The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1854-11-11
MONDAY MORNING, NOVEMBER 6, 1854
The Money Panic.

paper money, ana people are TOO apt TO become
alarmed by the panics these brokers have the
power of creating. AS an instance Of this fact,
we give few items below in connection
with the reported failure of several of the
Maine Banks. J. Thompson, q broker of New
York the gentleman who publishes the Bank
Note and Commercial Reporter" and one who
is generally considered good authority in con-
nectioa with money matters, publishes the fol-
lowing telegraphic despatch in his issue of Oct
28th:
BosToN, Oct %.
The "Bank of IIallowell. Maine'; The "Ship
Builders Bank Maine; The brunswick
Bank. Maine" are thrown out by the Suffolk
Bank.
The date of the despatch, 25th October, will
be observed. On that same day, the maine
Farmer" published at Augusta, was sued for
libel by the Ship-Buiiders' Bank, for having
fallen innocently into the Brokers' trap, and
denouncing that institution as having failed
On the 2Gth the editor Of the Farmer Gowns
up that he was deceived, in the following
manly style:
ave are informed that the Bank has been
very much troubled by the rumor of its failure
and has been obliged to redeem its whole cir
culation--upwards of 100000.
Any one who has been at all conversant with
the course of the Farmer must know that the
| libel with which we are charged was entirely
the result of accident on our part. as it has ev-
er been the rule of this establishment to refuse
admittance. upon any conditions. to any and
all articles rejecting upon individuals or COM
panics of whatever character.
These are the facts in the case--and now.
having done all in our power to make amends
for the unintcntional evil suffered through us.
we rest our case. and await the decision of the
Court in the NATTER
The report of the failure Of the Halowell
Bank now proves TO have been gotten up for
the purpose of accomplishing the success of GER
tain political movements in Wisconsin, 4 GER
tain journal published in St. Paul, of very lin
tied circulation but under the control of we'll
known bankers here, let the cat OUT on Fri
day morning, by coupling the reported failure
of the IIallowcll Bank, in q most disgraceful
and lbelous manner, with the name of c. c.
Washburne, of Mineral Point Wisconsin. The
next time the Journal alluded to Wishes to make
political capital and shinplastcr capital, for
its especial favoritcs, it had as well be some
what more careful. The solvent condition of
the llallowel! Bank if il needs more to sustain
lit than we published on Saturday, is we'll
shown by the following note received too late
for our Saturday mornings issue:
OMISSION House. ST. PAIL.
Friday Evening. Nov. 3.
EDS. MINNEsoTTAN VIII you do me the fa-
vor TO correct the report of the failure of the
n nl of I,lln No, Il
will. with pleasure, furnish current bills or
drafts on the East for any and all amounts
which may be presented.
Yours truly
DOEurS MORRISON"
We presume the Pioneer can find out who
Mr.. Morrison is, by enquirng of Corwith & Co.
Galena, u. ii. Campbell q Co.. same place, or
even of any of its own particular friends in St..
Paul. Galcna. or elsewhere.
ELLSWORTH BANK.--Thc mere fact that an
Eastern Bank refuses to pay tribute to the Suf
folk Bank, Boston, is no valid argument in
proof Of its insolvency. This appears to be the
/ only difficulty with the Ellsworth Bank. which
has, IN common with two other of the soundest
Banks in Maine. been bruited all through the
West recently, as having failed The Boston
Daily Mail says:
"Dills of Ellsworth Bank of Ellsworth, Me-.
are not received at the Suffolk Bank We arc
not advised that there is any doubt Of the sol
vency ofthe Bank.
70" The Indiana State Sentinel addresses
the holders of the notes of the Northern Bank
OF Indiana al Logansport and the Bank ofCon-
nersville, lately suspended, not to sacrifice
them, as the securities on file in the Auditor of
States office are amply able to protect the bill
holder.
BANK OF CIECLEvrIL.E.-A foolish rumor (says
the Cleveland I[crald) was put in circulation
that the Bank of Circlcyilc had failed. Cash
Ter Foot this morning telcgraphed to the Bank.
and has received the following reply :-"All
right, reports are false. o. BALLARD, Jun.
Cashier
KATAM,zoo BANk-We learn that this bank.
located at Albion. Ind, and owned bv ex-
Gov. Ransom. Of Kalamazoo, in this State.
mas made arrangement to have its notes redeem
ed In this city, by }. l.. Lyel, at one per cent
discount. and also at indianapolis. Ind. Clevc-
land, Ohio; New York city, and also at kala-
maZOO-DefrOH advertiser.
LAKE SrrEEToR.-A correspondent of the
Cleveland Herald says -" There is probably
at the present time no part of our country at
tracing more general attention than Lake Su-
pcrior. The copper which extends its rich
veins-l might almost say-everywhere, and
the huge mountains of iron ore, have attracted
the eyes of capitalists. The developments of
mineral wealth are astounding: discoveries are
being made almost daily of new veins promis-
ing rich results, and companies formed of sub
stantial, cnterprising men. are pushing forward
the work vigorously. The earth can no longer
conceal her precious wealth. her bosom is OPEN
ed, and she is made to reveal what she posses
ses. The Cliff and Minnesota-thc two man.
moth mines of the upper peninsula--are taking
out masses of copper unheard of in the history
OF mining; silver, too, is found in large guam
titles and forms no unimDortant itcm Asida