The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-09-05
Monetary Matters.
Prepared Weekly by J. Jay Knos d Co., Ranksrs
Phenic Block, 81. Ansaonv Street 81 po.,

Prepared Weekly By j. Jay Knos d Co., Ranksr
P@@nfc Block, st. Ankaomy Street, st. Paul.
The month Of August just probably been tn
closest summer month ever known in st. Paul in mone
matters The one cheering event Of month has bee,
the adoption Of our State Constitution by the two Con
ventions with basis sufficiently safe for the orpanza
ton of future Ranks Of issue With the closing NJ ,b
month has been announced the failure of large Bankn
Houses in New York, the Ohio Life and Trust CoJob
Thompson being among the most noted. Telegrapbi,
despatch Of the goth has also been received announcn,
the failure of the large Banking House Of Atwood Co
John Thompson at the closing his failure
| to pass to his old enemy, the Metropolitan Bank hi
worthless check for $12, 800.
We quote:
BUYING. SHILLING,
Exchange on York, u per cent. prem. N per cent
81. Louis, d +" " IL
-" Chicago, Il
Duncan, Sherman Cor Foreign Fxee As Is to the g
The following Banks have recently been discredited
Rhode Island Central Bank
T1verton Bank, Rhode Island.
Farmers Bank, Wexford, Rhode Island
Middleton Bank, Pa.
kanawha Bank, Va.
Warwick Bank, Rho.le Island.
American Bank, Trenton, New JERSEY
City Bank, Cincinnati, Ohio.
City Bank, Sandusky Ohio.
Reciprocity Bank, Buffalo, New York.
Reports have been circulated the failure Of seyera
of the Free Banks of New York. which are untrue The
Reciprocity Bank (od sacketts Harbar Bank) is Safety
Fund (chartere Bank and the failure is said to be
bad one.
From the Chicago Press of the 26th we cut the fo
lowing article:
TIIERECENT NEUTRALITY-SUSPICIOUS. OF THE WEST
Our Geographic dispatches this morning announce q
Tho 10 hxy
means unexpected to those who carefully note what is
going on in the financial world The Unprecedented de.
preclaon oil leading railroad stocks other securities
that has taken place within the last ninety days could
not fail to tell disasrousy in quarters The storm
pyiSat houses will doubtless be wrecked before we
enter upon the chronclng.of upwa I'd movement We
do not anticipate anything like general crash, however,
on the track Of the Storm
While we regard only With feelings Of sorrow the ca.
amty that swallowing up the fortunes Of many of
our eastern friends it is with small degree of pride
and qualification that note the strong and healthy
condition of all those Western interests that are not
nected with wall street. The was never in bet
ter position than nownever ADLER to withstand the
dton of things existing at the great money centres Of
te seaboard than at this present moment She has lust
harvested an unprecedented CROP apd she in the ru
ton OF the high prices he Vast has paying her The
ast SIX months Dr that seemingly exhaustess supply of
bread stus she has sent steadily forward i'm the ~
continued declarations that she had nothing to snare
Our country merchants have consequently made unusu
ally good collections, and this has created heavy de-
mand upon or local banks for Eastern exchange bv
son OF which there are heavy balances due them by
Eastern banks. Should there be a much create
tumong among those institutions than have any
reason to expect our Western Banks will scarcely feel
the shock. Wall areet may be the money CENTRE the
gfent sseck and currency regulator, but the money
strength of the country is in the West Fresh and yieor
ous economical and enterprzing, she annually
ing millions more of wealth than is swallowed mn in the
great macstrOm of stock speculation
and fashion of the Eastern cities
little while ago Eastern journalists combined in cry
ing down our noble West From every Atlantic State
nf ivp,,ap J;,.
Western interests 1.-The West" said these Journals Sis
producing no surplus Her capital and her Industrial
classes have all gone Into Wild speculation in worthless
lands general depreciation must ensue md the bank
ruptcy q the whole West becomes inevitable" And Sc
it went until thousands of people deferred from
coming to the West and from investing their means in
fertile lands. The capital in the Feast
States II invested in railroad stocks and other
securities where is it now? Would not the former
holders be willing to pay heavy bonus for the chance
of investing in Western lands? And what must be the
reflections of those journalists who have by slanderinc
the West contributed to this state of things? The West
standing strong iii youthful vigor, and resting unon
broad foundation of energy and productive industry
while the East, little while ago so elaed and pulled up
with its own importance and patronsingly commisser
ang 9he doomed West is otterng beneath the full force
of the financial storm. We are sorry for our friends
there but trust the lesson will wholly be lost upon
Them Meanwhile we congratulate friends at home
upon the measure Of prosperity and security which they
enjoy and upon the fact that those who little while
refuge and protection against suffering that calamity
themselves.
The Tribune of the 29th says
We have bought too much of Europe, in proportion
to what bad 10 SELL We have built railroads faster
than able to do, considering the state of our do
nestle industry. IF we making our own Clothes
Metals and Wares at home might ten thou
sand miles OF railway annum and not be
thereby but long buy these good mart abroad
and do not export enough produce to nay for them while
large proportion of laborers idle through the
Winter because they cannot find employment, cannot
build railroads fast have recently done without
rushing bankruptcy. Wemusthold up and retrench,
unless ready to protect industry as to
turn the balance of trade with the Old World in our ia
Let do that, and begin to pay off heavy For
egn debt, In stead of continually increasing it, and we
may go with railroad and other impro vements
vigorously confidently, safely, All the panic max
and in creation could ebrrrass us if our
Exports exceeded our Imports by million week. and
Specie had consequently ceased to flow from our
ports. Our debts to each other could only create ind-
viua, not NATIONAL embarrassment, if we were not in
debt and constantly going deeper in debt Europe
New Orleans, Cincinnati, Chicago and st. Louis may
draw ever so heavily this City payment produce
and we do not mind III but when Lyons aud Manchester
London and Paris draw hard all begin to shake
in our shoes. Shall experience teach us nothing?
Fhe Tribune also says:
Land Warrants have consid rably declined during the
p=f n n.Inrn All. r