Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1857-11-03


IRported for th- Boston Daily Advcrtiser.l
A special meeting Of the Boston Board Of
Trade, was held in Mercantile Hall, last eve
ming. in response to a call inviting members
10 meet for the purpose of discussing the
causes Of the present commercial diiiiculties
Of the country, and such other mnttc,- as
might be brought before them. The NEE,
5ng was called TO order at half past seven
O'Clock. by Hon. George j. Upton, one Of
tho Vice Presidents, who read the publishe ed
call and invited members to suggest topics
for discussion.
Mr.. Benjamin Calender, suggest that thu
subject Of discussion he the best means Of re
Niving the community from the PRESENT II
nancial embarrassments. He said that a
gentleman was present from the West, who
was able to give an account Of the position
Of the West, and explain lite intimate connec
ton and reciprocal interests with the East
and he should like 10 hear from him.
Hon. George b. Sargent, Mayor OF Daven
port. Iowa. being invited to address the
meeting. spoke as follows:
Mr.. Chairman Although for more than
twenty years a citizen Of the far west. the
associations Of birth, of family, Of education
and. may add. Of present business, link
me with Boston and her sons. ! see around
me those, or the descendants of those, whom
early learnt to honor; and no commercial
liz ~
pect that has grown with my growth. Ii
was with no ordinary feelings of gratifica-
tion that to-day received the unexpected
invitation OF the chairman Of your Board OF
Trade to address this meeting. am graft
fed by the opportunity Of contributing my
humble testimony as to the position OF the
West tn regard to your into ests at ths
time Of extraordinary financial pressure.
will give you In plain way OF "a few facts
My home is Davenport, Iowa, a young but
important city on the west bank o! tie Mis-
sissippi, in communicat on every twelve
hours with Chicago by railroad During
the financial prostration of 1897. this place
(Davenpcrt was hardly in eXIssence; con
tanning only u half dozen houses; the only
commodious one humble cottage, was oe-
cupied by Antoine Le Claire, u. ). lnterpe-
ter, who has been IncentIhed with the
growth Of the place, and whose wealth, sag
acious foresight and liberality towards all
public Improvements, have done much To- al
vance tlIe interests Of the rising city. now
containing some Is 900 Inhabitants. In
1897, all the hecessaries Of life, flour, pork.
lumber, used In Iowa, had to be brought
from pitisburg. Cincinnati, or st. Louis
Flour was $50 per barrel pork s30and lum
q Az 49,, n.
ton by the nearest route took ~ days, and
cost from $50 10 500. Now how changed
The surplus produce Of Iowa would nearly
feed the world.
TIE trip from Boston can he easily accom-
plished IN 81 hours at n cost OF $50. Iowa
Plumbers on its borders large cities keokuk
Burlington, Muscatine, Davenport, Dubuque.
containing each from 10 to 2o,oUo inhuhi-
tants. Chicago. a small village in 1887, has
become city of immense Importance.
Instead of relying upon older States for
The necessaries Of life the surplus products
Of the North West are now worth million
OF dollars. The improvements in social lite
have kept pace with the material prosperi.
". Our " estern Railroads built, IT is true,
BY Eastern and foreign capital, aided by
such facilities as the new states Of the West
could give, have greatly developed the rich
es Of the country, though, in many instances
improbable TO the stockholders. Hundreds
of thousands Of acres OF wild land have, dur
ing the past summer, been redeemed from
their Prairie state, and, during the next
year, will add millions Of dollars To the pro.
ducts Of the West The surplus wheat crop
Of the North West alone is safely estimated
ut forty millions of bushels.
Now the West has the wealth in the next
best thing to gold-in the necessarics Of life
does the East want il What is the present
condition of the East? What are its rcsour-
cesi Your manufactures are lying idle,
your ships are unproductive. your operati-
YES are cat Of employment with no means of
obtaining livelihood, with no provision
for the dreary Winter now fast coming upon
You. Depending, as you do. on the west
for returns Tor Your suaira featured and inn
ported goods to meet yo'ar engagements. and
In fact, for the necessariss of Gfe-vour
banks not affording the facilities heretofore
rendered, to enable the moving oi N. pro
duce to the seaboard suffering, as you d..
from the banks Of the city of New York
having instituted that ruinous system Of con
traction, so justly denounced by your distin-
guished fellow citizen, the Hon. Nathan Ap-
pleton. and still madly persis;ed in the past
week showing a still further decline in loans
Of over sixteen hundred thousand dollar S.
eleven Of the banks expanded s674 900, while
the others have contracted 81 326, 900. exit
biting the entire absence Of anything like
harmony among them; the same state of
feeling having exhibited itself CIV er since the
commencement of this q eat financial calam-
ity, q distrust of each other, fear that their
neighbors will get into better position
than they themselves are, what shall be
doneg Where is the remedy for this great
evils In this hour Of commercial! distress
the citixens Of the west look with the grea-
test confidence to the business men Of Bos-
ton TO unite with them in doing what is
most for the interest Of doth sections Of our
country. II is necessary that mutual conf
dencs should exist There are business men
ct tho west who for mental capacity, pecu-
MARY strength, and integrity, are entitled to
your fullest confidence. You have the cap
ital you have the banking faciliies and
, The ability 70 assist your reliable western
ftiends in bringing forward their wealth.
the necessities Of life which you require. and
thus enabling them to discharge their Eas
tern obligations, which assure you they are
very anxious TO do.
"a You can satisfy yourself how this can be
done. You can satisfy yourself who you
can eonfide in Let your banks furnish lib
orally the means needed for this all impor-
tAat movement on which your rescue from
~ financial ruin now threatning you de-
psnds There is no tim 70 b lost The
inAsns Of transportation VIII soea be inpsded
by the fr0sts Of winter.
The hosvy indebt dn1S5 Wtl3yUgt1n1
|lsd Y as0!hes vsEs ~ s.,s
Uner you but ths $500 q che
sult of their o4pio6 - ncs-I
September and octdoer 81 h.e
i2nas best forwarded to the seaboard,
"a dollars worth Of produce THIS
~. VII nlareely inereased production,
~ ~ tie dnaaeial arrangement. not
~ @S5fh rat Of Vlnt vas forwarded last
~ y be{n tbvwardsG NJ: not owing TO
y ~ 81 - produce i ~ needed on
ss5srrt x ! dlmfaisAcd pqpslation, faR that
sreass1. and thsse1feQore mouths T.
a. . sIu116Dfe
'- 232 1IS6GDus 10 New England Aeaets
~ "a 6nWest hsve Lost the IN
49, h~nby New Rasapd|