The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-02-01

We have already mentioned that the Massachu-
sets Legislature has taken measures preparato-
~ to pIedging the credit of the Commonwealth in
behalf of the general government TO the amount
of the surplus revenues. The bill as reported in
the Senate is as follows
Sec l. That the Treasurer and Receiver General Of the
Commonwealth be and hereby is authorized 10 guarantee
United States the notes Of the United states TO the full
amount Of the money received by the Commonwealth in
pursuance OF the act Of Congress entitled IAN act TO
regulate the deposit of the public money! approved
June 49, in the year eighteen hundred and thirtysx;
provided that during the continuance OF the liability OF
the commonwealth for account OF such guarantee the
Secretary Of the Treasury of the United states shall not
demand Of the Commonwealth the payment OF the mo-
ney so deposited.
The Chicago Tribune Of Monday night says
The exchange market is steady to-day at per cent
premium, the supply being about equal TO the demand
Most bankers however look TO early reduction
is believed present figures cannot be maintained Tho
buying price is 5s considerable lots would not
mand above per cent The demand is very light, and
continue while the high rate lasts. Gold buy.
ing nominal at 5x selling per cent. Bankers have
full supply Of currency and all legitimate business pa
per finds ready discount at the legal rates viz, 10
cent. There is comparatively very little doing outside
the banks and for really first class paper very little ad
vance can be obtained above the regular bank rate 10
Is per cent is about the range.
The st. Louis Democrat Of Monday remarks:-
1t is reported good authority that the Committee
Finance in the Senate Of Legislature, viii report
bill in opposition 10 continuing present bankabe fund
mens. Very strenuous efforts being made by certain
parties, however, to prevent legislation of this kind yet
it trusted that there sufficient gence honor
patr0ti lett in the State TO carry through the Iegsa
ture specie paying bank law, equal all respects to the
best banking system in the Union.
An exchange states:-
The Legislature Of Minnesota, in session. will pro-
baby take TO complete the network OF railroads.
for which grants were given in 1855.
Both Chicago and Milwaukee reached directly
by rail with La Crosse opposite La Crescent the most
southerly town in Minnesota Another road is projected
south from La Crssse to Muscoda the Milwaukee and
Mississippi Railway, and will doubtless be completed by
the time any considerable portion Of the line in Minnesota
can be put in operation north and westward from La
Crescent. That will give Minnesota choice of routes
east and south from Ia Crescent always insuring low
freight and fares and every facility necessary TO her
commerce
From La Crescent the line is direct by Chatfeld, Ro-
chester, Owaona and Farribaut TO St. Paul. Minneapolis
and St. Anthony. very considerable portion Of the
road is already graded and it through Of the
most productive and populous portions of the State Min
nesota has population and resources to warrant its
completion at early day. Ii the State will extend its
aid to this road alone being the Eost necessary
and important IL would at once inspire confidence in the
work, and both Milwaukee and Chicago would at once
combine their energies to complete the work. Built
it be, at small cost with the increasing prosperity
to its stockholders The early history of the Galena
road Is conclusive on this point.
81. Paul, Minneapolis and st. Anthony prosperous
cities, and always must be- and the road would be the
great central artery Of the and the travel
of the State.
As the first forty miles are completed, it will
prove Of immense advantage to Minnesota