The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1859-10-21
Minnesota Banks, their Circulation
and Securities.

Quite a panic was created among our
business men, yesterday, by report that
the securities of the Bank of ST. Paul, which
were originally Ohio SKIES, and above par in
New York, had been withdrawn from the
Auditors Office, and Minnesota State Rail-
road bonds deposited In their stead. This,
upon inquiry, was found to be the case
whereupon q " run" was made on the Bank,
which continued through the day. The
Bank of ST. Paul, having gained its credit
among our citizens On the strength of the
high and perfectly safe character of the ORR
ginal securities, the withdrawal of them and
the substitution in their place of securities
which had no market value whatever, and
without notice to the public, was regarded
by our business men as a fragrant breach of
business honor, and the notes of the Bank
were therefore discredted throughout the
city. We learn that the exchange of secu-
rites was made in August, or some two
months ago though the fact was not pub
licly known until yesterday.
We give, this morning, as pertinent to
the occasion, statement from the Auditors
office, of the circulation of the various banks
in the State, and of their securities. The
statement, however, does not show the
amount of notes actually in circulation
among the people, but the amount issued to
the Banks by the Auditor The public
can form their own estimate, from it, of the
value of Minnesota currency. Our opinion
is, that, with the constantly developing dis.
honesty on the part of bankers, and the
chances for substitution of stocks permit
ted in the banking law, the best of our
home currency can at any time be made
worthless, and that it should ALL there
fore, be treated as absolutely worthless
now, and be driven utterly oat of crcula-
ton.
We are assured, that so far as the Bank
of st. Paul is concerned, its stockholders
are men of abundant capital, and that its
officers will be prepared within the next
twenty days to retire at par every dollar of
its issues. We have this assurance from
the President of the Bank and we give it
to the public for its information and benefit.
The statement follows
| Farmers Bank, Garden City--Circulation
$4,000; securities, Minnesota SIS, SOS, 600, per
sOnal bond, S6,250.
State Bank. Austin Circulation. S25 600:
| securities, Ohio 6's, $25, GOO, personal bond,
$6,250
Bank of the State. st. Paul-Circulation
$4,000; securities, Minnesota SIS. SIS coo. Uni.
versity bonds, $4,000. personal bond. $3.50.
Bank of st. Paul--Circulaton sl4.5OO: Sc
curities Minnesota rs, $4,000, personal bond.
$6,250.
Nicollet County Bank, St. RECONSIDERATION,
$4,000: securities, Minnesota University bonds.
$4,000, personal bond, $4,000.
Central Bank. New Ulm-.- Circulation, s23.-
600; securities, Minnesota rs, s27 600.
Peoples Bank. st. Peter Circulation. s25.-
$50; securities, Minnesota rs, 100000
La Crosse and La Crescent Bank Circua
tiou, s42 ,O63, securities, Minnesota rs, $40 600.
Bank Of Chatfed'. C Circulation, $50, 900: Sc.
curities, Minnesota rs, $4,000.
Winona County Bank Circulation, SIS. 600:
securities, Minnesota rs, 10000.
Bank of Red Wing Circulation, 1923. 100: Sc
curities, Minnesota rs, S27, 600.