The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1860-01-27
The consideration of the Township Act
consumed the remainder of the day.
The Honse then adjourned.

consumed the remainder OF the day.
The Honse then adjourned.
THURSDAY, Jan. 10, 1860.
The Senate was called to order by the
President, and after prayer by the Chaplain
the journal was read and approved.
PETITIONS, &C.
By Mr.. EVANS: From citizens of Blue
Earth, for a Ferry charter on the Blue
Earth river. Referred to select committee
consisting of Messrs. Evans, Edgerton and
F. E. Baldwin.
Bills INTRODUCED.
By Mr.. BALDWIN, of Sherburne To
change the boundary lines of Anoka and
Isanti counties.
RESOLUTIONS.
The resolution offered by Mr.. McLaren
yesterday, that bills which had been in the
hands of committees three days without re-
port should be considered as in the posses
sion of the Senate, was adopted
Mr.. FROST, from the Committee on
Towns and Counties, made a report, and
submitted bill. Under this bill the gen.
eral management of the business of the town,
the prosecution and defense of actions in it's
behalf, the control of its highways and
bridges, the oversight and relief of the poor,
and the auditing Of town accounts and ex
penses, are entrusted to board of three
supervisors; the records of the town are
kept by the town clerk the moneys of the
town are to be in the hands of the town
treasurer, who is also the collector of taxes !;
provision is made for the election of town
superintendent of schools. These are the
leading features of the township system.
The Committee have endeavored to remedy
the defects of the present system, without
altering all its provisions. They believe
that such system of township government,
operating in conjunction with a county
system, under the control of board of
county commissioners, not exceeding five in
number, will be most economical for the
taxpayers, as we'll as most in union with the
habits, convenience and wants of the people.
COMMITTEE OF THE WHOLE.
Mr.. WELLS, of Fillmore county, in the
Chair.
THE BANKING LAW.
A bill for an act to authorize the business
of banking, in the State of Minnesota, was
considered. This bill was introduced by
Mr.. McLaren, and is the same as the bank
ing law of Wisconsin.
Mr.. COWAN moved to amend by stri.
king out all after the enacting clause, and
inserting the words:
Section l. That the act entitled ian Act to
authorize the business of Banking" passed
July rs, 1858, and as amended in laws of 1858,
page 80, be. and the same is hereby repealed,
saving to the State, however, all rights reserv.
ed and prescribed in said act to the Auditor or
control of the State over such banks as may
nave organized under the said banking act.
Sec. 2. This act shall take effect and be in
force from and after its passage.
Mr.. COWAN said that he had intended
to have offered this amendment after the
committee had passed upon the bill, but as
the committee seem to manifest but little
interest in its details, and as a number of
the members entertained sentiments similar
to his own, to save time he had offered it
now. He thought that the first question
for the Senate to decide was-Are banks OF
issue required in Minnesota The quarter
ly reports of our present banking institutions
emphatically answered-No! He said that
the strongest arguments used before the
Legislature of 1858, in favor of establishing
banks of issue, were that it would allure for.
eign capital, afford cheaper exchange and aid
our merchants by legitimate accounts. 1t
had allured capital. Men of means and of
great financial experience had invested under
our banking law, but as long as the rate of
exchange ruled against us, las great at some
periods of the year as 10 per cent? it was
impossible to successfully circulate our cur.
rency. These men had been crushed by the
circumstances, and by the temptation offered
to run upon these banks for immediate and
constant redemption. AS a natural conse.
quence, our soundest bankers had withdrawn
and are now withdrawing their capital from
legitimate banking, while five banks had
entirely failed, and now make no report.
He denied that our banks had cheapened
exchange, and he instanced the Central
Bank and the Peoples Bank, to show that
the manufacture of paper money did not aid
Jul ouOiuSoo HOu' liz tCpOTl VI OCGOUtI,
1859, showed that the Central Bank had
line OF loans and discounts amounting to
less than 5000, while the Peoples Bank,
located OF st. Peter, and which has the con-
idence of the people in his district, as we'll
as being we'll credited in st. Paul, reported
nothing under this head. He said we could
not manufacture money. Banks may be
found necessary to facilitate business, infuse
capital into active enterprises, and sustain
credit with credit, in large commercial
circles but he held that here in Minnesota
we must for long time yet trust to labor
and its sure rewards, both for capital and
credit. The best system that could be de-
vised-even this Wisconsin act, which was,
(he admitted, safe enough in Wisconsin,
would not apply to Minnesota but would
be either demoralizing and unsafe, by driv.
ing bankers to outside operations for profits,
or remain dead letter upon the statutes.
He was opposed to taking up the important
time of the session, for which our people arc
so poorly able to pay, in consideration of
this bill. He desired first to epquire if the
people who sent us here wanted another
banking experiment.
Mr.. MCLAREN referred to the rapidly
increasing exports of the State. He would
agree with the Senator from Nicollet (Mr.