As a clerk on the river, I had some experience in handling the wild-cat money. At Dunleith, before starting on the up-river trip, we were handed by the secretary of the company, a Thompson's Bank Note Detector, and with it a list of the bills that we might accept in payment for freight or passage. We were also given a list of those that we might not accept at all; and still another list upon which we might speculate, at values running from twenty-five to seventy-five per cent of their face denominations. Thus equipped we started upstream, and the trouble started with us. At McGregor we put off a lot of freight, and were tendered money. We consulted our lists and cast into outer darkness that which had upon it the anathema of Mr. Jones, the secretary. We accepted all on the list of the elect, and compromised upon enough more to balance our freight account. The agent at McGregor had a list of his own which partly coincided with ours but in general disagreed. In the meantime another boat of our line had arrived from up river, and we get from her clerk fifteen or twenty lists of bills which would be taken or rejected at as many landings above. This helps somewhat, as we see our way clear to get rid of some of our twenty-five per cent stuff at par in exchange for cord wood or stores on the upper river, and we sort our stock out into packages which are reported current at each landing. We also see an opportunity to swap at Dunleith some bills which are not current there at all, but which are taken at par at Prescott or Stillwater, for other bills which they do not want but which will be taken at the company's office at Dunleith in settlement of our trip.
It required a long head to figure it out. Mine was long enough, but unfortunately it had the same dimensions both ways, and was not to be depended upon in these finer transactions. Mr. Hargus labored with the problem, studying lists until he came nigh to the point of insanity, with the result that when we "cashed in" on our return it was usually found that we had from five hundred to a thousand dollars that was not acceptable. This we kept, and the boat was debited with the amount on the company's books. On the next trip we would usually be able to work off some of this stuff. At the end of one season I recollect that we had some two thousand dollars, face estimate, of this paper on hand, which the treasurer would not accept, for the banks on which the bills were drawn had gone out of existence.
The town-site industry was on the same plane of deception and robbery as the banking frauds, but it found its victims "back East", instead of close at hand. Being Easterners, who had been educated to suppose that integrity and honesty were the basis of all business confidence, and themselves practiced these old-fashioned virtues, they all too readily accepted the assurances of the land-sharks, and invested their money without seeing the property which was so glowingly described in the prospectuses sent out by the Western promoters. The result was, that they were "taken in and done for" by the hundreds of town-site sharks who were operating all along the river, between Dunleith and St. Paul. I shall refer to but one of which I had personal knowledge, and to another described to me by Captain Russell Blakeley.
The city of Nininger, as delineated on the large and beautifully-engraved and printed maps issued by Ingenuous Doemly, was a well-built metropolis capable of containing ten thousand people. As delineated, it had a magnificent court house, this city being the county seat of Dakota County, Minnesota. Four or five church spires sprang a hundred feet each into the atmosphere. It had stores and warehouses, crowded with merchandise, and scores of drays and draymen were working with feverish energy to keep the levee clear of the freight being landed from half a dozen well-known steamboats belonging to the Minnesota Packet Company or the St. Louis & St. Paul Packet Company. An imposing brick structure with cut stone trimmings, four stories high, housed the plant of the Nininger Daily Bugle.
This last-mentioned feature of the prospectus was the only one that had the remotest semblance of foundation in fact. There certainly was a Daily Bugle, issued once a week, or once in two or three weeks, depending upon the energy of the printer and his "devil", who jointly set the type, and the assiduity of the editors who furnished them with copy. This paper was printed upon the first power press that ever threw off a printed sheet in the Territory of Minnesota. It was a good press, and the paper printed upon it was a monument to the shrewdness and ingenuity of the honorable proprietor of the Nininger town-site. The sheet was filled with a wealth of local advertising—drygoods, groceries, hardware, millinery, shoe stores, blacksmith shops—every class of business found in a large and prosperous city, was represented in those columns. But every name and every business was fictitious, coined in the fertile brain of this chief of all promoters. It was enough to deceive the very elect—and it did. When the Eastern man read that there were six or eight lots, lying just west of Smith & Jones's drygoods store, on West Prairie Street, that could be had at a thousand dollars per lot if taken quickly, and that they were well worth twice that money on account of the advantageous situation, they were snapped up as a toad snaps flies on a summer day.
The paper was filled with local reading matter, describing the rush at the opening of the latest emporium; that Brown had gone East to purchase his spring stock; that Mrs. Newbody entertained at her beautiful new residence on Park Avenue, and gave the names of fifty of her guests. The whole thing was the plan of a Napoleonic mind, being carried out to the minutest detail with painstaking care by a staff of able workers, with the result that the whole prairie for two miles back from the river was sold out at the rate of ten thousand dollars an acre or upwards, and that before the proprietor had himself perfected his legal rights to the land which he was thus retailing.
Henry Lindergreen, the printer who did the mechanical work on the Nininger paper, was a chum of mine, we having set type in the same "alley" elsewhere, and that winter I went up to Nininger to help him out. The four-story brick block of the wood-cuts shrunk into a little frame building, the sides of which were made of inch boards set up on end and battened on the outside. Inside, it was further reinforced with tarred paper; and while I was there a pail of water ten feet from a red-hot stove, froze solid in a night, and the three printers had all they could do to feed the fire fast enough to keep themselves from freezing also, with the mercury down to forty degrees below zero. The editor who, in the absence of the promoter himself, in the East disposing of lots, was hired to improvise facts for the columns of this veracious sheet, lived in St. Paul, and sent his copy down to Hastings, as there was no postoffice at Nininger. If the editor or the proprietor had been found at Nininger in the following spring when the dupes began to appear, one or two of the jack oaks with which the city lots were plentifully clothed, would have borne a larger fruit than acorns. Even the printer who set the type, was forced to flee for his life.
One of the boldest-faced swindles I ever heard of, was the so-called Rolling Stone colony. In the spring of 1852, some three or four hundred people, chiefly from New York city, came to seek their purchased lands in Rolling Stone. They brought with them beautiful maps and bird's-eye views of the place, showing a large greenhouse, lecture hall, and library. Each colonist was to have a house lot in town and a farm in the neighboring country. The colony had been formed by one William Haddock, and none of the members had the faintest shadow of experience in farming. Boarding steamers at Galena, they expected to be put off at the Rolling Stone levee, for the views represented large houses, a hotel, a big warehouse, and a fine dock. But the steamboat officers had never heard of such a place. Careful questioning, however, seemed to locate the site three miles above Wabasha Prairie, on land then belonging to the Sioux Indians. As they insisted on landing, they were put off at the log cabin of one John Johnson, the only white man within ten miles. They made sod houses for themselves, or dug shelter burrows in the river banks; sickness came; many died during the summer and autumn; and when winter set in the place was abandoned. The people suffered severely, and the story of Rolling Stone makes a sad chapter in the early history of Minnesota.
While the craze was on, some made fortunes, while thousands of trusting men and women lost the savings of years. After the fever of speculation had burned itself out, the actual builders of the commonwealth came in and subdued the land. Nininger and Rolling Stone are still on the map, and that is about all there is of them—a name. La Crosse, Winona, St. Paul and Minneapolis have superseded them, and the population, wealth, and commerce of these are greater in reality than were the airy figments of the brain which they have supplanted.
