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

be good hereafter. This il . non seqnner wor'
thy OF the great Consolidated. II is true
that the Minnesota banks may change their
present securities by substituting Tor them
railroad bonds. but this cannot be done until
these bonds have market value in New York.
Until then, the auditor cannot receive these
bonds a. security. But what is Of more impor-
lance than this, IL that no bank which expects
10 continue ito existence and to make money
would be guilty OF 80 foolish an act as TO thus
forfeit its credit and standing in the eyes OF the
entire commercial community. II il were pos
sible for one Of these banks TO establish bonds
known to be insecure for its present securities,
il would only succeed in dealing to itself IA
tai blow. aud would itself be the greatest suf.
ferer. Selfpreservation, which il As powerful
an incentive with banks as with individuals,
will guard those institutions that deserve to
live from the commission Of any such error.
The Tribune appears to be distressed because
the Minnesota money is not quoted here at par.
Most OF these banks have made no arrange
ments here for the redemption OF their bills,
and il costs something to send them to St.
Paul for conversion. II would be absurd to
suppose that most OF the Minnesota money
would not be quoted at q discount here. upon
the same principle that Illinois currency Is quo
ted At q discount in New Y rk city.
We observe that the Wabashaw (Min.) Her.
aid Is dorn upon the Ncolet County Bank, be.
cause its securities are University bonds in.
stead Of State bonds. Perhaps that paper Is
not aware that the interest upon these Univer-
sity bonds for ono year 10 already deposited in
New York, and that the bonds themselves,
based upon lands given to the University, are
amply secured. The truth Is, we apprehend,
that much fthe war made upon the Minnesota
banks arises from political feeling, and is de-
signed to accomplish political ends.
Exactly, Mr.. Times, you hit the nail on
the head, 10 that last remark
The supply Of exchange is small, our
merchants having nearly drained the market
to fill their pockets for their Spring pur-
chases in New York. Exchange rules the
same at Chicago as here. We quote as
follows:
Exchange on New York. i prem. prem.
Exchange on st. Louis..ll II
E FIX; on chcago."parG :. " sGi "
In st. Louis, exchange has become quite
scarce, and rates have advanced one half per
cent. Currency is scarce, and Kentucky,
Indiana, Ohio and Louisiana notes are tax.
en- at par. Other currency at one half to
three fourth per cent discount.
The La Crosse and Milwaukee railroad is
advertised for sale at Milwaukee on the 10Th
instant, by W. BARNS, trustee OF the third
mortgage bonds.
There are only nine joint stock banks in
London, having an aggregate capital of
Sl9,s65,00O and deposits amounting to
sl97,0OO,OOO. They have no bills in circu-
lation, their payment in bank notes being
made in the notes Of the Bank of England
The largest Of these banks, the London and
Westminster with a capital Of $4,000, 900
divided to its stockholders last year, Is per
cent; two others, with capitals Of s5,O0O,-
900 each, divided, once 39la per cent, and
the other Is per cent. A fourth, with
capital OF $2,5O0OO0, divided IL per cent.
The bank note circulation of Great
Britain is 81 1000, 900, on basis ofSl2O,-
100000 in specie. OF this the Bank of Eng.
land has 100000 900 circulation, and $685.
100000 specie. The Irish banks have q
circulation Of $4,000 900, and those of
Scotland go 100000.
There are bank no notes in England be.
low.f5, or s25.