Saint Paul weekly Minnesotian., 1858-12-04
Monetary Matters.
Prepared qreekly by j. jay Knoc d Co., Banker
Phenie Block, Third st., st. Paul.

Prepared aceekly by j. jay Kmoe d Co., Bankers,
Phtenis Block, Third st., st. Paul.
A good deal of discussion has taken place of
late in the New York papers with regard to
Minnesota State bonds and currency. -
These Bonds are already seeking a market,
and are soon either to be sold in the East or
TO be used at home as a basis for currency
Whatever difference of opinion there may be
with regard to the policy of the issue of these
Bonds, there can be but one opinion with re-
gard to their ultimate payment by the State.
The non-payment of interest and a hundred
other causes, may force them to sell on the
Stock Board at low prices during the next
thirty years but at the end of that time when
these bonds shall mature, there can be no
doubt both as regards the capacity and the
disposition of the people of the State to pay.
Among business men the refusal of one pay
ment of note to an innocent party because
the note was foolishly issued, would be simp-
ly dishonest With the State refusal Of
payment of it's Bonds will disgrace not only
the State, but every one of its citizens. Any
thing, therefore, that may be done to depreci-
ate these securities in the market, is an injury
both to the holder of the Bonds and to the
people Of the State who have assumed to pay
them. If the people are overtaxed to pay
money that has been foolishly expended, they
obtain only the experience for their reckless
ness, which, it may be hoped, they will here
after take good care to profit by.
The currency issued on these securities will
be either good or bad, precisely according to
the way it is issued at the State Department. If
currency is issued only to responsible, bona
fide stockholders, at reasonable rates /; if Banks
are established only at such places as the law
provides, and offices are there opened which
arc accessible for business, the currency will
be received in the West, and with good man
agemcnt, can be carried through. But cur
rency issued according to the wish of parties
making applications, and with an entire evasion
of the law in its more important particulars,
will soon rank with the worst kind of uncurrent
money, and sell at from % to so per cent. dis
count
Quite a number of Banks of circulation I"
are being started in Minnesota by nOn-res-
dents, on the stocks of other States. This
currency will be perfectly safe and reliable for
its proportion of taxation. 1t willin crease the
rate of exchange, and aside from the amount
of taxes it will pay will be of no benefit to us,
adding nothing to our capital This curren-
cy is authorized by law, and only i'll the con-
tingency of large advance in the price of ex-
change do VIC suppose it will be returned
home in large amounts for redemption. In
such cases the currency will be sold to find its
way to the counter, unless arrangements are
made for its redemption at some central point
at fair rates.
Exchange on New York, although plenty in
Chicago, has been unusually scarce the past
ten days. We quote
Exchange on New York, buying. .........% prem.
q Ch;ca%o o. ro'' nar
on New York, selling. .........1 prem.
on St. Louis " .........1
ON Chicago, 80 ...-....H "
There is very little demand for Land War
rants.
The demand for Scrip has been very good,
and large amount of taxes have been paid
during the past week. We quote
State, buying. 10 to 75c. selling. soc.
St Paul City, buying .65 to 70c... ......75c.
Ramsey county " 80 to &c.,. ......Ioc.
We have a small amount of Washington
County Orders on hand for those having taxes
to pay in that county.