Page:Portland, Oregon, its History and Builders volume 1.djvu/697



CHAPTER XXIV.

1859 — 1910.

Pioneers Days, Legal Tender — The Great Gold Discovery — The Beaver Money Mint — The First Bank and Banker — The Vicissi- tudes of the Banks — The Present Banks — The Foreign Banks — Financial Institutions — The Financial Situation.

The monetary and financial aflfairs of Oregon began to take shape in the year 1845. Prior to that time the Hudson's Bay Company had controlled all trade, commerce, barter and sale of products. And the only produce, if such it could be called, was the furry skins of wild animals. The beaver pelt was taken as the basis of standards of values, and everything was rated at so many beaver skins, or so much of something for one beaver skin. But when the people of the territory organized their provisional government in 1843, they set to work to enlarge the circulating medium so as to put an end to beaver pelt money, and prevent the fur company from cornering "the legal tender money of the realm." Our pioneer founders and starters of things in this part of the world may not have been scientific financiers, but they managed to get along somehow, and "make both ends meet"; and were quite as comfortable in their ability to pay taxes and a great deal more independent than their successors in these parts now- adays.

At the regular session of the house of representatives of the provisional gov- ernment of Oregon, commencing December 2, 1845, ^ ^^^ was passed regulating the currency, in which gold, silver, treasury drafts, approved orders on solvent merchants, and good merchantable wheat delivered at places where the people were accustomed to receive wheat, was declared to be a lawful tender for taxes and payment of judgments rendered by the courts of Oregon. The sections of the law on exemptions from sale included nearly everything, and no property could be sold for less than two-thirds of its value.

Another act was passed on August 19, 1845, regulating the legal tender of which the following is a copy :

"Be it enacted by the house of representatives of Oregon territory as follows: That cash, or the following articles at their current value, shall be a lawful tender in the payment of all demands in this territory, where no special contract had been made between the parties, viz., available orders, wheat, hides, tallow, beef, pork, butter, lard, peas, lumber, or other articles of export of this territory; provided the same be delivered at such points on the navigable streams, or such other places as may be established as depots of such articles. This act to take effect and be in force from and after its passage."

THE GREAT GOLD DISCOVERY.

The greatest event in the first one hundred years after the American revolu- tion was the discovery of gold in California. At first thought this seems to be