The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-03-17
Monetary Natter.

ed condition IN money matters. Loans OF
Eastern capital are being freely made At
comparatively low rates. Transactions at
y per cent. per month have come to our
knowledge. Negotiations for the sale Of
Minneapolis & Cedar Valley r. Il. bonds
are said to be pending with prominent banx-
ers in this city A part Of the bonds bought
| by PEAsg, CHALFASr Il Co., have gone into
the Auditors Office to increase the capital
Of the Exchange Bank at Glencoe, which
now amounts to $4,000. Within the week
past the Chisago Bank, Taylor's Falls, based
on these bonds at 50 cents, as we stated last
week, has gone into operation, and its notes,
to the extent of 1925 600, have been counter.
signed by the Auditor. The whole Bank
ing capital now employed in this State is
$l95 900, which is amply secured on Ohio,
Kentucky, and Minnesota State Stocks.
Our Banking law carefully guards these Sc
curites, and provides by an abundance Of
wholesome restrictions for the security of
the billholders, and in this respect is one of
the safest Banking Laws in the Union.
We observe with regret that the Chicago
brokers have turned against the Banks OF
Minnesota the engine Of detraction and mis-
representation, with which, at recent periods,
they have sought to break down the banks
Of Wisconsin and Iowa but it is easy to
understand this movement. The Chicago
Banking interest, accustomed to dominate
TO some extent over Western finances can
brook no rivals in the profitable fields from
which they have heretofore reaped such
profits on the circulation of their banks.
Minnesota, for long while, has been sup
piled with currency from the banks of lll-
nois and Wisconsin, principally owned by
Chicago bankers. When driven from ev.
cry other field they still found profitable
circulation tor their bills here. They look
upon the Minnesota banks us inimical to
their interests, as destined to displace their
currency from the lucrative ground over
which it has so long reigned in undisputed
possession.
The best proof therefore that our Minneso.
ia currency is performing a healthiul function,
in superseding the less reliable bills of Wis.
consn and Illinois in our local circulation is
shown by the fact that the Chicago brokers
/ find it for their interest to assault it, and
bring it into discredit.
The Chicago brokers, in the exercise of
their undlsputed prerogative to make fools
Of themselves, exact u discount Of five
/ percent. on Minnesota currency. Meanwhile
it passes in New York on precisely the same
footing as the currency of Illinois aud Wis
consiu, that is TO say at 2 per cent. discount,
/ The fight therefore is between Chicago and
New York. We don't happen to be regu.
lated up this way by the Chicago brokers
or the Pres, and Tribune. They may per.
haps be able to Dragon Iowa or Wiscon-
ain, but we have way up here Of looking
past Chicago, in our financial arrangements.
/ We feel very coutented indeed with the pro-
lection which Wall Street affords our credit,
without being in the least concerned as to
what the Chicago gentlemen think about il.
We have really tell some fear that Chica-
60 might think it polite to pursue con-
cilatory course towards the North
west. and thus obtain controlling central
influence over our commercial affairs. We
are glad to see it thus early cutting loose
from us, and giving US the entire advantage.
without any intermediate brokerage. OF our
own credit in the New York market.
The Chicago Press ana Tribune has been
particularly violent in irs assaults upon the
credit Of our banks, deriving most Of its
materials from some OF our local papers, too
well known to need special mention. The
old Press before its union with the Ir,bln.
used TO be sensible paper. Since then i,
al'ernates pretty nearly equally between
sense and nonsense, as the Press OF Tr,bun,
streak predOminates. The Tribune virago
has evidently got hold Of the monetary de-
partmen,, which is one pervadiug howl and
croak and long drawn ulalatiou, quite in the
cantankerous rabid style OF the 7r,5une.
The Pres used TO be friendly TO the interest,
ofMinnesota. The Tribune always CRASHED
its teeth at the name OF Minnesota. lis
hngs are plainly visible in these assaults
upon Minnesota currency.
The Chicago iine' Of recent date, ten.
ders IT, rabd contemporary some iniorms-
ton about this matter. Of which it seemed
10 b. II Deed.
The iuac says
We ahservc that the GaAaciAi department q
he Pr,ss ND frrh-sas, anxious, perhaps Il
q