The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-10-10
Monetary Matters.
Monetary MatterS.
Prepared Weekly by J. Jay k"oS % Co., n"""'''
~. Anthony Street, st. Pau.


Prepared Weekly 0y j. Jay Kaos d Co.. 6a"Sers'
ST. anthony Street, ST. PdM.
The "crash" so long talked Of has at last
reached the Mississippi, and paid st. Paul a
visit. On Friday morning most Of our citi-
zeps were surprised to find the office ofMar-
shall & Co., remaining unopened. With
$4,000 of their depositors' money in their
possession it was feared that excitement
might follow, and run" created on the
other bankers in town. But such was not
the case. On the other hand, deposits were
made as usual, and our own, and, we
doubt not, the deposits of other bankers, have
daily increased Never have we seen such
cheerful depositors. Every man seemed to
feel confident that his dollars were safe and
that Marshall & Co. would pay the last cent,
even if their homesteads must be sacrificed
to- do it. We prophesy that few months
hence their doors will be re-Opened and the
old faces seen at their counters with conf
dence unchanged.
On Saturday morning Truman NJ. Smith,
ESQ. also closed his doors. His deposits re-
naming on hand were small, and will be re-
turned to depositors before many days, We
doubt not.
The news from the East is still disastrous.
By yesterday mail we have news Of the sus-
pension of Clarke, Dodge & Co., E. w. Clark
& Co., and f. ". Clarke & Brothers, at their
various houses in New York, Philadelphia
and St. Louis. We have news also of two
large failures in Chicago, one in Dubuque
and one in Galena among the Bankers.
The Rhode Island Banks have suspended
specie payment and their bills are uncurrent
in this city.
The Bank Department Of New York has
decided to receive currency and return U. S.
and N. Y. State State stocks to the Banks.
According to the last report over one mil
lion of United States Stocks and over ten
millions of n. Y. State Stocks were pledged
with the Bank Department at Albany. At
a small sacrifice the Banks under the late
decision can change this currency to gold and
place themselves beyond any need Of suspen-
ding specie payment. We are buying the
stock secured currency of New York in sums
Of 500 and upward l J ct. per premium.
The Milwaukee Banks like the Board Of
Brokers of st. Paul continue to receive all
the Wisconsin currency. If the Bankers Of
Chicago, Galena and Dubuque will agree to
receive the currency of the Banks of Hi
nois, Wisconsin and the Free Banks of New
York even If they do suspend it will be fit
compliment to the admirable system under
which they are organised and will do much to
continue reliable currency among us. The
St. Paul Bankers are ready to make the
agreement. What say Dubuque, Galcna and
Chicago to the proposition?
1t is almost impossible to obtain exchange
on New York to remit for collections. We
are buying certificates of deposits on the
reliable banks of New York, at fro m % to
per cent. premium. The merchants have
voted to pay % per cent. exchange only, on
all drafts drawn on them, with exchange.
We shall remit promptly for collections as
fast as exchange can be procured at the cur
rent rate, five per cent. premium In the
meantime our Eastern friends having collec-
tons in st. Paul must remain patient or al
low us to remit them bg Express the curren-
cy we receive from their customers
There is plenty of money in the country il
people would not hoard it up, but loan it on
good security. An intelligent gentleman
from Saltwater yesterday told US he knew o f
S67 900 in gold in the hands of men in Still
water, which no security, however ample,
would bring out of its hiding place. Thou
sands of dollars are thus boarded here with
out any reason, gaining no interest to the
owners, and of immense injury to the COM
nunity.
The bright weather has given more cheer
illness to money matters. The farmers of
Minnesota, as class, are to receive higher
prices for their produce than in any State in
he Union. They will be able generally to
meet their payments Of interest during the
all and winter. Some $4,000 of gold has
been paid out during the past week at the In
liam Agency, near Fort Ridgley. In another
week like payment is to be made at Fort
Ripley which will tend very much to ease
matters at present.
We quote
BUYINNG. SELLING.
exchange on ~ York, 2Eto3 per c. prem. 3 per cent