Daily Davenport gazette. [volume] (Davenport, Iowa) 1854-1855, 1855-11-01
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insurance. COkPAH.
Since shinplasters were first fcsled upon
credulous community BY designing men
SUUusp ths-plscs Of = legitimate currency,
uSehatch OF them. has ever been mansfsctur-
Sd&hst bore "fraud'' more plainly inscribed
uaonsfhs facss, than those now being is-
sued by the Western Exchange Fire and
Marine Insurance Company Of Omaha Ci-
", Nebraska Territory. No charter has
Saysr been granted more liberal in lite fea-
vufcs,sor under The provisions OF whieh a
deeper, darker fraud can BE- perpetra;ed,
than that under which this self.same Com
pany - NOW acting. Ifihey choose, no legal
Responsibility need attach to them, but
sspaier its articles they may 60 on and food
xthe entire West with their issuss. and then
seixing the profits, step aside aud leave the
people 10 bear the losses. Deep and de-
signing men, who long havs exerted con-
trolling influence in our State as Lpcofoco
politicians, are the originators of this ex.
vsteasive scheme; men, who SO long as OPP
position TO banks was tenet Of their party
and It was 10 their own interest TO do so,
opposed, root and branch, the establishment
among US Of anything savoring Of incopo-
rations for banking purposes.
Willy politicians, accustomed for years to
live Il ease upen the labors Of those who
looked up to them as superiors while sup
i porting them in afiuence, arc not going at
ssthis late day to make any sacrifice of their
Il personal comforts. should storm arise IN
= their financial heavens, TO protect their dear
II dupes from its effects. No. experience that
sad teacher. has ever proven to US, that at
tas time of financial distress, the best finan-
4 ciers were the FIRST to take advantage of
their superior knowledge to secure to them
selves all the available means, and leave the
dear people 10 shift FOR themselves. In COR
porate capacity, therefore, where the re-
sponsibility is divided among many. espe-
cially 10 it important that men be SO bound
down that however thick and murky the
-. clouds that overcast their financial sky,
there shall be no opportunity for them to
shift the responsibilities and the losses Of
their own errors upon innocent people. In
this. case, not only is the charter as loose
am ever granted, but the men who have
ii under control = all professional polti-
clans, OF the most heariless and reckless
y class, trained in the most demagcgueicsl
- school and well fitted for astratagems and
epoiiss Laws. which they themselves
ssvs were Instrumental in enacting, having for
bidien the establishment Of banks in our
~ own State. they have availed themselves Of
! the opportunity furnished BY the immediate
vicinity of Nebraska, to cross the line and
usst. - that almost uninhabted territory to in
i. corporate an institution 10 flood Iowa with
their irresponsible promises to pay. They
j have sought alike ia this city, as in every
important town in Iowa, TO induce the ex-
change brokers and banking houses 10 re-
ceive these notes at par, but whether they
have succeeded we are uninformed. Soon,
~ we have no doubt, however, these shin
plasiers. will food our State. and We now
isss' warn our readers OF The insecurity Of the
basis upon which they rest. If, with full
.sss knowledge OF the characters ofihe men who
stand a. sponsors for these issues, and Of
The sandy foundation upon which they are
-s- based, our citizens and all those among
= whom our wide spread paper cireulates, d.
not refuse to have anything to do with tn,
notes of the Western Exchange Fire and
Marine Insurance Company, Ct Omaha CT
81 ~, Nebraska, then their Losses be upon
8 their own heads.
We were at a less to conjecture how our
SO Democratic contemporaries, who so long
Pm have warred against responsible. as we'll as
Z irresponsible issues, would treat this mani
fest and practical departure of their leaders
from the old-line tenets, but in glancing
over our State we find that all OF our old as
sociates who were wont to contend upon
this question have left, and new faces APP
pearas conductors Of the Locofoco press in
lows. We have given the opinion of one
of the more candid and intelligent of these
~ in an extract from the Dubuque Herald
Below is an article from the Cedar Valley
Times. paper under the thumb Of Geo.
Greene, and whose editor though very
clever fellow, is entirely at fault so far as
- his principles and good sense are considered,
in endorsing at the beck Of another mat
- ger Of which he is entirely ignorant:
WEsrEKs EXCHANGE FIRE e. MARINE
lHs. Cove have omitted to notice this
y new issue at any length in our former issues
for two reasons. Fret, we were unn-
~ formed in regard to the basis Of the insti,u-
ton; and in the second place we are known
70 be opposed to banks Of tissue, from prn-
cipie. But having investigated this new
banking institution, we have no hesitancy
81 In recomm ending il as worthy the public
y. confidence. The stock is owned by as re-
liable and responsible men as we have in
- the State, who assume individual liability
for all the bills issued, and who are rssolv ed