The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-05-05

E4CDabSc iVr sou1c rea5On sui rules al
unusually high rates oil over the Northwest.
At Chicago. 1t has gone up to per cent
premium-and outsiders are charged even
higher. Gold is being shipped Eastward
in lerge amounts to make exchange. The
New York Euen,ng Pot, Of q recent date,
notices this efllux Of western gold. II says
The specie remittsnces from the West are
increasing. This morning. the American TX
press Company (Nessrs. Wells, Butterield 4
Co.. brought down by their early messenger
Il AN two tons Of specie. This does not in.
clude tho 1910 AN. and | 30 Pm. expresses,
yet to arrive when we write. should they
bring their usual average, the amount received
to day would reach two and half tons"
1t is gratifying to know that the pinnacle
Of the ascending scale Of Exchange has near.
y or perhaps quite been reached--n the
payment Of our Eastern debts.
1t is to be hoped that an abundant crop
will enable us to pay our balances with our
Eastern customers without the drain upon
our specie circulation indicated by the pre-
sent high rates Of Exchange. II is remark.
able that ut 81. Louis, Exchange stands at
a. Exchange al ST. Paul is now q, per
cent II is heretofore been at the same rate
as at Chicago.
We have good supply Of currency Of
which large proportion is Of our home is.
sue. We are grstifed to know that exten.
sive arrangements have been made in Wis.
consin and Illinois for the redemption OF
Minnesota currency. 10 this connection we
quote some remarks oil the Dubuque Daily
Tunes after abiding toa rumored arrange
ment Of Messrs. Corwith, of Galena to rc-
ccive Minnesota money from the Packet
Company aud depositors, it says:
We do not desire to discredit the currency of
Minnesota, on the contrary We are disposed as
fav0rably towards II as possible but as We
stated laht week. 1t must be redeemed at least
in other currency the same As illinois and Wis
consin, at Chicago, st. Louis or Dubuque, a.
well a. 81. Paul, before II can be received with
safety by our merchants. None Of tho curren.
cy Of Minnesota 10 received by the State Bank,
and the private Bankers OF this city at present.,
III
81. Paul, though we believe IL viii ali be cur.
rent Just a. soon a. reliable arrangements for
its prompt redemption are made and not be.
fore.
We are glad then to refer the Times TO
the advertisement of the Bank OF Rochester,
Minnesota in another column, to the effect
that the bills Of that bank will be redeemed
at the Bank OF Galena on and after the
9th inst, and to further advertisements OF
the arrangements for the redemption Of Min
nesota currency at various central points.
The latest statements OF the New York
banks Indicate that the recent dangerous
expansion Of loans has been checked.
The Milwaukee banks refuse oil Illinois
currency, except at and one per cent
discount.
Initial steps have been taken by the
bankers OF Milwaukee and Madison towards
q central redemption system.
We understand that the President Of the
Bank OF Rochester, in this State has de-
posted $4,000 Of personal bonds with the
Auditor, as additional security for the is
sues Of that bank, which. in addition to
100000 Of per cent. State Bonds will be
more than sufficient security for On issue
OF $4,000.
I The following table shows the present
condition Of the Banks of Minnesota.