is not infalhble. The results we
anticipate as probable, nay certain, may not
work out so disastrously as we have thought.
There is doubt, and it is always the rule to
give culprits g the benefit of doubt" we
NAV after all be mistaken in our vatlcpations
as to the final winding up Of this whole $5,-
OOO. 900 Loan business and its currency Sc
ouence. And we hesitate not to declare, that
so little pride do we take in our prophetlcal
reputation in this matter, that we had much
rather prove false prophet than turn out
true one, could we but behold the popular
distress relieved, the currency redeemed with
out loss, the Railroads built, and the business
community emerging again from financial
chaos into financial order and business regu-
larity. But alas, it is not yet the millennium !
But there is one point the people generally
should not forget, and which, without desiring
to iniure the possible revival of the currency,
we may be excused from urging at this time.
We would control the future If We may
not cure the past.
1t is this, that however men may differ upon
the probability Of the Railroad Currency yet
proving to be as sound and good in all respects
as it's friends contend it really is, all will agree
this one thing is certain, that this sound
ness and goodness would have been beyond
the shadow of doubt, had the Democratic
Executive and the Democratic Auditor OF the
State but only done their duty by the People,
and had thought little more of their safety
than they did of accommodating their Rail-
road friends. If the interests of the Railroad
Companies had not been the chief considera.
ton of those officials with an eye also to their
own interests, slightly, perhaps! y they would
have enforced from the Railroad bankers q
deposit of enough of State Railroad Bonds as
a basis for Currency, sufficient to have in
spired implicit confidence abroad as well as al
home in the ultimate redemption of the banl
bills, countsrsigned and issued from the State
Auditors office-their redemption, we mean
at their exact face, and without any abatemen
or discount.
Indeed, we may remark here, parenthetical
ly, that this foreign circulation is just wha
the bills have needed to make them equal.
good here and elsewhere. A circulation Ii
: other States would, to the extent of that cir
culation, have answered for paying our debt
instead of so much gold or eastern exchange
1 But!such circulation must be the fruit of pre-
found confidence in its prompt redemption
r and ultimate security. And it is transparent
Il that had the Governor and State Auditor eS
d ercised faithfully the powers conferred special
II ly upon them by the banking law, to requir
S Stock securities sufficient to make the cul
IL rency ".Sats for the People," we should prot
o ably have secured this confidence abroad an
n avoided altogether the present crisis in OH
it monetary affairs at home, and the losses
g must infict upon the people Of the State ger
IL orally, even though the banks should recove
e from their present panic.
But no-our Democratic State Admin!
tration freely allowed the Railroad Bankers
deposit their Stocks at the fictitious or mer
y home currency" valuation of 95 cents o
s the dollar-did this deliberately and in tn
face of the light and knowledge MI
J. S1BLEY had just Immediately before acquired
It during his famous negotiations in New Yor
It city for the sale of the State Railroad Bond
g when he utterly failed to obtain better offt
e for those securities, than about 80 cents on I'll
dollars IN cash
!, Yet, he and the State Auditor, KNOWN
: this fact, attempted to make the mercanti
and business community-make the farmer
mechanics and laboring men of the country
e | A. l,1lo, f>pf hos
Bonds when cut up into smaller bonds in til
shape of bank notes than they positively kne
the New York capitalists ,oouM cash the'
}. for!
Let all the people, as they handle the Raj
= road currency bills and experience the preser
difficulties in their circulation, keep the for
; going facts in their mind and remembe
moreover, in addition,
lst. That neither is this press as leadin
Republican organ, nor is the Republican part
Of the State, in the least responsible for tt
present financial disasters which have falle
# like a blight upon the community,
2nd. That those disasters would have bee
IF AL oDViateu OF pTeNeiiteu, IL tLN DonAvSAo a.
State Administration had been true to the il
terests of the People and required the depos
of sufficient securities, in the public stocks
this and other States, at their cash cdlue
NeD York, so as to have guaranteed hewho
community in the sure redemption of the Raj
road Bank bills at par! z
Had the Democratic officials done their d,
q ty in this respect panic or no panic the re
N working people Of the country would ha'
" been now and always sure Of the redemptie
g Of their hard-earned money, and without 81
fsring any discount or shave whatever upt