Daily Davenport gazette. [volume] (Davenport, Iowa) 1854-1855, 1855-09-03
Georgia Money.

The Chicago Press of the 2sth ult, thus
alludes to the panic which the brokers are
trying to create in regard TO Georgia money.
and the fruitlessness OF such an attempt:
"Since our last report the demand for
money has very sensibly increased. This
is owing to the large amount of produce
which is beginning to come forward, and
the certainty that immense sums OF money
will be required to move the incoming
| crop.
with this large and increasing demand
for money. a movement has been instituted
by several of the brokers in this and adjoin-
ing cities which is tending very materially
TO cripple those on whOil the business pub
lie have been accustomed 10 RELY for means
to handle the produce of the West, and il
this course is perseyeringly adhered 10, IL
mast clog and greatly obstruct the channels
OF trade. Within the last few weeks the
Atlanta Bank Of Georgia, and the Interior
Bank of the same State, both of them own
ed mainly BY Geo. Smith e. CO., of this
city, have been required to redeem in spe-
Gle about halfa million of dollars. All de-
mands have been promptly met, and we
| presume no we'll informed business man at
the West doubts for moment that all the
notes presented at the counters Of these
Banks will also be promptly met If this
| financial war was only TO affect the bank
ers and brokers, business men and outsiders
generally might look on and enjoy the sport
I according as their several tastes might die
tate; but if continued i, must cripple, with.
/ out any corresponding practical benefit,
/ every department OF business, and atIec,
/ 10 ha tpdt ztrtuI
! es,s of every man in the community. We
never have heard it doubted for moment
/ that Geo. Smith e. Co, were abundsntly
able TO redeem all their issues. For fifteen
! or twenty years they have stood the test OF
every financial crisis, and now when, from
the Acknowledged abundance of the crop,
business must be good, and the country
prosperous, it would be idle to suppose they
would no, be able TO meet every contDgen-
cy. So far as we can get information, it
is more Of personal W rture waged by thc
brokers, than any disposition on the part of
the business community 10 cas-, the least
suspicion on the solvency of these banks
Theitime chosen for this quarrel among the
bankers is most unfortunate, for the public
will need all the monied facilities they can
eyitimately command to do the approach-
ing fall business. While il continues the
brokers who carry il on must absorb large
/ par, Of their means in buying the notes Of
these banks, and OF course Geo. Smith l.
Co. will stop dscounting and devote .hcir
surplus means TO redeem their bills. The
consequence is that a large amount Of
money will be absorbed in boetless finan-
( cial war, which cannot benefit to any con-
siderable extent any of the parties engaged
in il. and from which the business and
farming community must suffer sew rely. =
Better by far that these gentlemen use
their money To accommodate the public,
than TO cripple each other, and lessen the
price Of produce to very considerable ex-
tent
Il, may be said that this whole Georgia
/ system Of banking is Legitimate aad ought
to be stopped. Nov we ask in all candDr,
whether the business community have not
far better basis for their confidence in some
( Of the Georgia Banks than they possibly
can have for three-fourths of the Eastern
money that many perhaps would be glad to
! throw upon the market. The four which
/ we quote. the Atlanta, Merchants Bank Of
Macon, Interior at Griffin and the Cherokee
( Insurance Company at Dalton, are owned
and managed by men whose business in.
\ tegri,y no man questions and whose ability
to make good all their engagements Is pen.
orally. conceded. 1t sequal a, least 70 the POI
si,ion which the stockholders and managers
Of any eastern bank can claim IN the com.
muniiy where il is located. These banks
are as legitimate as any others which are
located out Of the State Of Illinois and
whose bills are circulated here.
II ia to be hoped that wiser counsels will
ere long prevail. As yet there is not the
least appearance Of panic, AM we don't be-
lieve with present prospects it is possible
for the brokers TO produce one.