Mineral Point weekly tribune. (Mineral Point, Wis.) 1859-1868, 1861-01-15


As measure Of relief, new DISPOSE
ton Of a portion Of the Grant OF Lands
made bv Congress to the State IN trus / sor
railroad purposes. and turned over to 4 c
La Crosse and Milwaukee Railroad Com
nanv. might be made, with the consent OF
CongI ess. In case all that portion of the
rant not sold TO the st Crolx and Lake
Superior Railroad Company, is not to be
given to a new company, to carry out the
designs OF CongI ass, and under conditions
which shall beyond contingency save the
farm mortga9ors, | suggest for your CON
sideration, u memorial TO Congress, asking
that the act making the grant 10 the state
be so changed IS to give the State absolute
control Of the same so far as rights OF PR
vate parties or companies have not bee ONE
legally, permanently fixed That relief
granted by Congress-which could I'M
questionably he obtained if an euerg tic
effort should be made for the purpose
the lands could be sold at some price. the
minimum of which should be fixed By law
and the proceeds used TO relieve the NOR
tgagors, directly, OF TO aid the companies
or their representatives, in relieving these
| farmers of such unconscionable burdens.
EXCHANGES.
merchants and business men of the --,are
have labored from the derar .rements IN
financial affairs are deserviner =, vo,r a.
tention Thee diiiicaitles have evidently
arlsel from Causes quite out of the ord
nary course of events although. in their
effects upon US, traceable to peculiar ext
gencles IN our export trade.
The law of commercial exchanges is of
I
Of supply and demand In foreign trade.
| exports and imports being nearly equal
money is only required to just balances
while in the internal and export trade OF
this State, large disbursements are first
required for the purchase of products.
Time for shipment and sales in eastern
marts, is q very important element in the
grain traffic and has nee eSsarilv at all
times Il controlling influence upon the
rates OF financial exchange; and this was
especially true of the late temporary panic
The surplus wheat crop of our farmers,
for sale after the last harvest, was full
twenty-five millions of bushels. To pur-
chase and remove this immense surplus
or even considerable part OF it, would
require the disbursement of several mil
lions Of dollars In past years grain
buyers usually brought into the State cas-
tern currency 10 effect their purchases :
but our local banks having now a circu-
lation adequate To the public wants, has
rendered this course no longer necessary
Accordingly, the purchasers Of the late
harvest, so far as made, were effected
mainly by eastern acceptances, or by
drafts drawn against the grain IN transit.
negotiated ut western banks which iurr-
iShcd buyers the currency used in the
traffic In all ordinary conditions Of the
money market, no difficulty could have
arisen from these accoml1odat;1cS since
the maturity Of acceptahces at eastern
banks, or the grain shipped and sold would
furnish an adequate and reliable basis for
the furnishing Of eastern exchange to
our merchants and business men But
suddenly, in the midst of this great move
ment Of our principal staple, and while
agricuituralists were hopeful and haIpv
in the prospect Of speedily receivin" thu.
rewards Of honest and well directed IN
dustrv, the commercial world was startled
by Il panic One of the chief causes 81
this seems now TO have been the felonious
abstraction Of a large amount of State
stocks. held rs Indian Trust Funds, from
the proper department ut Washington.
and which were unexpectedly and strange
ly thrown into market \ sudden de
preston in such stocks was the conse-
quence, followed by fall in the price OF
9rdin.
Acecptances held by our bankers were
in some eases dishcnored; and the grain,
after reaching the seaboard was nccessa-
rilv withheld from market, awaitinga rise
or heavy and ruinous losses would have
been the cCnSCqunce The result was, OF
course, that the basis Of exchange Of Yves
tern bankers was suddenly though TEN
porarily, stricken down; that no adequate
bala1 es remained to be drawn against
and hence an instant and unexamplcd rise
| in rates OF exchange 10 add 10 the per
plexity. this happened ut period whe1
| our merchants usually make heavy rem t
| tanccs, and large sums of interests OF
rail road and other debts were to be met
| in the Atlantic cities and states
The demand for exchanges, and the al
most entire absence Of supply, placed us
! for season, in the novel position of hav
| ing abundant means, but totally unavail
! able to meet the just dues of Eastern credi
| tors
In this singular emergency, a conf
| dence in our people in the security OF then
| banks and forbcarance to press claim,
! upon them. added TO the prompt and in
| dicious action of the bankers themselves
saved the commercial and agricultural in
! terests from eminent peril, if not utter
ruin The stock panic commenced sub
| siding Is soon as its causes were under
| stood, and it was asccrtaincd that the in
| tcrest to become due on stocks at the CON
mencement Of the present wear would ht
| promptly paid. Indebted states made
| speedy arrangements TO meet their inter
! est. leaving no grounds to diStrust either