The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1856-01-09
onoRan BANK NOTES FOE wRsTE1N
CIRCULATION


40. ;.
The statistics of The ,rsde oil Chicago
with her enormous receipts OF agricultural I
produce, the hulk Of which is drawn from
Illinois and Iowa. is Sufficient to show the /
public that could she enjoy currency at
once convertible into gold or silver, the !
exchanges with the east would not only be
ia her favor, but her currency would be
equal to that OF St. Louis, New Orleans. or
Mobile II is only aeecessafy 10 look over
The able collection of figures in the Chicago
Daily Press, giving history OF the com
merce Of that place for series o. years. 10
see the vast wealth drawn 10 her door IRON
the prolific soil OF the Young Western states
10 show the Importance OF that commerce
to the distant markets o. that fertile region
and contempt .,e upon the gisAl ssa"th tor
the next few years. Directly connected
with the growth OF Chicago, 10 her com
mrrcisl career, il d safe and uniform cur
reucy The nominal banks located in teor-
aia do not supply this "a ihelE l'snes II i
not uniform because the points OF Fedeme'
lion are loo remote for convertibitiy into
gold. OF ior New York exchange al such
rates Us the laws O. trade nc" Indicate
Gold i the basis Of circulation Tor every
CITY ia tbs Union OF sny Importance 70
commercial point oi view, and Nay snoa.a
il not be the basis for the enfraney OF ,hi'
cage Justly acknowledges 70 be the gfeas'
60, market for bresd.luifs and provisions
il n. yicin.ty Of production. Ia the world !!
ia person desires to hey With i a sigat hii!
on New York, he p-a9abls can d. ; az =
ds IL however, the same person has 10
pay Z to | per CT. prem for SAID oIil 10 'he
Georeia currency Issued b the lineage
Rsuk.rs he is loser OF from to J. pei
cent, aud so it is With The merchants anu
traders OF Chicago IN all their varied money
operations with Georgia bank issues and
unless they submit 70 be taxed with his
| currency, they have no redress except io
send the bills home some 5000 miles wa
New York; for the gold.
| Did the currency tia; supplies good past
of IlI.no;l and Iowa emanate from good
veil managed banking Institutions, VITA
| similar system OF redemption wlaeh his
| been fouaa To work SO we'll IN boston
| for tie New England Banks, thsn the true
course of exchange between Chicago fhd
! New York would be manifest. Banks with
special charters, capital. all paid up before
| commeneing business, with strong guards
against the sbuse OF their chartered pFss.
Iepes, would be icnnd To work as we'll in
| Illinois and Iowa as in Kentucky, Tonnes
sec, South Carolina. or Virginia These
are all agricultural States. The currency
thus improved. to what extent would Il add
| to The wealth. influence and resources Of the
youlg Western Sta,esl TO Chicsgo, with
her enormous trade and | may say manu-
features. too--a healthy and uniform cur
rency will be found Indispensable. she must
\ very soon become one Of the most .msor-
erstions in exchange and money: and from
her position must be the money centre for
! the N W. States. She is beginning to ex-
erese most powerful influence in the
| money markets OF the east, while her re-
sources in receiving the fruits OF the soil,
Only jus, begun TO BE- developed. are excl
ting the wonder and astoGisf laent OF old
merchants in every section OF the Union
II is then for the reputation OF Chicago that
her leading capitalists DO unite with the
bankers and merchants and dlise out the
issues OF certain bankers, known as Geofyia
anoaes, to be firm and REJECT them after the
18th inst. in all cases where il can be done
without creating individual suffering. II i
not to be supposed they will be successtn
at first. it will take time Other notes
must come 10 and supply he demand for
currency: and they certainly wili come in
The determined opposition Will, however
make il Improbable to continue them
against the sentiments Of nine-tehths Of the
people Of both States; and instead Of the
anticipated crisis, their disappearance vii
be relief, il the merch ants and hankers
cooperate and make checks. as lar as prsc
ticabls, answer the purposes Of bank notes
in their daily operations
OGLEIgcgFE.