The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-01-06
From tbs X0stsrilO kIpfsss
3ii0DssOta Currency.

II appears that Systematic efforts are be.
ing made, both in New York and Chicago
10 depreciate the value Of the Bonds issued
by the State Of Minnesota. to the several
railroad companies, under the provisions Of
the Loan Bill. The motives for such efforts
may be easily surinised New York brokers
though perfectly satisfied that these stocks
are as secure az those Of any other State
still very naturally desire to obtain them at
the lowest possible rates and Illinois bank.
ers, anxious a. far as possible TO monopoize
the business Of furnishing currency Tor the
North West unite IN an effort TO depreciate
Minnesota Bonds with the hope OF either
rendering them unavalling for banking pur.
poses, or OF running the credit Of the currency
II issued To effect their object they make
tools Of individuals, claiming to be citIu ns
Of Minnesota, who through the columns Of
the New York papers, decry the securities
given to the State by the railroad companies;
aud also prophecy reputation on the pat Of
The State
We are ready TO admit that the securi.
ties given 10 the State, are not all tina,
might be wished The decision of the Su-
preIne Court, refusing to make the first
mortgage bonds, u lien prior TO all others,
however It may be argued from the techn-
calties..oi law, is in opposition to the common
sense reading Of the bill, and 10 the under
standing Of the honest portion Of the legisla-
tors who framed it, aud OF the people who
voted for it.
II i. II matter to b. deplored by the ci,i.
zens OF Minnesota, and al far as acted upon,
very materially lessons the securities held by
the State But it should be understood that
three out OF four companies have given their
first mortgage bonds az understood by the
Governor and the people 70 that this de.
cision does not effect the security for the
bonds already issued to these companies.
Besides we should always bear in mind that
the best security the State has, is the fact
that the self interest Of the companies binds
them to build the roads 10 order to secure
the land grant; and that il the roads are
built, the lands made over to the State are
ample security OF themselves.
But this is not the practical question at
ISSUE II the companies should fail 10 pay
their bonds, the State rW mol. The people
Of Minnesota voted for the Loan Bill with
their eyes wide open to the fact they might
possibly bic swindled ont Of portion of the
loan. They voted for it with II full con.
seriousness that if the companies failed to
pay the bonds, II must come out of their
own packets. Minnesota will never repui,-
die. Such would he, to-day the unanimous
voice Of the citizens OF our State, whether
friends or foes Of the loan. Young "a we
are, with u reputation and Il credit to estab-
Iish in the Nation aud the world we dare
not repudate. Proud as we are of our
good name. AMI strong in our SENSE OF hon
ors, We icW not rcpudiate, With a popula.
ton made up Of the youth. vigor, the cour
age and energy of New England aud the
other Northern States with our vast natur.
al resources, and our ever constant influx Of
emigration and capital, We can never b.
competed TO rcpudiate This is Tie only
question. And we express our firm conyc-
ton when VT say that Minnesota bnnk
notes, secuted by Minnesota Railroad
Bonds, at par, viii prove to lie IS saie and
reliable currency as is furnished by the
Ranks of our sister States