Minnesota weekly times. [volume] (St. Paul, Minn.) 1854-1859, 1854-12-12

The following able and extended review Of
monetary affairs we cory from the Missouri DEM
ocrat of the Goth ult. ssf s

Ocrat OF the 2Otn ult. go ass
81 OFFlcE OF THE DExocRAT, o.
& MONDAY, November 20, 1854. s.
We have designed to have noticed, ere this,
moro at length, the card put forth by our Bank
ers, on Friday last, in relation to the issues of
the Free Banks of Illinois. The stoppagc of
some Of the Chicago and other banks, of Illinois,
caused q good deal of distrust, in regard to all
the banks of that State, and the card, to which we
have referred, had the effect, of quoting this gen
eral want of confidence in many of them. Z q
The issue of this circular was we'll timed-had
it been delayed twenty -four hours, as We have no
doubt, the currency of the Free Banks of our Sis
ter State, would have been Immediately repudia-
ted by the community, and, We would look upon
a step of this kind, as productive of unhappy re
suits. The law of Illinois under which the Free
Banks arc established, is of a somewhat different
character from that of Indiana, and is calculated
in Il measure as We have before remarked, to keep
the banks in check. The Auditor of Illinois, has
exercised moreover we learn, caution, in the
reception of State securities for the issues of the
banks-taking them-the State bOnds-at low
fgu es from their face, and we have scarcely a
doubt that, if not pressed, the Illinois banks, can
redeem their circulation-thrOugh the Auditor
if need beat almost, dollar for dollar. Some
portion of our circulation is now made up of
these issues, and if we are satisfied of the sound
ness of the banks, it would be foolish to reject
| the whole, because some of the banks account
of the pressure in money affairs, have concluded
to wind up.
The suggestions we present for the considera-
ton Of our business men, as being views based
upon the most reliable information now before
us.
The telegraph announces the suspension of the
banking house Of Mathews, Finlay 4 Co., of New
Orleans, and also the branch of the house in Wall
street-Findley, Kissane 4 Co.. .,f.,.
The suspension of this house, is not a matter
Of thoir has n wal
for some months past. We have the best author
ity for saying, that the stOppage Of this firm af-
fectS TO one, IN this quarter.
heavy run was made on George Smith &
Company, of Chicago, (who is now in New York.
on the 10th.
Advices from New York, however, of the la
test date, state that Mr.. Smith felt but little ap
prehensiOn about sustaining himscf-against any
demonstration that can be brought against him.
He is a veteran banker-One of the shrewdest
and most sensible men of the West, and, in more
instances than one, has breasted pecunary storms,
that would have Frustrated dozens of men OF less
nerve and penetration, than himself.
Great difficulty is now found in negotiating bills
here, either on the South East. Bills on time,
the rates are nominal. The bank is taking but
few, and the private bankers are rejecting nearly
| all that are offered.
| 1t is hard for them to keep their exchange bal
ances, and this is done now at no paying margin
they are actually losing money, as sight checks at
all points in the West, except st. Louis, are run
ming up to high figure.
We perused letter to- day from prominent
cashier at Indianapolis, quoting sight exchange
for State Bank money at per cent premium,
| and at Cincinnati the rate is per cent.
Our private bankers still taking currency on
deposit at Sd to lper cent. We think this bad
policy, for it is drawing all the currency to this
quarter, and fast relieving Of our coin. Bank
| ers, too must sustain great loss, for it is not
possible for them to relieve the community of
currency at these rates, while sight exchange is
rising at all point a! well as West-the
last quotation frc:n new Orleans being 81 pre-
MUM on Kew York.
| we would advise an advance in the rates of
currency-it will be better for all parties, for
must remember that threefourths, of all the bust
ness done in this community, is done through
| the private banking houses, and, If these are
sustained by a liberal course of policy, on the
part Of the mercantile and trading community:
things will go on well, Bankers musttake care OF
| themselves. and the relation is now so intimate,
between them and the trading community, that
the taking care Of themselves, implies taking cal
| of others.
The Commercial Bank of Kentucky, is fast
retiring its circulation. We saw letter to-day,
from al authentic source, stating that it had taken
up ali its issues to be found, both in Cincinnati
we're sufficient to retire, nearly the whole of its
| circulation.
We have hitherto spoken of this bank, as in
| our opinion, well conducted institution, and
Judging of its condition from its last statement
we are not surprised, at the strength now mani
Tested, by retiring its issues.
The respectable house of Seiden, Withers &
Co. of Washington, Bankcrs) has suspended
Mr.. Selden was formerly Treasurer OF the Uni
| ted States, and the house has transacted u large
| business.
MIR. Withers is of Alexandria, and represented
to be aman of great wealth priorto the suspentior
of the house. Their assets, are represented, to
exceed largely their liabilities.
Many persons, who have hitherto invested th'il
funds in paper, at high rates, are now investing
in real estate oans--preferring this class of Sc
curity at present. The rates are from III to l:
per cent-at which we have known some large
loans made-and others ofered-during the pas
week.
Getty of Caro'' stock (shares in the town plat
are selling in Wall street at 81. What the origi
| nal rate was, we have no means of knowing.
This is low figure taking into consideration
that the cars of the Central Railroad-now com
pleted from Cairo to st. Louis leave there to-
morrow for the first time. But We do not dis
pair of Sc Cairo.'' Good days are in store fol
it-by and by.
We observe, that some Railroad shaces, arr
selling in New York at 81 per share.
There is one consolation to the purchaser, tina
there is not margin for a loss there, without thu
purchaser owns the whole road-30,00 shares
and has to work it.