Article Text
It is known to be an impossibility to make exchange of this circulation consequently, if we have such an amount of it, as to drive out all, or nearly all, convertible currency, we must then send away our gold to make exchange, leaving us with nothing but this irresponsible and illegal circulation with which to do business. As a natural result from this state of things, the cost of keeping up an eastern account is increased, and this increased expense, the merchant who has eastern debts to pay or goods to buy, must pay in the purchase of exchange from his banker. on which he must make himself good by charging his customers a large per centage. Thus we see this circulation is a continued drain upon the country, saying nothing of the legality of the operation, the morality or expediency of the same, the effect upon our standing and reputation abroad. the safety of the people in handling it, or the effect such financial operations have upon the increase of a legal, well based currency among us." The absence of snow has been seriously felt upon the general business of the eitywhich depends almost entirely upon local custom for its activity. Within the week past nothing of interest has relieved the dullness of the season exeept the final establishment of the Bank of St. Paul-which has deposited with the Auditor Ohio State stocks as security for an issue of $25,000 in bills. T. R. B. ELDRIDGE, President : C. J. BURNELL, Cashier. The conduct of at least one of our local bankers in relation to the Bank of Minnesoa, deserves severe reprobation. Since that bank has been started, a well known firm of brokers in this city, not too well known for their liberality, have made a systematic run upon it, for the gold-collecting its currency at great pains, and using every little effort that meanness or malignity could devise to stitle its circulation-and this too, at the very time they were engaged in putting out their certificates of deposit to circulate among the half-breeds of Northwestern Minnesota. The meanness of this conduct is only equalled by its impudence. Money continues scarce, and as the trash which the authorities have put into circulation in which the sole element of vitality is the endorsement of certain brokers-necessarily displaces an equal amount of sound currency-of course the general stringency has not been a whit relieved by that expedient. We quote exchange at the rates current last week. Buying. Selling. Exchange on New York 11 prem. prem. Exchange on St. Louis .. Ex. on Chicago par &.1 Gold Thompsons's circular of Jan. 10th gives the following as the rates of land warrants in New Vork cheming tnt
