The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-05
st. Louis, Mo.
st. Louis, Mo.
Correspondence of the Heraldl
ST.. LOUIS, Mo. Nov Is, 1912
Business and Trade Of ST. Louis Currency
Lepixafve- Ladies' &c


Business and Trade Of st. Louis Currency
Legislature Ladies, &c.
Mr.. BENNETT-
am a subscriber 10 your interesting paper, and
as daily reader of it, have been both amused and
informed by your leter-writers from the different
cities and towns throughout the country, and have
often wondered why you have not a correspondent
in our growing and hourlshing city.
In late number OF your paper, Inotice some one
has attempted to give you and your readers de-
scrip,ion Of St Louis, its Currency, Trade, &C."
Upon one or two subjects, he writes in spirit of
hostility, and has allowed himself to be carried
away by his prejudice, possibly losses, and by SO
doing, has given erroneous account OF the popu-
la,ion of our city, its currency, &c.
Two years ago our city charter was altered. Inc
city now extends in length live miles, parallel with
the Mississippi river, running back Uhe width) Two
and one h alt miles, and containing a population OF
over 10000 people, and Is rapidly increasing
Broadway has recently been Macadamsed the
whole length, which extends the whole length OF
| the city, and when worn smooth, will present as
fine an avenue as your third several streets run
ming back from the river have also been Macadam-
| ized which had to be done ere the property, be-
yond the old limits was subject to taxation About
| a wear ago, our wiseacres-the Common Council
determined upon making the Improvement imposed
upon them by the Legislature, before they could le
| glsate beyond the said limits. The sequel will
| show their narrow contracted views, headleng
| and malicious legislation. The CITY was in debt,
and no means TO accomplish The required Improve
ment Our Fathers caused warrants 10 be Issued
| OF the denomination OF l, 2, B. and ID, upon beau
| tiiuIy engraved paper, resembling bank notes,
| when presented fine appearance, and were paid
TO contractors tor the amount the lace called Tor.
| The members composing The two boards were con-
| sldered by themselves the wise men " oil the West.
The IS whole time was occupied IN atflxing ms
signature TO the warrants; every thing SWIM
| LINN uuty lltupta eT
members pocketed their two dollars tor each meet
ing and returned to their homes dreaming, no doubt
their names would be handed down 10 posterty
| and monument erected 10 their memory when
| they would shuttle Oft their mortal coil" Soon
| their ianced money began to deprecIate. Al a
meeting, OF the members suggested the brokers
were cause OF It's depreciation, and they ought
| to be punished for so dong. bill was offered tnal
they be taxed $1,000 per year, which Is $3,oO per
| day. and which amount several OF them are paying,
| and passed by large majority, and became an or
dinance by the approval OF the Mayor; Inc SCRIP
continued TO depreclale until 1t went down To hty
cents the dolar-t Is now selling at ~ Sdch IL
he sequel of the legislation OF our wouid.be wise
men. Had they read and studied your ably written
commercial ARTICLES, they would have been told tne
| consequences of their unwlse legislation. Now Il
does seem to me men beliltle themselves when they
chosen to eglsate and enact laws Tor their con
| stituents TO exhibit towards any one class mall
cious spirit The brokerage business, II an evil Ii
| necessary one, and is brought into existence by
the non-spr Gle paying banks, and cities, counties
and States issuing scrip without any tMng In the
treasury to redeem such issues, In my business, al
a merchant, necessarily have business with them
| as my means would not allow me, were disposed
to send each bill TO the place OF issue torTedemp
| ton. can always dispose OF my uncurrent funds or
much better terms 10 them than can TO merchants
Your correspondent says, 1--WE are cursed with
the worst currency the States, we have nothing
but city scrip al from ten 10 nifty per cent discount
The Bank OF Missouri specie paying Is little Detel
than no bank at all | have never seen one OF III
| If
them" Ir
The above quotation proves conclusivey 10 me
| tina, your correspondent knows but very little abou
| the commercial business OF our city. CITY scrip Ma
never been the currency in That whlcl
| the Bank receives In payment tor debts due II ant
on deposit, considered by us business men as IN
| currency, which is its own bills, gold and silver.
threw out State Bank OF Illinois paper In 1882 an
had it adhered to Its determination, we should new
have met with the losses we have been compelled 1
submit to by the depreciation OF Illinois pager AM
our own city scrip: Some few. months ago, thu
Board Of Directors determnedto have nothing to d.
with the issues Of the banks in the other States
fthey will adhere rigldy to that determination, ant
pursue the course which they are now following
| which is legitimate banking business, buying al
good exchange on the Eastern cities that is offered
| they will soon furnish State and the adjoining
| States, with a currency based upon specie, anC
| ready at any moment to protect their issues. Ken
lucky, Indiana and Virginia paper passes out doo
transactions. Our rivers have been very low th,
| fall, which has injured business very much. Nav
CATION is drawing near to a close; the upper rivers
| usually close about the LIST Dec.
In the course of few days our Legislature will
be in session. What will be done Tor the advance
ment of prosperous State, time alone will deter
| mine. | would advise each member to procure
copy of the Herald" and if they will peruse the
commercial articles, they will be prepared to vote
and consign to the "tombs of the Calulets the bill
which is tc be proposed by Elk Governor Boggs fol
the relief of The people of Missouri The Mechanics
fair has just closed, and was well attended-on,
evening it was perfect jam; the beauty and fashion
| were slowed and packed away like so many herring
their dear little faces believed with perspiraton
| their rosy cheeks-painted, lost their color thei
ruby lips did from their color fly their eyes, who's
bend doth charm the world, did lose their lustre
still the " observed of all observers" Miss j
looked beautiful, she the star for each one
gaze 1t fully convinced me " thatbeauty unadorn
eds adorned the most" Quite alaughabe incident
occurred during the evening to Miss w. which
dare not name, as she has partially promised me to
abandon the article, if will never mention it.
The season is approaching when we will be sum
moned TO attend the winter parties. Oar ladies an
| ticipate much pleasure in attending them. Who will
be the Belle"? as Miss G. has left us.
Ihave extended this much longer than was antici
patcd, but will only say that il this meets your ap
probation and finds place in your entertaining anc
interesting paper, you may hear from me again
| when any thing new offers. RoDERIcK.