Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1857-10-01
DAVENPORT, .-.-ocToBER /. 1857

Importance Of Moving the Gram Crops
We have already urged upon OUT
bankers and capitalists the importa nee
and urgency OF . concerted and spirited
effort in aid OF the seaboard; but the
need Is so imminent, and the danger
that attention will be distracted by the
thousand in .idents Of a monetary pres-
sure 10 go obvious, that we make DO sp.
ology for recurring TO the subject.
We are suffering at this moment not
as much from efficiency Of currency
as from an excess Of debt The West
| owes tho East; the Interior owes the sea-
board; the Sesb ard is in debt to Eu-
rope. Up to this point. the West has
been unable to pay, for the want Of the
wherewthal. Bank notes do not really
iiquidate the debt Of country to country
or section TO section; they are but coun.
ters employed to facilitate the process.
AS between two indiy iduals, debt NAV
be paid with notes or with gold; but In
diana pays no inconsiderabIe balance to
New York Or to. Birmingham, with Meth
er OF these, but with grain, At length
after season Of dcarth and vacuity the
West has fifty millions OF bushels OF
wheat ready for the marke., or 20 that
1t may be threshed and got ready at a
weeks notice. The growers owe their
local merchants; those merchants owe
our lobbera, who in turn owe the impor
tiers, who owe the manufacturers and
bankers Of Europe. Let this Wheat be
sent rapidly forward to the seaboard, and
In part to Europe. and a wholesome pro.
cess OF general liquidation will inevita'
bly, result, aliording relief to oil solvent
parties. Business will revive; our ca
mails and railroads will realize increased !
transportation and receipts, our ships |
viii have frelghts, and there will be eve'
rJwhere diiiused and felt q joyful conf |
denco that the worst is really over
But aHthis canno, be properly effect.
cd without MONEY, and that money is
not now obtainable at tho West Some
two weeks ago, on tho heel Of tho Grst
failures, end ia the midst Of tho severe
contraction in this city some Canadians
slipped over to Chicago and bought @
million dollars worth Of grain for
about three quariers OF IA million. They
have IN Canada, a habit Of buying Iii.
noIs spring wheat Tor homo use, aud eel
ling their own winter wheat TO Europe
or this e,ty for acme twenty-five to thir.
ly-tbreo per cent. more, saving hand
somely by tho trade. Having courage
and money lust when .hey were short on
this side OF tho Lake., they turned these
qualities to good account, us was right.
But wo cannot afford many repetl,ions
OF this "coup," Grain is now twenty per
cent. higher in Chicago than it was
" hen that neat operation was made, yet
wheat can now DO bought in Chicago,
shipped to Liverpool, and sold at a not
profit In our Judgment, it is as low rs
It need or should be; and arrangements
should be at once consummntud for tho
purchase with cath in hand Of every
1uShel that living prices will bring to
railroad. We have some two months
u canal navigation yet before us, and
Turing those two months grain and -four
should come forward with unexampled
But, to secure this, it is MS.
'eDtial that the proper buyers should be
supplied with funds or unexceptionable
,redits.
The providing OF those by our bank.
'rs, under proper regulations, will not
,mbarrass them. A week " RECEIPT OF
Two miliions of bushels Of wheat or its
Equivalent in flour, would relieve our
,anks from their only serious danger
hat OF resumption of specie ship
nents' Two millions worth Of grain or
iour shipped weekly to Europe would
'byiate all necessity for exporting
'pecie. 1t would 60 tar to fill the awk-
ward gap which naturally intervenes DO.
tween tho shipment of successive cotton
crops At this season, the cotton of
ast year has gone forward, while that
81 this year 10 not ready TO follow il, and
Will not he for Two or three months. Nor
can the corn crop of lsj, be realized,
no matter In what shape, before winter.
tut the wheat only awaits proper in
iucoments to move on; and theseinduce-
nents should be rromptly and adequate.
v supplied.
We trust these suggestions will not
lass our bankers and capitalists unheed.
~. Important Issues seem to us to
lang on tho promptitudc and vigor
sherewith tho needed action 10 TAKEN
There Is a growing skepticism as TO the
Utility OF banks Of issue which will yield
'nly to the logic Of events, and there is
IN excellent opening for ITS refutation.
est. Louis Republican,"