The Davenport gazette. [volume] (Davenport, Scott Co., Iowa) 1841-185?, 1849-12-06
.rNnrvrDuAL REsPoNsIBILITIEs'

Gated. =
aINDIvIDUAL RESPONSIBILITIES"
Oui,e : stir vas created in the business
circles las. week upon the reported ial'ufe
Of The Wisconsin Fire aud Marine Insu'
rance Company. The report came up Dy
boats from below, how il originated mas mol
been ascertained, as the Company, SO lar
as is known to the public, is in as solvent
condition now IS it ever has been.
Tho character Of this institution We pre-
sums to be generally known. i - one o.
those individual responsibilities that spring
up to supply the place Of well-rega'a.ed ,
banks, when those institutions are denied
the people by Locofoco authority. They
are the offspring Of Locofoco legislation
fy;de the State Of Ohio) and are not unire-
uuen,ly made 10 supersede good, solvent
State Banks. They are held in very small
favor BY the people, hence are frequently
!. in the case Of the one under consldera-
,;on-made the subject Of panic BY bro
kers and others who wish TO thrive by the
temporary stampede Of the draits--or more
properly Of their holders.
As we have more than insinuated, they
are the offspring Of beautiful system o.
Iocoloco or retrograde legislation, which
aepriying the people Of good banks, forces
them 10 The alternative Of those institu-
,ious, consequently although projected and
perfected by Locofocos, yet they are SAID
10 be- Wing institutions. II one explode
father Richie, who sits upon the fancled
watcbtower Of liberty, announces the tact
in connection With the Wings being in ia
vor Of banks, and few words about the
failure Of the old U. S. Bank, when, presto,
the Locofoco press Of the land TEEN with
accounts Of the sufierings Of widows and
orphans from tbe explosion Of the rascally
Whig individual responsibility! THIS all
may be proper enough, somebody should
be blamed, and surely, if Hercules carried
4 world upon his back, the shoulders OF the
Wing party are broad enough TO sustain
such an accusation, even though proceed
inc directly from the party who alone are
70 blame for the concerns ever having had
existence.
We ure no apoiogist for this or any othei
institution Of the kind that under the pres
ent miserable arrangement may have an
existence, but we regard them more favor
ably than we do the thousand and one con-
Germs Of a similar character located in Eas-
tern States which food the Western coun-
try with their deprecated issues. The men
having charge Of the Fire and Marine In
surance Company are represented as pos
scssing heavy capital and entire respon-
sibihty to the full amount Of its issues
Had il been otherwise their drafts had not
found favor with the people 50 many years.
With knowledge Of these facts, unless
some new feature be exposed, We see no
propriety in creating an alarm. live must
depend upon these petty institutions for SO
much Of our circulating medium, let us
rather encourage those near VI, with which
il is presumed we are acquainted, than
those located in Eastern States of whose
solyency we know nothing and which only
reach us 10 deprecated form.
Preferable TO either do we deem the
drafts II Clark g. Co. agains. which some
Of our contemporaries are seeking to create
q prejudice. The notes Of the Missouri
Bank are received in preference to gold by
our business men, from The fact that they
ore less burthensome and are redeemabIe
10 specie at ST. Louis. Il is SO with the
drafts Of Clark g. Co., and so long as they
continue to be so, will they be countenan-
ced by our business men, despite the scrib.
blings Of willy politicians who think 70 sub
serve party interests by opposing them
while they advance their own interests by
circulating them.
nj Survive understand that the Anthc.
ny Wayne was sunk in crossing the Low
Or Rapids on last Sunday.