, 1870-05-14
MONETARY AND COMMERCIAL
MONETARY,

FRIDAY EVENING, May Il
A new Northwestern Railroad, having its
iniial point at Chicago, and running in nearly
an air line to Ba1rabco, in Central Wisconsin, a,
where it divides and has i branch to each Of
two ter1ninj, one at Duluth and one at L.
Crosse, has been projected, and has some
prospect Of being buil t, The charters for
that portion Of tho road which would make q
continuous aud direct line from Cmcaso
through the towns Of Genoa, Jefferson, Bar
/ raboo, and Tomah to Du1uth, have been grant,
ed, and that part OF the line north of To-
I NAH is endowed with a large land grant
The western branch, however, projected from
Bafaboo to LaCtosse, We regard as not only
Of more importance to Chicago, but as much
more likely to be paying road, This branch,
il connection with the main trunk from Barn.
boo to Chicago, would make a road almost the
entire length Of which would be located
through well settled country, whe1e towns
and villages are more frequent than in Illinois.
esea Indeed tbe re, no Rht ,na of t.. Illinois
tier Of counties, is better settled than
this southern half of Wisconsin. The
population, Ike that Of New England, is en-
gagged in manufacturing as well as farming,
and also in many Of tho special branches Of
farming, like the culture OF hops, broom corn,
tobacco, etc, and in the lighter manufactures,
as furniture, woodenware, stoneware, and
agricultural implements, which have been IN
dnced by the abundant water-power in that
portion Of tho State-and q road through the
route indicated to La CROSSE would, as soon as
completed, have as large local tayel, from
Chicago: At La Crosse, Chicago might com
pete With Milwaukee for her proper Ahare of
the wheat trade OF tho Upper Mississippi,
which size has never yet had.
But even La Crosse is not tbs
little north Of west from Lacrosse is Man
lato, at the south bend Of the AGnnesota
River, place of really more commercial in
pottance, as the cent1o Of fine Theat-8roWing
region, than st. Paul Indeed, the greater por-
tion Of the wheat that comes 10 ST. Paul comes
The Alinneeota River. Mankato, though about
100 miles above st. Paul by the river, il really
about seventy-f@e miles south of it in 1atitude.
and, with its facilities for feeding railroads by
the small steamers OF 100 to 200 tons burthen
that hss nny plsup ' and doTn % The Mnnesots u River,
portance in the south half Of The
State The Minnesota Valley ia altogether
the finest portion Of the State Of Minnesota,
and thoee who viii examine the map in.this5
connection will see that Mankato is located 80
as to become it's commercial centre. II another
ra1lroad we're built, running from Mankato
northwest, up the Valley Of the Minnesota, |
the Tho!e rosd from Chfcagp through La 4
Greece, Mankato, ard to any point beyond in
the Minnceota Valley, would have such .locsl
nslness as would pay at. once, and make it
shorter and infinitely superior, as connection
with the Northern Pacific, to the PhiIa-
Celphla scheme OF connection by running
up into the wilderness between St. Paul and
Euluth. The trade Of Southern Minnesota,
Eoweyer, is 60 we'll worth the endeayor OF Chi
II the route VIC have indicated, Chicago ought
tofavor and aid the project Of direct road
flm Duulcish to Mankato, which, with the
Illinois Central and old Galena Il Chicago,
son1d make nearly direct route.
: The report thnt the Banking aud Currency
Committee Of the House had reiterated their
lall for O, 600, 600 increase Of National Bank
notes, and a refinement of Ike amount Of ;
Greenbaeks and per cents, caused consider
able reaction in the advance in prices !;
Of all speculative commodities yesterday.
Il the bill should Fase, and should become t
operative, it's first effects would be q contrac- |
ts,,, t,en o. about s23 Coz, GOO in The aggregate
National Banking n monopoly, without put I
ting it On bnsis that would obiige the banks t
to prepare, certainly, for specie payments- Its /
chief defect is that it stops short Of free bank /
ing., Any effects, however, that its operations I
would have on the actual volume Of currency i
would probably not begin to bo felt for year, ::
end the fall IN prices Of stocks, on so re-
mote . contingency, shows the extremely
Prices. - i
AAN@!S5 A44aAAG& C1NlAAuES EX[IEmSfy ,
easy Some Of the banks most intimately cor !;
Geeted with the grain trade report mora ao-
uE1's IN loons- owing to the Speculation in j
Wheat. Ordinarily the specuiatofs t1ade ouiy !
IL options; NJ and Ills does not can for much ;
p:enty that large proportion Of specnIa.;Pe ::
purchases bare been made for cash.
Demand loans are still to be had at Z per
cent.
There is very little movement of>cuuency
to the country.
New York exchange Is in demand. and the
anks a1e selling largely over the counter to
Eeir merchant customers There is still
mall supply Of grain bills, though there is
considerable exchange making against ship-
reris Of cattle. Sales OF New York funds are
made between hanks at Soc per q, 600 premi-
m. Atthe counter bankers sell st LID pre-
rirr, and buy at par: Buffalo bills arc taken
It x of, and Oswego bills at of
Inc foloxing bids for and Offers Of local
ecsl stocks we're made at the Stock Board to-
lay.
BM.. AsEed
Nsst 1tsL Nsauonn! 6duk...----..+.-- -.-.1A
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