The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-03-24
Monetary Matters.

D'NS tuS pdet WSVh tuS iuuiCatiOuS
already noted OF a con siderable re'axation
in money matters have increased. Currency
and exchange is in poor supply at the rates
quoted last week, TO wit:
Buying Selling.
Exchange on New York. IA prem. IL prem
Exchange on ST. Louis..lI I" IL
TX; on Chicago. al 81 10; :.
Gold NEUTRALITY-SUSPICIOUS.. lGlt IL 4"
These are the Chicago rates, and to meet
the demand here it would seem TO be neces-
sary to rule higher. The bad weather which
accompanies the opening of Spring affects
business very considerably. but the prepare.
tors for large expansion Of operations in
the present year are obvious. The establish
ment OF large banking capital in our midst
is doing much TO stimulate business activity.
The Chicago brokers still continue their
jealous efforts to arrest the circulation of
Minnesota currency over the ground they
bad appropriated to themselves.
The Chicago Bank Note Last las the fol.
lowing in regard to Minnesota Money:
There is good deal ofefort being made TO cr.
culate Minnesota monsy IN Illinois and Wiscon.
sin. prominent Minnesota banking house,
IN reply 10 question, asking how they would
furnish New York or Chicago Exchange for
their state currency, say "they prefer not to
furnish Exchange on Minnesota Bank Notes." |
am really told that none Of the Minnesota
Banks redeem in gold that the Auditor is
now issuing on Minnesota Railroad Bonds at
y.tiy IA LA oil
the ground OF reported sales ut st. Paul,
though as yet there hays been no sales at the
New York Stock Board, and il is notorious
that the bonds have been frequently pledged
in Chicago at fifty cents on the dollar.
Minnesota letter from first class authori.
ty says;
:" In reality there is no preference on &C.
count OF the kind of security OF the Banks, as
those who deposit on Ohio can at nome nt
change to Minnesota Railroad bonds therefore
the character Of the owners is the principal
consideration" With these facts in view
that the Auditor gives in circulation ninety.
i've cents for what is gene rally believed IL not
worth fifty that any swindler can start bank
there on Illinois or Ohio stocks, and as soon as
he gets circulation in the hands of the PEG.
pie, take out his securities that are worth an
hundred cents and put in such a. have only
nominal value, and so cheat the bill.holders-
my advice is, TO refuse all Minnesota money.
OF course this prominent Minnesota Bank.
ing House was one Of those Anti Railroad
brokers, who will recognize no money as
good or safe but Gray bills with their endorse
ment, and who are against any system of
banking, the profits of which are not mo-
nopollzed by them. The information derived
from this Prominent Banking House."
and " first class authority above quoted, is
all false and malicious.
l. All the Minnesota Banks redeem in
Gold.
?. The Auditor has issued no money upon
Minnesota Railroad Road Bonds, but upon
Minnesota State IS, secured by prior lien
apon Railroad assets as well as upon thewhole
revenue Of the State. With an aggregate
property valuation Of sixty millions of dol.
lars-the bonds of the State Of Minnesota
are far better than those of the State of
Illinois ever were. Nothing but the efforts
made by interested parties in our own Stute
could prevent the State Bonds going at par.
3. The statement that the Ohio, or Ken.
lucky, or otter Stocks, which are deposited
for the security Of large proportion of
Minnesota currency, can be Withdrawn at
any time and replaced by others Of less
value. Is simply false. The bonds replaced
must always be OF equal value.
Nor can the value be determined BY n
'rumped'up quotation at the New York
Stock Board, as intimated, but must have
we!EascertaiDed current value.
The broker who regards his own endorse
ment as better than that of the State and
Railroad Companies combined-and who
thinks that while the former is worth par
the latter ia only worth fifty cents-is pro.
baby the first class authority alluded to-"
These ffty-cent Gray backs, at several re-
cent meet ings OF the Board Of Brokers ofthis
city, have ende avored to pass a resolution
requiring country banks. based on Mime
sofa "a, 10 redeem at ST. Paul. in gold or
exchange. at the esoteric brokers' rates
under the penalty of being thrown out.
The resolution did not pass a. the Bro
kers not Of the Gray, back stripe, very pro.
perry saw in the resolution nothing but a
malignant dead set of the Gray Back Bears
against Minnesota "a.
The proposed redemption is not objected
to, hu; the discrimination against Mime
'o'a - IS seriously objected 10. II the
Board OF Brokers il to be made an instru.
meat in the hands OF the Gray. backs for
depreciatirg The State credit, the sooner this
little clique Of small ohylocks are relieved
rom the nauagemeni Of our local financial
matters, The bet,er'
Land Warrants have entirely recovered
'rup the 1srreS-i0D ,c~os:.,el D., -.