Saint Paul weekly Minnesotian., 1858-06-05
Monetary Matters.

Monetary moSsoTss
pr.nnr.d Weekly by J. Jay KnoS q Co.. Sanker'
phauir Block, st. AntAony Street. st. Pa"'' A'"'
The Exchange business in Saint faul
overdone and of little profit to dealers Tx
change is already lower here than at any sim
liar point in the West. Yet there is hardl!
a point where SO great risks are taken. Ii
the State of New York Exchange on New
York City is sold by all the country Banks q
the uniform rate Of one half Of one per cent
The Banks particularly at Buffalo, Rochester
and Osweeo. and like commercial points, dis
count largo amounts of short eastern dral's
which accompany the bills of lading OF p'o'
duce shipped, and on which the exchange ls
made without cost and with no risk wna'e''
er. The same remark is true OF commerc'a
roints like Chicago and Milwaukee. 1n's
Exchange is made chiefly from legitimate bu'
s,ness paper. In the State of New York the
only currency received on deposit is the issu'
es Of the Banks OF New England, New York
New Jersey, together with the Banks o.
Penpsylvania at par in Philadelphia. Ever
Canada and Ohio currency is never received
except occasionally at few points in the
western part of the State. Bills Of exchange
are cashed at par, and one half per cent is
considered little enough iecompense for ma.
king collections. If any doubt exists with
regard to the deposit of funds against which
bills of exchange are drawn, the telegraph in
half al hour will inform the party of the
truth. If Banks and Banking Houses fail
the news is sure to be received an hour or
two after the event happens. If the Banker
is swindled the rascal is very sure to be
caught unless his legs are longer than the
posts of the telegraph. The Teller handles
the same currency each day and every oank
note becomes as familiar as household
word.
Here in Saint Paul where everything else
is extravagantly high, exchange is low. Ihe
Bankers receive almost everything In the
shape of currency. Commencing With the
State of Maine whose charters of bogus Banks
are manufactured to order you may travel
through every State to Louisiana, and ascend
ing the Mississippi you will find the leavings
in your pockets readily received in Saint
Paul for Exchange at three tOurths of one per
cent.
The Bankers here arA. .pected to receive
with joy the shinplasters of Michigan, the
wild cats of Georgia and Pennsylvania, and
the widest of all red dogs from Nebraska
and Indiana. The par currency of the City
of New York, the stock secured currency Of
Illinois and Wisconsin, is mixed indiscrimi-
nately with the miserably engraved rags Of
North Carolina and Kentucky, Maryland and
Virginia. Almost every State in the Union
has sent out its bantlings, who finding no
parents at home, hasten onward to the dry
atmosphere of Minnesota, feeling sure that
host OF hungry bipeds there will hasten to
father and protect the ragged, and dirty faced
and llegitimate offspring Of legislators very
little wiser than our own. 1t may be profita-
BILE to sell Exchange at an advance of ! per
cent upon its cost in country 1000 miles
from the Atlantic coast, with no telegraphic
or Railroad communication. In such bust
ness penny or two may occasionally in good
times be added to the net profits" but how
disastrous in evil times, the experience of eve-
~ Banker in town during the past winter
bears good witness. We choose for the pre-
sent to ignore such profits and sell at cost
ITSELF rather than to try to rake together q
few rusty pennies at so great risk.
We are now selling Exchange on New
York to our own customers at one half per
cent, the buying rates. On collections and on
notes payable with Exchange we hope to
collect sufficient in addition to pay for post
age and stationery. We receive all currency
in good credit and the city endorsed currency
on precisely the same terms as Illinois and
Wisconsin paying out either according to the
choice of depositors.
Persons wishing New York State currency
for circulation can always find it at our Office.
We are buying State Scrip at 9Oc. For
large lots we will pay small advance over
9Oc. We are selling City and County Scrip
at 70 and 75c.
Land Warrants have an upward tendency.
Large lots have recently been sold in New
York at 93c We are selling at small ad-
vance on New York prices guaranteeing
them in every particular.
The State Treasurer offers the $250,0O0
State Bonds for sale. 1t is unfortunate that
these bonds cannot be used in Minnesota for
banking purposes. A very slight alteration
in the Banking Law, by the Legislature,
would give US currency of our own. Mis-
souri, six per cent. stocks as now quoted,
would pay, if deposited for banking purposes,
over seven per cent; and California rs
nearly 81 per cent. interest.
Under these circumstances, Minnesota
State stocks will not, in our opinion, be sought
for at less rate than or 10 per cent.
We clip from the Tribune the following
advertisement. 1t will surprise our citizens
to hear that $150,OOO Sewerage Bonds are
Offered in the market:
City of St. Paul IL per cent Coupon Municipal
Bonds-Sewerage- February and August
payable at MetrOpolitOn Bank Total issue $3.50,
600. Balance unsold. 200, for sale by JOHN b.
MURRAY, No 40 Wall street.
We are glad to see that the city papers are
agitating reform in the financial management
of the city. St. Paul finances have been
outrageously managed and taxes sufficiently
high to make the owners of Real Estate alb
solutely poor. If it was of any use to hope
to defeat any loan bill, we might hope that
our citizens would vote down the project to
run the city in debt 100000 moro in these
evil times.
We have received from the east few Of
4ha connona of the Ramcou Co.n4z d.