Saint Paul weekly Minnesotian., 1858-07-03
Monetary Matters.

Paosnip Block, st. Anthony Street, st. Paul, Asnn.
We had hoped before this to have report
ed the passage of General Banking Law for
the State of Minnesot,. With the Banking
laws of New York, Illinois, and Wisconsin,
before the legislature discussion of three
days should have perfected us law of simi-
lar character. No progress whatever has
been made and there is danger our whole
thing will be strangled by the insertion Of
provisions of little importance in themselves
yet sufficient to prevent Private Bankers
from organizing Banks of circulation. There
is but little inducement with the most liberal
law that can be passed under our Constitu-
ton for Banks of circulation to be formed.
The texation of Banks will be nearly double
that of private individuals. Stockholders are
liable for taoice the amount of their stock and
for one year after the stock has been trans
ferred If Bank of $4,000 is organized,
the profits on per cent stocks bought at par
for the first year will be $4,000.
The expenses will be:
Cost of Bank Note Plate ate.................$ $500 90
Cost of Printing and Paper. NEUTRALITY-SUSPICIOUS.. 400 90
Redemption Of Currency twice during the year
in Gold at one per cent. ...............1,OOO 200 90
Additional Taxation at least. 500 90
$3.50 90
Leaving profit of less than 5000 to the
Banker for the risk he may take in the de-
probation of stocks. After the first year the
profits will be somewhat better, yet even then
hardly sufficient to cover the risk of depre-
citation and the liability of the bill holder
A banking law hampered by usury laws, and
by provisions like that prohibiting the ap-
pointment of a Notary Public to any one
connected with Bank, will remain a dead
letter on the statute book for the present
while liberal law free from such restrictions,
giving ample security to the bill holders, will
furnish US at once with currency of our
own, in which every one will have confidence.
Clark, Dodge & Co., of New York City,
write us, that they think the Minnesota
Loan will go at or 8 per cent. We should
be very glad to take the Loan at the former
figure were it not for the Five Million Loan
hanging over the market"
Exchange is scarce. We are buying at J
per cent; selling at : to per cent. State
Scrip is bought at from 80 to 95 cents. City
and County Scrip at from 60 to IS buying
selling at 10 cents.
There is little demand for Land Warrants.
They are selling at from 80 to 81 cents per
acre.
Loans on first class City security have
been made the last week at from 2 to d per
cent. Short paper which will be promptly
paid, is discounted at from to 8 per cent.
New counterfeit 2's on the Columbian
Bank, Boston also on the John Hancock
Bank, Springfield, are in circulation here
They are photographs.
The 4th of July coming on Sunday, the
Banking Houses will be closed on Monday
the 5th.
Overland Route from st. Paul to Fra
zer's River Gold Mines!!
At meeting of the Citizens of st. Paul,
held on Thursday July lst., for the purpose
of considering the best measures for establish
ing an emigrant route, through the Red Riv-
er and Saskatchewan Valleys to the Gold
Mines on Frazer and Thompson rivers in
British Oregon, Col. w. Fl. MOBILES was cal
to the Chair and j. A. WHEELocK was elect
ed Secretary.
After some discusions,a Committee consist
ing of N. w. K1rrsoN, JNo. H. STEVENS
JAS. RIDPATH, JAS. w. TAYLOR, and j. G.
BORDEN, was appointed and requested to re-
port to an adjourned meeting to be held at
8 o'clock P. NJ. of "wednesday July 7th inst,
in Concert Hall.
Adjourned to meet at above time and
place.
w. II. MOBILES, Chairman.
j. A. WHEELoCK, Secretary.