Mr. Goodhue was just the man to be the editor of the first paper of a frontier territory. He was energetic, enterprising, brilliant, bold and belligerent. He conducted the Pioneer with great success and advantage to the territory until the year 1851, when he published an article on Judge Cooper, censuring him for absenteeism, which is a very good specimen of the editorial style of that day. He called the judge "a sot," "a brute," "an ass," "a profligate vagabond," and closed his article in the following language:
"Feeling some resentment for the wrongs our territory has so long suffered by these men, pressing upon us like a dispensation of wrath,—a judgment—a curse—a plague, unequalled since Egypt went lousy,—we sat down to write this article with some bitterness, but our very gall is honey to what they deserve."
In those fighting days, such an article could not fail to produce a personal collision. A brother of Judge Cooper resented the attack, and in the encounter between them, Goodhue was badly stabbed and Cooper was shot. Neither wound proved fatal at the time, but it was always asserted by the friends of each combatant, and generally believed, that they both died from the effects of these wounds.
The original Minnesota Pioneer still lives in the Pioneer Press of to-day, which is published in St. Paul. It has been continued under several names and edited by different men, but has never been extinguished or lost its relation of lineal descendant from the original Pioneer.
Nothing tends to show the phenomenal growth of Minnesota more than the fact that this first newspaper, issued in 1849, has been followed by the publication of 579 papers, which is the number now issued in the state according to the last official list obtainable. They appear daily, weekly and monthly, in nearly all written languages, English, French, German, Swedish, Norwegian, Danish, Bohemian, and one in Icelandic, published in Lyon county.
BANKS.
With the first great increase in immigration business was necessarily enlarged, and banking facilities became a necessity. Dr. Charles W. Borup, a Danish gentleman, who was engaged in the fur trade at Lake Superior as an agent for the American Fur Company, and Mr. Charles H. Oakes, a native of Vermont, came to St. Paul, and established a bank in 1853. They were brothers-in-law, having married sisters. They did a private banking business, under the name of Borup & Oakes, which adapted itself to the needs of the community, including real estate, and almost any other kind of venture that offered. The house of Borup & Oakes was the first banking establishment in Minnesota, and weathered all the financial storms that swept over the territory in its early history.
They were followed by Truman M. Smith, but he went down in the panic of 1857-58. Then came Bidwell's Exchange Bank, followed by C. H. Parker and A. Vance Brown. Mackubin & Edgerton opened a bank in 1854, which was the ancestor of the present Second National Bank, and always legitimate. I think Erastus S. Edgerton may justly be said to have been the most successful banker of all that were early engaged in the business. An enumeration of the banks and bankers which succeeded each other in these early times would be more appropriate in a narrative of the localities where they operated than in a general history of the state. It is sufficient to say that nearly all, if not all, of them succumbed to the financial disasters in 1857-58, and there was no banking worthy of the name until the passage of the banking law of July 26, 1858. But this act was a mere makeshift to meet a financial emergency, and it was not based upon sound financial principles. It allowed the organization of banks and the issue of circulating bank notes upon securities that were capable of being fraudulently overvalued by misrepresentation, and, as a matter of course, advantage was taken of the laxity of the provisions of the law, and securities which had no intrinsic value in fact were made available as the foundation of bank issues, with the inevitable result of disaster.