The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-07-21

During the week past the supply Of gold
and eastern exchange has been so far in
creased as to affect tAe rates quoted for sew.
eral weeks past. Gold, for Wisconsin OF
Illinois currency, commands per cent.
prem, and exchange on New York Is sold
at 2 per cent. prem. There has been large
influx Of strangers. and among them many
heavy capitalists from the east and south,
since the commencement Of the present
month f; We hear, however, Of very few in
yestments in real estate, and no loans of
consequence. the distrust in western securi-
ties still continuing, The splendid appear
ance Of the crops, and the probabilities OF a
yield unequalled in extent in the Union, for
the amount Of land under cultivation, is do
ing much to win back that general confidence
in Minnesota, which prevailed prior to the
reyulsion Of 1857. The accounts which
reach US from every section OF the State, as
to the crops, are of the same encouraging
character. All kinds Of grain are doing
well, and the yield will more than double
that of any preceding year. The area OF
land under cultivation. is estimated by good
judges, TO amount TO twice that OF any pre-
vious season. The emigration during this
year has been so small, that the surplus in
the State will be very large, and will square
our accounts with eastern creditors. This
desirable consummaton will enable the peo-
pie OF Minnesota TO enter upon the year
1850, free from the'embarrassments of debt
and with the sensible determination of win
ming independence and wealth, from the
bosom of mother earth, rather than by hair.
Drained speculatons in town lots and wild
lands. The character of our population, too
has undergone marked change during the
past two years,-bundreds, We might say
thousands, of real estate gamblers aud needy
Adventures, have either been driven by the
hard times, to Kansas and Pixies Peak, or
compelled to become producers at home in
stead of consumers But few persons ap-
preciate how terrible an incubus this worth
less class Of population was upon the ad.
yancement of the State and the prosperity
of well.intentoned citizens. Every little
community, from Pembina to the
Iowa line. and from Lake Superior to
- Big Sioux was afflicted with their
|. Geence and, as they apparently coined gold
h1k swapping - cornerl OTIS, the contagion
sQlAd, and developed in its meshes men Of
!!moge conservative habits. Productive farms
Refe converted into unproductive town sites,
md in every county one was sure to have
POINTED out to his wondering gaze the iu-
ture metropolis of the Northwest, with
dozen families obtaining q subsistence of Of
Chat future. When the bubble burst. the
worthless speculators-those whose sole
cseital was brass-were SWEET from the
State, leaving behind them many dupes, and
at the same time enforcing an invaluable
Lesson upon all. That lesson-that il is
j.. upon the agricultural, mineral and lumber.
ing resources Of Minnesota that her citizens
must rely-bears its first fruit this year aud
from the experience Of the past, We do not
think the present generation or the next
viii require its repetition.
Our quotations for exchange are
fs2 a Buying Selling.
- On ueV York, ......... II