The Minnesota pioneer. [volume] (St. Paul, Minn. Territory) 1849-1855, 1850-11-07
THE MINNESOTA PIONEER
ct. PAUL, AIinneso.a,
Thursday Morning. November I. 1859.
Finances of Minnesota.


Finances of Minnesota.
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Al the risk ofbeng charged with writing,
Tbput what has no existence, we have few
observations to make upon Minnesota finan-
frs. Judging from the nncqnaled scarcity
'f,money III our town--a large; thriving viii
Aiage, fuilssf new buildings, full of people
and stirring with daily new. active enter
I,sises, "a stranger might think that Saint
Paal swas about 20 "pe'er OUTS whereas,
tbere is no village Of its size, any where,
thai has grown upon 6rmer basis Of actu-
=. III Pitais than Saint Paul This is also.
$rue Of every other village, SO far as we
4now, Ia our territory. As for Saltwater,
they never there experiences anything of pc
eoniary embarrassment, having an annual
export Of humber. the proceeds of which,
got ossypays their debts, but brings them
handsome. surplus: while at Saint Anthony,
eherc is also a large anil valuable product
3f wealth, ny the agency Of mills. Saint
Paul. is the centre Of the Indian trade and
the contracts for hauling supplies into our
interior, also The centre of trade with the
peinbinese and half breeds of the Red Riv
er Of the North, as well as the centre ofthe
fur tra'c aud the commercial depot of the
Upper Mississippi.--her also is expended
the annua! appropriation for the Govern
Inent Of the Territory-and here is expend-
ed, with reference to the future importance
of our town, vast amount ofcapital, which
is constantly flowing in for Investment
AS our country, in an agricultural point OF
view is yet nearly all in state of nature,
there is here, as in all new countries, an i'm
-,nense dssin of cash. to supply our popu-
lation, with even the absolute necessaries
of life; innsrnuch as those who come here,
cannot bring along with them gardens and
growing crops. Well do we remember,
when not l'ushel of corn could be bought
ia the pow prolific valley of Rock river, at
lass than one dollar per bushel. Relying
chen so much as our Territory aud espe-
cia'ly our town does, upon the annual, semi
annual or quarterly payments here of pub
lic moneys, and especially in the present in-
FAINT state of our agriculture, and with
school houses, churches, mills and houses
o build up from lie foundation, a delay in
the payment Of public moneys, bcomes a
matter of infinitely more concern to US, than
such delay might be, under other circum-
stances. Building, purchases Of property,
purchases of provisions, all business trans
actions, torn, now. upon the hinge Of the
United States Treasury; all contracts al
most, and most expenditures, are made in
anticipation of some payment, which is to he
made, Of public money. There is now due
and expected by every heat from below, to
be received and paid out here by various
officers of the government, an aggregate
amount Of about $4,000; and the incon-
venience resulting to all, from the unex-
Pected delay of these payments, is great be-
You'd all calculation. These funds are fur
nished in Treasury drafts, which have to be
cashed by financial officers at St. Louis,
provided the money is there to cash them.
This occurs at q season Of the year, when
every man has his purchases to make and
his supplies to lay in for the winter, and
when creditors below, expect payment OF
the debts here due to them and when the
steamboats, require the payment of ali the
accumulated bills o.. the season for freights,
amounting in the present increased business
Of the upper Mississippi, TO a very grea,
sum.
In this view of our peculiar situation and
anemaloa, business relations with the great
~ ord below. from which we shall now
shortly lac exclnded fer several months by
gates OF glittering ice, il becomes d question
worthy OF consideration, whether there is
not required at Saint Paul, some kind of re-
sponsible loan or discount Office, that may
alleviate the distressing financial paroxysms
which convulse our business, whenever
there is the slightest delay in the payment
of government funds? That an actual cap
iiaI Of half a million at least, could be prof
ifab!y employed tn such manner and in
facilitating the lumber trade of Minnesota
and Of Wiscopsia also, Is worth the candid
consideration of capitalists.