Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1857-10-09
From The Reporter.
Bank Of Florence.

Mn. SYLVESTER In view of the severe
monetary crisis which is upon US, it may be
well for Us to take counsel of prudence and
not allow prejudice or panic to rule us 10
our own hurt. The failure of every bank
which has circulation in our community
Is II material injury to our trade and pros
| perity, consequently the fewer we have
| the BETTER for us, gold and silver have a
very strong tendency to move east and when
once they get into the hands of the bank
| ers or merchants. as a general rule they
| leave US a local currency then, in times
! like these which Is safe and couyertable is
a thing devoutly to be wished for The
people cannot prevent rotten banks from
breaking, but they can. and often do much
to save or to iniure sound ones
| Already we are almost deprived of any
paper currency. The bank of Florence is
almest the only one that We know anything
about which circulates among US. The pro-
| prietors of that instition, most of them are
well known in this community. Cook &
Sargent, were known amongst us as men of
large wealth and first rate business talents
long before they issued bank notes.
| ii. d. Downey is one of our oldest citi-
zens and has always been recognized as a
! first rate and reliable business man. 1t
would probably not be going too far to say
that the proprietors of that Bank are worth
five dollars for every one they have in cir
culation For aught know, q determined
and persistent run upon them might COM
pei them to suspend, until they could con-
vert a portion Of their vast real estate into
money; but ultimate loss is impossible, un-
less people are compelled or choose to sacr;-
| flee their notes.
! The question then is, whether it is most
to the interest of our people here in Cen
trail Iowa, to compel the Florance Bank to
redeem all its notes or suspend thereby dri-
wing them out Of circulation or imparing
their value, or by extending TO it . generous
confidence and support. sustain circula
ton which will stay with us during the rig
ors Of the approaching winter, feed the
hungry and cloth the naked. 1t is very
important question. For without Florence
money, we shall have very little in circula
ton, and In my view, the people are cut
ting their own throats. when they attempt
TO discredit it. These remarks are not
founded on any general want of confidence e
ofthis community to large extent.
But there are few panic ic-makers among
us who seem disposed to pull down every
thing and would depreciate gold and silver
if they could. These gentlemen have no
money OF their own Of any kind, but often
induce certain well-meaning persons who
are not posted up. to run the circulation
home upon the bank unnecessarily, thereby
injuring first the bank and next the people;
who, in these hard time need its assistance
1t isupon these and many other considera-
tions (Which ! shall not trespsss upon your
space by enumerating) that ! respectfully
suggests to the people Of Central Iowa, and
especially of Iowa City, the propriety Of
standing square upfo Cook, Sargent d
Downey in this crisis and by sustaining
them enable them to assist u.s.
lam yours respectfully.
| ABC.