The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-12-09

OF the State, and not upon the strength Of any
arrangement which the State may have made
to indie mnify itself against loss. In practice,
these are not usually faAnd to be Of much i'm
portsnce to the bond holder. We suppose,
therefore, that the Minnesota bonds will meet a
satisfactory market. II pttaiists feel confident
that Minnesota will have both the will and pow
er to redeem its pledges.
The bonds were dated On the frat Of Deem
Der. The first sale. reported in the New York
papers. took place on the soth. ct an auction
sale Of stocks at the Merchants Exchange
tlo, 900 Minnesota rs at 1901.
Minnesota SIS Of the t35o, 900 loan, sell readily
Ia New York, lo7t0l00s-sn unprecedented
high price for Western bonds.
There has been little change in money mat
tiers in St. Paul since our last report. The es.
Enlistment Of Banks OF issue In this State has
me. with the usual opposition from interested
parties. THOMPSON, the notorious New York
Broker, through his Detec,or. has opened an
assault upon the character Of our currency f;
and other parties, misled BY his misropresen.
ta,icn,, have endesvored to compromise the
standing OF our Banks by implics ting them
with the credit Of tho Five Million Of Railroad
Londs for which the State has become respon-
sible. The motive for these assaults. however,
Ia too we'll understood TO influence the stand
ing Of the currency already issued. II is SCARF e.
ly necessary to inf5rm the reader that the
Banks Of Minnesota arc based upon securities
which cannot be affected in the slightest de.
gree by the character Of tho Railroad bonds. II
these bonds should prove available for Bank.
ing purposes, they will be used for that pur.
pose. But unless they fully sustain their credit
in the New York market, they cannot, under
the Banking Law Of Minnesota, be recognized
as securities for issues Of currency. Neverthe-
less. the apparent, though by no means real,
com plica alton Of the credit Of tho State with
that Of the Railroad Companies, has had ten.
dency to delay the immediate operation Of
some OF the banks which have been organized
under this law. The effect Of the recent deci
sion OF the supreme Court Of the State, which
denies the State prior lien on the different
Railroads, has been watched with some ankle.
ty as to what extent, If any, II would involve
the orcdi. oil the first State Bonds OF $3.50, 900.
selves. The issue so far has been emnen,ly
satisf' Glory
The following paragraph from willard &
Morris Hank Note Reporter. Of Chicago, gives
the prevailing opinion of our financial matters
abroad
The Bank ofthc State Of Minnesota is the pi.
oneer bank Of that state. IL has 81, 900 CAPT
81 al in. nd h.. .uan al
b scd on Minnesota s q CT. bonds. These bonds
must not be identified with the Railroad Bonds.
They are part Of loan OF $50, 900 which was
made for State purposes--prlncpal and inter.
est guaranteed by the State. We know the
gentlemen connected with thus Bank, and can
congratulate the people Of st. Paul upon hav.
ing their FIRST Bank organized and started by
men of such responsibility and integrity. II
will give a tone TO Minnesota currency that lis
best hi nds hardly hoped for.
TWAS feared that the Banks would be start.
cd based on the Railroad Bonds, but we doubt
n any one would be foolish enough to expect
currency TO circulate based on such security
a. that. We warn the people OF Minnesota
against il, IL they do not ISL To suffer the evils
OF a deprecated and dangerous currency. II
tie Au iitDr OF Minnesota will exercise u little
discretion whoh as an officer no must have the
power To DO, and will deny admlttance to any
but iirst rate securities, there Is no reason " by
Minnesota currency Should not bs US good as
Illinois aud Wisconsin.
The N. & I. Railroad Company received on
Monday from the Governor si)),0o) of State
bonds being the first nstamcn: OF bonds 10
ceivel b. the Company.
Tho loo | money market, thcngh dull, is
mach more active than was anticipated. The
large disbursement OF tho Minnesota and Paci.
tic aaroiher companies, ia tho vicinity, the
growing confidence in tho good faith and abIl-
ry OF tho corporations in which St. Paul Is
more immediately interested, aud the pros
poets which are ripening ofau unusual activity
in the spring, concur to inspire q sanguine feel
Ing among business men.
The Bank Of st. Paul ami the Bank Of RAM
sey County are preparing t" SO into operation.
The Bank Of st. Paul will be based on Ohio
and hentucky Stocks. with q capital Of $50,
COO, which it is authorized to increase to $500.
0Jo. The L. msey Couaty Bank is to issue
800 600, scared on Illinois Internal Improve
ment Beads.
Exchange continues very scarce. The fol
lowin, are the quotations OF the Brokers.
Buyiag. senrs
Exchange en- New York. prem. lprem
t.Louis gold 1
cnrreney par
Chicago. ...par
.