The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-09-12
Monetary Matters.


Prepared Weekly by d. jay Knoc ee Co., Bankers,
Phesnis Block, st. Anttony Street, ST. Paul.
The Bankers. since the news Of the extensive failures
in New York. decline generally to Increase their loans
Payments and collections generally slow Money is
in demand the best at from to per cent per
month Gold Exchange is scarce, and many Of the
Bankers declines to SELL except their customers The
Board Of Brokers have advanced the selling rate of Ex
change to / n per cent.
We quote:
1 ..-a.fl BUYING. ssILlso.
Exchange on 81 Esak per cent pre-" per cent
Chicago, n
Duncan, Sherman Co. e Foreign Fxge IS o5to the
Land Warrants 1905 sos 81 %, 12os, 81 cts.
The following Banks have recently been discredited
Canal Bank Cleveland, Ohio.
Seneca County Bank, Ohio. "Jt
Norwak BaAk, Ohio.
Rhode Island Central Bank. ..s hi'
Trverton Bank, Rhode Island. .....
Farmers Bank, Wexford, Rhode Island
Middleton Bank, Pa.
Warren County Bank, Pa.
Bergen County Bank, NJ.
kanawha Bank, Va.
Sacketts lIarbor Bank, Y.
Reciprocity Bank, Buffalo, New York.
Ontario Bank, n. Y.
HOLSTER Bank, n. Y.
Oliver Lee Co.'s Bank, N Y.
Mechanics Bank Association, N. Y.
Dandy Bank, Vermont.
The sackets Harbor, Reciprocity and Ontario Banks
are Safety Fund Banks, and have no securities.
The HOLSTER Ban k is secured by
Bonds and Mortgages. ................ $50, 400
New York state Stocks. ........ G5, 800 $f02 900
Total Circulation. 500, 269
Oliver Lee & Co.'s Bank is secured by
BONDS Il Mortgages ............ $4,000
New YORK state STOCKS ......-.... $1,000 100000
Total circulation. ..................... $4,000
The Mechanics Banking Association is secured by
New York State Stocks. NEUTRALITY-SUSPICIOUS.. s245, seq
Totai Circulation. NEUTRALITY-SUSPICIOUS.. $2i2,951
Very little if any loss fall to the Bill Holders by
the failure of New York State hanks In Buffalo the ex.
element has subsidized The Commefca OF Buffalo saws
There is better feeling in money circles to-day The
banks arr dScounng in limited amounts for their regu
lar customers.
During the excitement in regard to money matters the
past few days, operations in produce have been very
much restricted from the Inability and reluctance Of
banks TO extend their usual accouin. al tons.
Gold has recommended to dow bac:; from this city to
New York and is comparatively drug here. Yes
terday several bags returned without opening
People having got over their fright Of Saturday and
Monday, the tide is now setting bacl At the Manufac
turers' and Traders Bank yesterday for nearly two
hours there was such crowd there Waiting turn de-
pos that if was almost impossible 10 ;ct through We
are informed that Sso,OOO wereScceiye, in currency
The New York Courier of yesterday says:
The pulse OF Wall Street little quckenetl yester-
day by the announcement OF the failure of Beebe CO.
IL. OF q % Mech
les Banking Association, and the arrest of its Paving
Teller, Mr.. Edwin Van Blarcoin for Az al edged defalca
ton There clsued however fever cf panic before
three clock the financial pulse bcc1Ie laiu calm
above comprising the list OF the days misforuaes.-
There were more failures, there the least
trouble among the other banks nor reason to apprchepJ,
the bills of the suspended bank received
rs usual on deposit by the ether bank ~ Institutions and
the financial day closed with Other feeling on the pa
OF financial men, but that Vail Street the great
sncss world Of New York still firm on their
foundations with good prospect of continuing so, PAN
ic and Financial crash" makers the contrary not
whstanding. t..-.
This afternoon despatch from New York says:
Wall Street and vicinity looks very cheerful this morn
ing The panic fever is over and Sick. generally have
advanced from to per cent Illinois Central up 90
per cent from yesterday and IS selling 10.
Money actively sought after and there buy
ers than sellers, but first class paper cali is taken
pei cent, other ranges and IL.
The Tribune says:
One thing have alrea ly prove y 1.-THE securi-
ty and strength of States ADM fable Free Banking
Sy4tem. Under the old Special Charter sysem with no
securities except those in the Banks vaults, should
have had twenty thirty Banks down within the last
week, and their notes selling sixty cents on the
dollar. Now We have had but three Of FOUR small con-
Germs give way and of these only the which old
monopoly Bank will infct any loss the bllholders-
The Mechanics Banking Association has been horribly
mismanaged and is rotten to the CORE but its notes
worth hundred cents on the dollar We have only to
weed out the Mortgage feature from Bank Securities
and our system will be nearly perfect
Finally, say urgently to the Farmers and the Coun-
try, contract your Credits Diminish your debts This
must be DONE Be warned in time, Gas City opera
tors would not be) and avoid calami by anticipating
If you owe debts thatare due tn due see
what You most advantageously sell that will pay
them, and the up SO soon as may be- few
months ago, advised the Farmers be persua-
de that the New Tariff must necessarily reduce the price
of their Wool, but hold for the prices of last year.
We believe those no needed advice found usti-
ed by the event. Now say to Farmers if you
Of debt, hold to your Grain unless price is
fered buff you owe men who need tn r pay, dispose
of your crop and get out of debt Grain may be higher
next Spring, and it may not but it is likely be
high in December and January it is will he
month. You hearing of pressure now; you are
likely to feel within sixty days. Dat of delft is of
DANG