The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1857-09-12
The Condition or lewa

phPersth iowa, and has very largo sndfncreas-
Ing circulation throughout the Des Moline Nslley
Northern Missouri and Western Illinois
The Condition OF Iowa.
We have said that the West was never in
better condition than now. And we have
said that particularly Of Iowa. 1t is true
Wsdo not mean by this, however, that in
respect OF the matter OF currency and ex.
change, We were never 80 abundantly sup
Piled. That would not be true. Our bank
srs have small deposits East, there is little
Que US from the East, and currency is very
scarce. We mean that tho merchantable
property was never before 90 great in pro-
portion to the amount Of Indebtedness. That
proportion of property which is instantly
available in the market, consisting Of the
seasons crops, is not yet ready for marketing.
Weshall not, therefore, increase the amount
ofour Eastern credits, and Of currency for
home convenience, until the crops have been
marketed and the currency shall have had
time to make its way around, exsinguishing
the debts and lnbricating the channels OF
business.
Iowa 10 not very largely in debt. We be.
lievs, however, that il is true that she is very
generally in debt, tina. is, that very large
proportion of her people are in debt more or
less. This needed not to have been so, vet
it has become SO by very natural process.
Our crop, last year, was below ON average,
and our cold season was very long, which
two circumstances, being stated together, is
equivalent to saying that practically our
crop was very email. Notwithstanding this,
If the merchants Of the interior had employ
ed their means in liquidating their oblga-
tons for the goods which the State was con-
Stunning, instead Of investing so largely in
real estate, monetary affairs would have
been easy, until this moment; or, il they
could have anticipated the shortness Of the
crop, probably they would have been more
chary OF investments and have retained mon
ey enough to have smoothed the road to the
present harvest. But real estate WINS brisk !;
it wss daily rising in value, under their eyes;
the promise of the crops in the early part OF
the season was good the temptation to in
vest at least oil that the promise Of the crops
would justify, and little more, was strong;
very naturally, they invested. The crop.
shortened up suddenly. The season proved
remarkably long. Their creditors could not
pay. Their money was locked up. Their
profits we're not available. Consequently
they could not pay the wholesale dealers, AT
home and abroad, the currency coming into
the country was limited in amount, and all
that could possibly be spared was sent out
OFF to liquidate the foreign debt
But we said our debt was not large. 1t
was not. Our people were very generally
compelled to obtain some credit before the
close of the cold season But they acted
very prudently. They purchased as little us
possible. And during the spring and sum
mer they have been as economical as they
could The crop, this year, is magnificent.
Everything but corn is of more than average
bulk, and promises to be Of more average
value. From present appearances, though
late planted, even the corn will be the heay-
lest crop that Iowa ever produced. If that
shouio prove true, and erer1 crop should be
above, Ind nearly every crop greatly above,
the general average, as in that case would be
true, the close Of the season will find us with
iar greater amount Of movable, merchant
able wealth, in proportion to our indebted
ness, than we ever had before. Indeed. we
shall have that, no matter how unfayorable
the balance of the season may be for corn.
But how long will it be before the money
market will be easier9 good many people
are asking, with some anxiety. Some peo-
pie answer, very readily. In q little while,-
tmrfy or sixty days, perhaps. 1t is very
consoling to a man to stimulate such faith.
But we do not think it is very wise, or that
such faith is likely to prove we'll grounded
There is an unusual amount OF currency
called for at this season, to pay freights, nd.
yances, etc. and the small amount OF crons
marketed IN that time will hardly more than
meet this extra demand. No great relief
can be anticipated, in our opinion, until the
great bulk OF our crops is marketed. Then
we shall have money enough to liquiiate our
debts abroad and discharge our obligations
to each OTHER. fha. witt be the labor Of
more than thirty or sixty days. II it is con.
passed in ninety days We shall be satisfied.
for we do no. look for very "easy'' condi
ton until the month OF December, or close
on to the New Year. Meantime we counsel
people to the continued practice Of economy.
to anticipate nothing on the score OF the
new crops that is not positively necessary, 10
bear with each other as much as possible, to
dispose Of Their crops on the FIRST fair offer
and pay their debts as soon as possible there.
after.
IHE BITEKs BlT.--Never was this more
emphatically the case, than with the heavy
sugar dealers, At present. They engaged in
TO the full exttnt Of their means and
credit. II was an enormous speculation.
And il has broke down. In New York the
Independent estimates the amount Of sugar
70 be % 200 tons, and the molasses 4,Coo,-
oVO gallons. The quantity Mt Boston is far
greater. Ii is reckoned by acres. The Bos-
ton Irareier estimates the aggregate loss
in Europe and America, bs the recent de-
cline IN sugar and molasses, at $50 ,0oo. 900.
To which We say, Amen We wish j, wa.
more. The people will pow stand n chance
70 get u al price nearer its legitimate val
Ne, without paying sucL enormous tribute to
monopolists and spectators.