The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1856-01-03
Tor the Gazette
iFog the GAZETTE.
GEO aGIA BANK NOTES FOR WESTERN
CIRCULATION.
Mr.. EDITOR:


The people Q: Illinois as we'll as Iowa are
in measure to blame for the poor currency
en,siled upon them. II is folly for either to
say we want no Banks OF will have none.
acts disprove these assertions, and show
lat the wild cat issues OF every description
fastened upon us. will continue 20 be eoun-
tenanccd unit! substitute can be obtained.
We see no relicf-eXcept in Complete
revolution in the currency Of Illinois and
lows. No, even the free banking Law of
the former State with the stock security
system, will answer present purposes. We
need specis! charters for Banks OF issue.
What has made New England what she now
/ j., or ortriblt ted to enable her to develope
her immense resources. Why her liberia! and
safe banking system. liberal in special
charters and safe in her perfect redemption
system through Boston. Il We must have
/ Banks Of issue to facilitate the movement Of
cur annual crops, TO enable the farmer to
i buy mere land or improve his farn, 10 dew
a
establishment OF manufactures among u.s.
lie, US have chartered Banks Of car own,
owned and controlled by our own people;
then our farmers could become shareholders,
1 have q voice N their management and BY
/ having an interest in sustaining and foster
ing a legitimate currency, the credit OF our
+ d a. IA N
the older agricultural States.
In conc fusion, we would ask IL there are
no Bankers in Chicago with facilities Tor
substituting in part som ethisg for the Geer-
gis currency proposed to be withdrawn; or
are tie merchants of that place so welded -
! II that the press have absolute control Owe
/ public opinion. Can it be that merchant,
educated as such, can look upon the with
drawal of forced circulation as sure to
destroy all their financial resources, 0, by
refusing Georgia money deprive them OF
that Bank Accommodations without which they
cannot have furnished the material to re-
ceive in exchange for goods or comnodi-
ties, pay their notes, or perform the func-
tons Of money. What nonsense. Take for
example the circulation Of the City of New
York, about s. 500 900, the available issues
/ of which to Bank dealers are less than S4,-
900 900, and yet the average amount ofdaily
exchange thro the Cleaning House is over
S20,oooooo Do the merchants of Chicago
/ believe that the withdrawal OF 100000,
/ rom the city circulation per week could in
/ fluence the exchanges of Chicago to any
greater extent than similar curtaiment
] OF discounts in New York! No, for out
/ OF every 100000 withdrawn at least
I three-fourths Of it's place would be sup.
/ piled by the issues of legitimate Banks
| Of Ohio, Illinois, Wisconsin and New
/ England. The true course OF exchange
/ with New York would then be perceptible,
/ the rates of exchange would be so near par
as not to make il profitable TO express home
eastern currency. With the resumption OF
navigation in the spring, the immense stores
| OF grain, -four, corn, provisions, e., must
give US similar natural advantages to 81.
/ Louis and New Orleans, in the vast amount Of
produce flowing through Chicago. We want
a legitimate currency, and our commercial
/ position entities US TO the benefit OF the laws
Of trade, not the fictitious position she now
/ is made TO represent by Bankers and the
manufacturers of paper money OF dlstan
State. OGLETHoHPE.