Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1857-11-09
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BOARD OF TRADE.

I" tHc currency SiIe""''h5 ." wa
nifty.
Order being called by the President OF
the Board. that gentleman IN few remarks,
stated the object Of the meeting-he was
followed by others when the largely in
creased audience rendered nm adjournment
to the Council Chamber necessary.
ON again coming TO order, and on motion
seconded, the Chair appointed Messrs. II. II
smith, JIG. Washburn, j. NJ. Cannon, J.
Burr. and +. Alden, a Com. to draft resolu-
tions expressive Of the sentiments of the
meeting During the retirement Of the
Com, Mr. Corbin, Of the firm of Macklot d.
Corbin was called for Coming forward,
he, in a short speech, explained TO the meet
ing, the causes Of the present stringency in
money and exchange-the necessity of local
currency and the advantages this commun-
ty enjoyed in having such n medicine furn-
ished from a source OF such undoubted res
possibility as was done at present.
The Committee returning reported the
following resolutions:
WHEREAS, The present unparalleled finan-
cial arrangement CHI racterized as 1t is by
The total destruction Of confidence and the
consequent overthrow Of the banking insti-
tntions Of the country and the general de-
rangement of exchanges, and
WHEREAS, This city, by its great distance
from the commercial centre and its varied
resources has to the present time been en-
abled to view at distance, the total pros
tration OF the mercantile cities and commu-
mites; Therefore,
Resoiced, That We re-afiirm our conf
dencc in the banking institutions of this
city, aud unhestatingly declare our firm
convictions, that any attempt to dscredit in
whole or in part the issues Of the bank of
Florence, sustained ns it is and will be to
the last dollar, by the house Of Cook d Sar-
gent, is a policy suicidal in its character, de-
-tructive Of confidence, and pre- judicial to
the interests Of the community.
Rcsolced, That it is unjust to accuse our
bankers or the currency with which our
business is carried on for the present high
rates OF exchange on the East. while in fact
j, has been ard still is sold here at lower
rates than in any other town in this vicini
ty, or even at Chicago
Hcsoiced. That while the present disor-
ganzation Of the finances of the whole
country continues. it is beyond the power
of Bankers to materially reduce such rates,
or to promise an adequate supply for the
business wants of the community.
II. ii. SMITH,
~ w <SIIDITpN
Signed J. NJ CANNON,
JOSH BURR,
EDWARD ALDEN.
John F. Cook, Esq, of the firm of Cook d
Sargent, was then called for and came for
ward
Mr.. c. disclaimed any advocacy of the ac.
tion of their own house, leaving every one
to Judge that for themselves
lie set forth at some len ,th the causes o.
the present condition of things at home
sympathlzcd fully with the disadvantages o
our BUSINESS men, at the came time prov
ing to the satisfaction of all present that We
were better off than r:.any others, and tina,
! l'lc HiIh tilaIuclcI OF our business cOmuu
nifty was in no wise Impaired lie though
Il little more Of the patience and forbearancs
already commercially manifested was
only necessary to support us out Of the trou
blcs he hoped were already near at an end
he gave a short revision of the course ofthei,
own house since its establishment. and read
from estimates before him such a statemen,
OF the condition of the Bank of Florence az
to entirely quiet any apprehension that
might be felt in regard to that institution
Mr.. {. dwelt forcibly upon the fact that tn,
only permanent source Of relief was in tho
movement of our surplus products TO tn,
East, and said The moy emcnt must be etfec
ted ly oui selves with the means of our com
mand. since nothing but starvation woulL
force the East to do it for lis.
His remarks were listened to with mucl
attention, and were frequently applauded
At the close, and after ordering the pro
ceedings to be printed in all the papers o
this city and Rock Island, the naseting nd
journed
| CIAS JESSI 1T