The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-10-29
LATE NEWS.
Financial News.

solutiOiis WeIc auoplcu requesting TIC bu-
buque Harbor Company, Ito issue the Sc
cured notes in such sums as may be deemed
necessary for circulation" 1t is proposed
TO issue $4,000 in from five TO twenty
dollar notes
The Express i H,aid, hard money pa
per. in speaking of the proposed issue by
the Harbor Company, says:
The utmost confidence is expressed by the
people in the responsibility Of the Harbour
Company, and in the expelient proposed TO
be resorted TO for the purpose Of saving this
city from commercial ruin, as well a. the
laboring CLASSES from the suffering cOnse-
qaent upon the want of employment and
the absence Of the means to purchase pro-
visions and clothing during the rigors Of
winter now approaching. Ii is entirely ap-
parent to those who are at all observant of
what il going on around them that some ex.
,raordnary means must be used 10 avert
ruin from our city-that something must be
found to restore circulating medium to us
or such thing as - business will no. be
found in our streets.
Does any man suppose that, because We
favor the proposal, that we have therefore
changed our views upon the subject Of Bank.
ing? Does any man suppose that from this
proposition can be drawn an argument in
favor of Banking
II they suppose so, they drn Taporing I'm
der great msapprehension, for, so far from
iayoring u rag-money currency, it presents
the strongest possible argument against it.
The NECESSITY which cOmpes a resort 10
,uch an erpedtent ha, been created By paper
money, and Therefore, of itself presents an
argument against banking which cannot be
successfully reiuted.
Let it not be said then that those who
are willing to countenance the proposed issue
Of negotiable paper by the Ilarbor Company
are changing their sentiments on the sub
ject of Banks, or are inconsistent in their
views
II we have d company OF men among ms
who can furnish Us circulation in which
the people will have confidence, let us thank
our good fortune that some means is left by
which We can avert the ruin that stains us
in the face and not stop 10 quarrel over the
question OF Banking.
If the friends Of Banks have forced the
people to resort 20 temporary expedient TO
save themselves from suffering and ruin. they
ought to be satisfied that the people
are willing TO u.s. that expedient instead of
cxecrating and clrsing those advocates OF
rag money circulation, whose schemes and
ciorts have brought that necessity upon
them.
For our part we are too well aware of
the scarcity OF money, and the certain dan
ger which hangs over our laboring classes
as well as our business men, 10 be willing 10
throw the slightest obstacle in the way Of
movement which offers certain relief
The Freeport (lll,) Bank CLOSED on the
9Th. 1t is owned by T.yLoR a Go.
Our latest advices from t!e East are as
follows
New YoRy, Oct l7.-Messrs. Ainslow,
Ianier y Co, brokers, have suspended. -
They have never been borrowers, and con
sequently owe nothing but balances due
their correspondents. principally at the West.
Within the past three months their means
have been invested in strictly first class com
mercia paper and call loans with stock col.
iaterais. The call 10 ms arr not responded
20, and argc amonut Of paper is in a state
Of suspension. They have been gradually
winding up their affairs for n year past AMI
will now ga al once into liquidation. They
are abundantly able TO pay all their liabli
ties, and will have large surplus
There has been bu, lite change, today,
ID tue aspcci Of !inaucial affairs.
Two -usp n-ios announced in the city,
viz: >. ~ T.. Sanence, dry goods dealers,
Ind Iynes, lIibb y Johnson. carpet deal
RS.
The failure Of Bum Raiguel = Co, a
h.a'y Philadelphia house, !. announced.
The stocks a, The first board were quite
active, and the advanced prices Of yesterday
fully sustain H. Al the second Board trans
actions YER small but prices were slightly
easier
The metropolitan Bank has been for sev-
eral days past 10 negotiation with the sat
iolk Bank. Boston, in regard 10 Eastern
money, AMI al arrangement viii probably
he made IN Il tcw days, under which tie
,aDka will resume the reception OF Eastern
money "a drPos't AT Ier cent discount.
The rates FOR uucurrent money are becom-
ing easier state at a per cent, East
ernat per cent. Philadelphia at 2a3 pr
cent, Pennsylvania la5 Per cent, aud West
crn aud Southern jal0 pr cent.
CiSOSSAri. Oct. l1.--At a meeting OF
To- banker. this morning j, was decided TO
.eceive at par the note. Of all the New OF.
i,-aIas banks, and all bapsabic in New fo5k
bostou. Philadelphia, Pi,tsburg. AMI Bali
more. Thu causes much improved i-el
~ in the money market.
PHIlADFrHA, oc, IA rgmor was
prcyafnt this morning that the PeuD-ylya-
MA Bank had male an assignment. Int It i.
-pn'rajicied by Or OF he Directors. who
positively declares that the sgbjec, nas uev
or beep broachei By tn bank nor entertain
81 10y any msmber.
NV orig,Ss oct. lG-AiI -un- on 'he
bank. has ceased Coualencc il restored