The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1861-12-06


considered as quiet as usual, although dis
astrous crash in the currency is not antici'
pated. Since the shutting down by the
merchants on irresponsible issues, every
thing has gone along smoothly, and good
currency in sufficient quantity for the bus-
ness transacted, was easily obtained. The
bushes community were lulled into sense
of security, and the consequence has been,
that we are now flooded with municipal
scrip of our own locality, and of Saltwater,
while Wisconsin has been gradually creep
ing into circulation. The bankers and mer
chants, however, are watchful, and we are
confident they will apply remedy and save
US from our regular semi-annual "crash."
No money can be obtained here for spe-
cula,ive purposes, and mortgages, on any
thing but first class improved city proper
ty are difficult of negotiation. Advances
are made, however, with liberality on pro-
duce, and accommodations of thirty, sixty
and ninety days to merchants are freely ex
tended, but only to those who have the re-
putation Of being prompt payers.
Exchange is selling on New York, for
Eastern funds at a per cent. premium !;
Ohio 1 per cent; Indiana l per cent;
Iowa per cent; and for gold coin at q
per cent.
The following are the rates for land
warrants. We give the selling prices only,
as the dealers are almost entirely supplied
from abroad-l60's-60 cents per acre !;
l2O's-65 cents; 9O's-98 cents; 4O's-
SLIP.
Business is comparatively brisk. Our
wholesale merchants have large stocks on
hand, and the excellent sleighing is favora>
BILE to a good winter business. They will
get their warehouses we'll cleared before
spring.
Present appearances indicate that there
will be little numbering done on the st.
Croix or the Upper Mississippi the ensuing
winter. Large quantities of lumber, which
were manufactured last winter, are still held
on account of the extreme low prices.
Most of the "Pinery Boys" have gone to
the war, and but little numbering will be
done until the war is over.
Pork Packing has hardly commenced, al
though hogs come into the market freely.
Prices are not quite up to the views of sell
lers. $3.50 to So per hundred, rather stag
gers the hog raisers, but it is doubtful
whether there will be much advance on
these rates.
The Milwaukee Sentinel of Thursday
morning contains the following circular,
which, it thinks, must entirely dissipate all
fear Of any insecurity Of Wisconsin curren-
cy:
STATE TREASURES OFFICE,
Madison, Nov. ~, 1861.
To-, Treasurer 0f-.
DEAR SIR: To meet the interest on the
State bonds and to pay for purchases made in
New York. it will be necessary that a portion
of the State tax soon to be collected reach the
treasury in coin. As there is at the present
time large amount of coin in the hands of the
people, it will be NO hardship for One-third at
least, Of the State tax to be required in this
shape; the balance will be received in Wis
consn currency to the extent it is received
from the tax payer. have the most satisfac
tory assurances that all Wisconsin currency
now current-with the exception of the notes
of the Dodge County Bank. Bank of Portage
and Waupun Bank, the aggregate circulation
of which is. less than $l0,0O0-will be re-
deemed so as to save the holders from all loss.
In all cases where the banks issuing the notes
fail to redeem as required by the amended
banking law, the notes will be redeemed by
the Bankers Association, and thence retired
from circulation, and the non-redeeming banks
wound up without loss to the bill holder. From
careful Investigations l am fully satisfied with
the correctness of these assurances, and hest.
tate not to express the opinion that there will
be no further trouble with Wisconsin curreu-
S. D. HASTINGS.
We should like very much to believe that
the Wisconsin banks will make such ar
engagements as will in the future enable
them to redeem their money at par, but we
must confess that we have but lite faith
in their doing go. If it was their intention
to comply with the provisions of the new
law, they should have done 80 ere this, and
not waited until compelled to do so.
The export clearances OF domestic prod
uce from New York last week were given
over three millions. The Herald OF the 9th,
says:
We have now been seven months at war,
and the nation has probably seen it's darkest
hour yet the specie strength of our banks
has always been adequate to their wants, and
is now fully double the old average. That
there is no hosrdlag going on s proved by the
fact that the New York banks and Sub Treasury
now hold within 50, goo as much specie
as they did on the 10th of August, though they
have supplied gold to Chicago, St. Louis, and
Western Virginia, and have lent the govern
msnt SIS, 500 900. If, therefore. the banks
hold twice as much coin as they need, and no
boarding is going on, moderate export OF
coin would surely afford no just ground for
alarm. We are receiving about 81, 800 600 a
month from California. Since November last
we have received from Europe and from Cali: