St. Cloud Democrat. [volume] (Saint Cloud, Stearns County, Minn.) 1858-1866, 1859-07-21
Currency Meeting in Minne-
apolis.

Currency Meeting in. Minne-
apolis. .
Pursuant to a call, at half past 7 o'clock
on last evening, the citizens of Minneapo-
lis assembled in Woodman's Hall, to take
action upon the question of the Railroad
Bond currency now afoat: throughout the
State. The meeting was called to. order
by Daniel Bassett ESQ, who nominated
Judge Ames for President of the meet;ny
which nomination was unanimously ratified.
Inc meeting then elected David Morgan,
Esq, and Daniel Bassett, ESQ.,, Vice Pres,
idents and David Charlton, ESQ.,, and Chas
King Secretaries.
David Morgan, Esq, briefly stated the
object Of the meeting, after which f. r.
r. Cornell, Esq. alluded to our present diff.
ticulties in regard to the Railroad currency.
and closed by introducing to the attention
OF tue audience, VIM. L. Banning, ESQ.,. of
st. Paul, who in a short and pointed speech.
portrayed in its true light the evil effects
that must ensue from the peoples submit
ting passively to the farther issue of this
class OF currency. He alluded to the cor
rupt means used to procure the PASSAGE OF
the loan bill through the last legislature.
stating that he held sthe drafts drawn hv
Kneeland, Hadley & jenkins and accepted
by Wells, with which members of the last
legislature were bribed? He also stated
that there were now employed in the State
department at St. Paul, three extra CLERKS
in signing the bills of new banks based
upon the same securities as those now in
circulation, and that the design is to make
al the issues Of these banks good for a
time, to enable them to get out their en-
tire circulation and finish enough Of the
roads to enable them to draw all Of the
100000 bonds, and force by the same
corrupt means that have all along charac.
terlzcd this infamous scheme of public
plumber, tax bill through the next leois-
lature, and then leave the State without a
mile OF road completed, to struggle on un-
der load of debt that must involve her in
complete ruin.
The following resolutions were then Of.
tered by Mr.. Cornell, and unanimously
adopted by the meeting:
heSoeoeo: mat the attempt to furnish the
people with circulating medium, based sole
~ upon Minnesota State Railroad Bonds has
proved m utter failure alike disastrous to the
people and derogatory to the credit and cbar'
acter of the State.
Reso1ved, That to the abandonment If that
sound policy contemplated by our State Con-
stltutlon, which requires sample security in
United States and State Stocks for the redemn.
tion OF al bllls or notes issued, or nut in !
circulation as money!" and the Substitution
therefor by our public functionaries Of a new
scheme OF banking based upon :. Minnesota
State Railroad Bonds" possessing no known
market Value, are the people Of Minnesota
NANNY indebted for most if not all the evils !!
lnnl11eo upon them by a deprecated and
business is paralized, and all interests ers |
suffering alike. ..,~s.,-: :.-.-, : = - =
Resolued, That our brief but bitter exneri.
ence In the past, proves the absolute necessity
IN the future OF return to sound princinles
OF banking on the part Of our State Govern
ment, and OF reputation on the mart If onr
people and especially of our business commn-
nifty OF all kinds, of shinplaster currencv
whether issued by brokers in defiance of lax'
or rom the State Auditors department under
senblance and color of law. $50 ''@
nesot"ea' That we have heard with alarm.
tnat an attempt is now being made to revive
the present exploded, rotten Railroad Bankinr
system OF Minnesota, by organizing new banks
upon the same and like securities, and we can
but deprecate and denounce all such schemes
ana projects, come from whatever source thew
may, or under whatever auspices inaucurated
as calculated to bring disgrace upon their au- |
thors and ruin to the State. -. -, J. :" /
= Hesolved, That iuasmuch as the Governor
ana State Auditor are Solely invested hv law
u u! Wh1ch they assume to act, with the +
olscretonary power of determining as to til, |
cn"rac.er OF all stocks which may be offered
- useu ZOE banking purposes, and of rejecting /
su ~: as tney may deem insecure, it is duty
wn1cn tney owe to the people Of Minnesota. 80 |
them in future from the evils and d;saata ~
9 Hepreciated currency, and we would respect
aries, the urgent necessity Of = fearless honast
and faithful discharge of this imnortant az
oial trust and duty. &sjlfsE q
Upon motion Of Dorillus Morrison Esq
the Secretaries were directed to furnish 81
copy of the proceedings Of the meetintp. Il
the press Of the State generally, and to
transmit . copy Of the same to tho Cover.
nor Of the State, signed by the officers Of
the !, meeting - The meeting then adjourn-
e. :l.. ~ +. B. AMEs, Rre.iaentt. !. |,
e. DAv '1t' oH IA ..: - :.
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