Saint Paul weekly Minnesotian. [volume] (Saint Paul, Minn.) 1858-1859, 1858-09-11
Monetary Matters.


ing the past week sure evidence that less
money is seeking investment here. There is
quite competition between buyers of pro-
duce from st. Louis and Milwaukee and it is
TO be hoped that their orders will soon make
Exchange abundant. We are paying for Ex-
change on New York 5 premium selling at
l per cent.
There is but little demand for Land War
rants. Wequote 1905 at 96c !; 6O's at 96c !;
4O's at $l.15.
The appropriations for the expenses by
the recent Legislature amount to Sill ,OO9.
OF this amount there is appropriated:
For Salaries of State Officers, $43,7OO
For interest, 14,7OO
For Printing, 22,5OO
The following applications for Banks of
Issue have been made to the State Auditor:
By B. w. CLARK
State Bank of Minnesota, Austin.
Bank of Faribault.
Bank of Mortified.
10y l.. w. ID.
Bank of St. Paul.
Exchange Bank, Glencoe.
By J. H. DAWES
Farmers Bank, Garden City.
Bank of the Capitol, st. Paul.
By BURDoCK & HATHAWAY
Bank of Mankato.
Bank of Owatonna.
These applications are all made by Wis.
consin gentlemen supposed to be in the inter-
est of the Railroad Companies. Only one OF
the number, the Bank of st. Paul, has filed
the requisite certificate with the Register of
Deeds. The capital is stated to be $25,OOO,
to commence operations on the 5th of Octo-
Der.
The City Treasurer informs US that SILL
coo of the City Tax has been paid and is Of
the opinion that $4,000 of the City Tax of
$4,000 will be paid by the 18th inst. Par
ties paying taxes previous to that day save
10 per cent.
City Scrip or State Orders can be obtained
at our office by Tax payers at SOC.
Since the successful laying of the Atlantic
Gable some of the Eastern press are discuss
ing the project of uniform system of weights
and measures, and decimal currency. There
| are few persons except those in The exchange
business who understand the present quota
tions of sterling exchange. Many supposng
the present quotations of 10S or lO9a to mean
or 81 premium.
The following from the excellent Detector
of Gwynne & Day, New York, is good ex-
PLANTATION of the mode of computing Sterling
bills:
"The quotation for sterling bills, 1OSsal09,
ETC., is an anomaly in commerce, and sustain
ed here by long usage. The pound sterlin g
is computed at $4.44 -four dollars and forty
four cents), when in fact the English gold
sovereign. which represents the pound ster-
ling, is worth $S4.03, 4S4 to 486. Thus a
bill on London for one hundred pounds ster-
ling is worth the nominal par $444. A
Add per cent nominal prem. or 1000
Total cost $4S444
Add per cent for 60 days int. 4S4
Actual cost $4S9.2S
Or if money be worth only four per cent as at
present, the bill will net about $497 81.
1t has been suggested repeatedly of late
years, that the quotations for sterling bills in
this market be made in the same way as for
gold sovereigns Thus, if party applies at
brokers' for one hundred sovereiens for re-
mittance, he is told they are worth $493a
1856: so should sterling bills be quoted so
many dollars and cents per pound 1t is time
that this anomaly in commercial transactions
was abolished by our bill drawers, and that
quotations be reduced to a common sense
standard, as is the case with bills on Bremen,
Hamburg, and all other places on which bills
arc drawn here. AS the purchase and sale of
bills on England are confined to some five or
six leading houses in or near Wall street, it
only remains for these few houses to estab-
lish new tariff or table of quotations"