The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-10-17

Which fell throughout the were
and rcely what to think The case s an extra
ordinary one. For least thirty days the House had
endured a regular ceaseless draft upon il for eoin-
There in all probability who did not be-
eve that his money perfectly safe with them but
the great majority Of depostOrs, either to the i'm
portunties OF friends be that the gold wa
within their clutches resolved check IL out and il
was doi e. We that million Of dollars of
deposits thus extracted little by lttle and yes
erday ,et one r. NJ the were closed
The ubc sh ouid know and consider Also that since
the commencement Of banking by this house, time
nave ey gone out of legitimate business, and what
ever los ses have been sustained have grown out Of
recent commissions Of trade. Is it not extrayagant
say, that Mr. Lucas has an estate worth four millions
dollars, and the other members Of the house can add
million two to it, so that in no event can any
loss be sustained by depostors.
The house in New York also suspended yesterday.
The annexed card sent TO US yesterday afternoon
The undersigned to their friends and custom
that they have been compelled to yield to the yer!
extrao binary demands made upon them and are forced
thereby into suspension Of payments for the present.
We viii arrange our affairs promptly as possible
and will pay every dollar owe. Depos!tors will
please hand in their Pass Books promptly for balancing
out delay, JAMES H. LUCAS co.
October 5, 1857.
The correspondent Of the Chicago Prees,
writing from st. Louis on the Sd inst, gives
the following gloomy picture of the state oil
affairs there existing:
Under ordinary circumstances the 'Pair week" is
of pleasure and enjoyment; but judge of
things by the gloomy looks and forebodng countenances
Which the merchants and bankers Of this city have worn
during the past few days. it would be down in the
calendar ''funeral week" Day after day has the
Chamber of Commerce. met. and every member as he
entered the aal seemed to look if he had lost enc
friend than his predecessor. On Monday, as you
are the banking houses of Darby ant
J. j. Anderson Co., suspended and on Tuesday MORN
Ing of Bogy & Miltenberger followed suit This
alarmed not only the merchants Of ST. Louis, but the
bankers also The latter determined to save themselves
at whatever sacrifice, and resolved to refuse all bills Of
the Illinois and Wisconsin Banks. The announcement
received by the merchants with the utmost surprise
"Can the be mad fools? the general express
sion. Said others: AFTER flooding the city with Illinois
and Wisconsin currency they throw it hands,
and tell it is entirely worthless But they carried
out their resolution, and the consequence was greater
panic than and total stagnaton Of business. The
people had next to nothing beside Illinois and Wisconsin
cCrrency aud the brokers refuse take II at dis
count of coursehey could neither buy sell with it,
Tn merchants who had notes to hough they had
ten times the stock secured bills in their vaults
to pay with, had to suffer protest because they could
neither borrow gold convert their currency into spe
Gle funds. One highly respectable old merchant heard
of, who having of $500 pay failing up the
last hour in getting specie TO pay ii with, took to his
banker pile of Illinois currency, containing 81 000 and
sal Here take this for my note, will sacrifice $500
rather than have note protested" But the Banker
refused, and the paper went to the wall heard Of
other Who had especial dhpost" $4,000 in currency,
but who had to let note of - 900 be dishonored for
# specie. Yesterday several of the weathest and
responsible in ST. Louis had their prctes
ted for the same reason Old men who have done bust
for twenty years. and whose have been "as
good gold anywhere, because of this suicidal coup
IL etdt Of the bankers of ST. Louis have had the deep
modification of hearing their connected on the
streets with acknowledgements payment'-"gone
up, &C. But, bad it has been through the week. this
day IS the goomiest ALL To-day the July notes of
ninety days fall due, and have hea it stated that
number of he most prominent in the city will fail
redeem their Three of the Directors of the Bank
of Missouri have gone to protest and fourth and a
fifth are reported to-day The stores and warehouses
might well be closed for all the business they do
Stores label and Wisconsin currency taken
par for goods" think this example will be speedily
by others.
AT Chicago We hear no new suspensions
That city has stood up under the pressure re-
markably we'll, though there are great COM
plants Of complete stagnation in business.
That must continue until the crop shall be-
gin to move, 'and move it must very speedily,
or not at all this season. The end Of lake
navigation is rapidly approaching, and COM
paratively nothing is going forward. If our
crop is to remain in the hands of the farmers
this winter instead Of being converted into
something by which the country can pay its
debts it is to be feared that the worst has not
yet been seen.
TIE CURRENCY, Com AND COMMERCIAL
a We'll timed article on the above subject. 1t
publishes tables which serve to show that
since 1916, the proportion of coin and bullion
in the United States has been constantly in
crcaSing, both as to bank notes in circulation
and as to the number of the people. The fol-
lowing paragraph shows these proportions:
Let look at the relative increas. specie
From 1916 to iS56 the increase of specie hun
dred ard fifty millions, while the Of paper
but one hundred millions. In 1916 the paper currency
was about eight to of the inhabitants, but in 1886
was SIX to one Ia lS56 tbs coin three the
Inhabitants, and ia 80 nine to one. These facts
are conclusive that it is increase of paper money
which has eau ed these financial disturbances We
gained in hard money at most rapid rate, and
gained in the last four years, although have exported
III that time one hundred and fifty millions in gold
The following closes up the article
The truth is the expansion credit proceeds from
the very prosperity of the country, and is of the
evils attendant pethoric state. We must reduce our
| eXtravagance-we shall soon deere debts.
This last expression has meaning.