The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-02-17


ting themselves upon the state Of our local
monetary affairs. The entire circulation Of
the Banks organized under the Minnesota
Banking Law-up to the present time-is
Sl37,O which is distributed among five
banks, as follows
|. Bank Of the State Of Minnesota. st. Paul;
circulation 5000. Of which t25, 600 is based
upon an equal amount Of Minnesota SIS, and
$4,000 on Minnesota University Bonds.
2. Bank of Saint Panl, circulation SIS 900.
Secured on an equal deposit of Ohio 6's.
}. Exchange Bank, Glencoe, circulation SIS,
900. Securities, 81, 900 Of Minnesota "a.
1. Farmers Bank. Garden City, Blue Earth
County, circulation s?5, 900. Securities depos.
tied, SIS, 900 Minnesota Sc.
5. Nicollet County Bank, st. Peter, circula.
tion ss7.27?. Secured on $50, 600 University
Bonds.
A large proportion OF this money circu-
lates within the State, but st. Paul does
not experience the benefit she might from
its free circulation from the disposition on the
part of some Of the brokers to pick up all
the currency Of our local banks they can
collect and to push it TO redemption. The
bankers in self.deience are obliged TO send
their currency to quarters where it will not
be liable to these petty annoyances.
10 this connection, however, we are far
from disappearing Of the course pursued by
one at least Of our bankers in relation TO
endorsed city scrip. 1t reflects bat little
credit on the soundness of the principles
which govern the financial operations Of our
brokers that they very generally unite in
countenancing this illegal currency, manu-
featured by the city authorities in Hat de-
fiance of law. They all take it and pay il
out, and recognize it, except one firm, and
their example would have more weight if
their censorship was exercised with more
Discrimination. The whole amount Of en-
dorsed city scrip, issued under the arrange
ment with PEAsE, CHALrASr & Co., is, Of
regular Treasury orders, $1,000, to which,
Of course, must be added an equal amount
of redemption orders in the hands Of,
and for the benefit Of that firm, making,
in all, Sl58ls of endorsed scrip in circula
ton.
We presume the Treasurer is amply se-
cured for the amount OF $1,000, issued to
the city bankers, IS their bonus for keeping
an equal amount of city scip at par. We
should think il at least due TO the commu-
nifty, that the nature Of the coilaterals held
by him as security for this illegal issue be
presented 10 Report by the Treasurer.
The amount OF uncancelled city orders
unendorsed, still outstanding, has been re-
duced to about 5000. 1t is current at %
cts. Persons who hope to get scrip at re-
duced rates to pay their taxes, will take
note Of this item.
We have before us the statement Of the
State Treasurer for the fiscal year, ending
January lst, 1859, showing the receipts and
expenditures OF the State.
The total disbursements for the year are
$3.50 500 Is, of which 800 $50 % were for
expenses of the Territorial Government,
making the total disbursements for State
purposes, 3l92,A58 %. OF the 2lo3,591
Of State scrip issued last year for redemp-
ton OF Territorial and State Indebtedness.
very small proportion remains the rest
having been absorbed in the payment Of
State taxes 10 consequence of the limited
quantity now in market in proportion to the
amount needed for taxes, and the difficulty
Of procuring it, the rates have been gradu-
ally rising from 70 10 S. and 90c till now
it cannot be had for less than 95c. tx
change is increasingly abundant, with very
limited demand An immediate decline
in the rates Of last week is inevitable, al
though no formal change has been made in
the rates last fixed by the Board Of Brokers,
which were as follows
Exchange on New York. .liprem. kprem.
Exchange on IT. Louis..ll " "A
TX; on csieaso'...pa,a III t"
The inaax Of money for the liquidation Of
old debts, and for loaning at easy rates, oc-
easions the decline above noted. Every
thing indicates financial revival Land (
warrants have experienced a sensible depre-
citation during the pendency Of Crows Free
Homestead Bill in Congress. They are not
quoted at all in the New York market. A
decline OF about three cents per acre has
been the result here, which will fix the scale
Of prizes a. follows;
Buyirx s.Hng
20 acres ...... sos7 20 Acres. .n,oI
% acres ...... 0,s2 20 acres ....- o,-5
100 scres 0,73 100 acres. ...,... 0,-2
leo acres ....... 0,s2 leo acrss........ Is .