, 1859-04-18
THE MINNESOTA BANKS.


Editors Preas and Tffbunc: J.: - N'F' - II
have seem Through the columns Of the Pass
AND TRIBUNE, and some Of The Bank Note Re-
:porters of Your et5, with deep regret Tie action
Of Chicago bankers relative to Minnesota cur
rency: and this action seems based On the
grounds that some Of our currency II not good,
and that what is now good. may be rendered un-
worthy Of credit, by the substitution Of stocks
having no market value, not convertible, for
those now deposited in the State Department us
security for The redemption Of the currency is
sued upon them. That this may be done, pro-
vided the banker demands it, and the Governor
and Auditor Of State consent thereto, it is use
less to deny. But think such conclusion can
be aErired ut, only By supposing, first, that the
banker has not intelligence sufficient to guard
his own interest, oris entirely deficient in moral
principle, and acting only as an agent of the
Railroad interest, lin which latter case you may
be sure the currency will hare no credi. here.)
And secondly, that our Governor and Auditor
Of State. havc very little regard for their oaths
Of Office the interest and safety of our people or
the credit Of Minnesota currency abroad.
Is it to be supposed, for q moment that q
banker would be go perfectly insane, after he
has established his bank on good basis, and is
in fair way Of good foreign circulation, as
to change his securities for those which hare
no market value, and thus at once ruin the
credit of his bank? The supposition is not
worth second thought; surely none but fool
or d lunatic would attempt it and yet this rery
supposition is the pretended basis Of the oppo-
sition Of your bankers to all Minnesota cur
rency.
As are to be found in Ill States, We have some
banks not worthy Of credit At home or abroad.
We have also those which are worthy Of such
credit, being based upon stocks Immediately
convertible IN New York city, and also owned
and managed by responsible parties Of the high
est commercial worth and integrity. Now, l
submit to the candor aud good Judgment OF your
bankers, if it be right to discredit the currency
Of well secured banks, because there are Or may
be in the same section Of country, those not
worthy Of credit?
Suppose a merchant Of your city, Mr.. A. to 60
TO New York to rep!enish his stock in trade, he
proposes to make his purchases Of i. on time.
B. says don't doubt but your house is respon-
eb1e and you m upright, honorable business
man but my dear sir, you come from Chicago,
where there are great many merchants doing
business on borrowed capital, or on no capitul
Ill HI, anu Scme u iuJ AcibuDui6 AafE SuueIcu
great losses on their dealings with Chicago mer-
chants, nnd under these circumstances can not
sell you. But says 3. our house is perfectly re-
sponsihle. rs you can learn to your satisfaction
if you will take the trouble to do so. All very
fine talk, SAYS A. but although YOU may be all
right now, you hare bad neighbors, and evil
habits are contagious, must decline your Gus
tom.
What would D. think Of this kind Of logic?
Evidently, i. would sar or think, if you huye
no more enlarged views than your words indi-
cate, and not sufficient force to know who is
worthy of credit, and who not, you are not the
man for me to do business with. I will seek
house where the good is distinguished from the
bad. No more suicidal would be the course Of
b., than is the action Of your bankers on the In
tcrests Of Chicago.
Whatever may be the future action Of the
bankers Of Chicago, it must be evident to every
intelligent, thinking man, that their adherence
to their present rule, must work q permanent
injury to her mercantile interest.
CURRENCY.