The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1857-10-01
IInpeglaaee u AssiIg he Gsain Crops Of
The Weyt---.A Nugeestiop 10 bsnkerS.

sseR&SSNsS
We have already urged upon our bankers
and capitalists the Importance and urgency
o. a concerted and spirited effort In aid Or
the prompt and s"rcrr' movement of Wes-
tern Produce q 'ne seaboard but the need
il 80 imminent, and the danger that attcn
ton will bc distracted by the thousand in
cidcnts Of monetary pressureis 50 obvious,
that We make no apology for recurring to
the subject.
We are suffering at this moment not 80
much from deficiency Of currency ~ from
an excess Of debt The West owes the
East /; the Interior owes the SeaboArd the
Seaboard i in debt 10 Europe Up To this
point, the West has been unable to pay, for
want Of the whcrewithal. Bank notes do
not really iquidate the debts Of country to
country or section 10 section, they arc but
counters employed 20 facilitate the process.
As between two individuals, debt may be
paid with notes or with gold but Indiana
rays no inconsidcrabic baianc. 20 New York
or Birmingham with either Of these, but
with grain. At length, alter season Of
dcarth and yacnity, the West has fifty mil
lions Of bushels 81 wheat ready for market,
or ~ that il may he threshed and got ready
at weeks notice. The growers owe their
local merchants: those merchants owe our
lobbcr-, who in turn owe the importers
who owe the manufacturers and bankers Of
Europe, and Wholesale process Of general
liquidation will inevitably result, .iiording
relief to all solvent parties. Business will
revive our canals and railroads will realize
increased transportation and receipts; our
ships will have ireights, and there will bc
everywhere difiused and felt joyful conf
dcnce that tho worst IL really over.
But all this cannot be properly effected
without money, and that money Il not now
obtainable at the West Some two weeks
ago, on the heel Of tue first failures, and in
the midst Of the severe contraction in this
city, soms Canadians slipped over to Chicago
and bought Million Dollars worth d
Grain for about three quarters Of Million.
They have in Canada, q habit OF buying
Illinois Spring Wheat for home use, and sell
ling their own Winter Wheat 10 Europe o.
this city for some twenty FIVE to thirty three
per cent more, saving handsomely by the
trade. Having courage and money Just
when they were short on this side Of the
Lakes, they turned these qualities to good
account, - WAS right.
But We cannot afford many repetltions 81
this coup. Grain Is now twenty per cent
higher in Chicago than ii was when that
neat operation was made, yet wheat can
now be bought in Chicago, shipped 10 Liver.
pool, and sold at a net profit, In our judg.
ment, II IL As low as il need or should be
and arrangements should be At once consum.
mated for the purchase with cash in hand o
every bushel that living prices will bring tc
| railroad. We have rome two months o
canal navigation yet before us, and during
| these two months, grain and flour shoult
come forward with unexampled rapidity
But, 20 secure this, il i essential that tbs
proper buyers should be supplied with fund,
or unexccptlonable credits.
The providing for these BIZ our bankers
under proper regulations, will not embarras.
them. A weekly receipt Of five millions o
bushels of wheat, or its equivalent in -four
would relieve our BANKS from their only
serious danger-that ola resumption Of specie
shipments Two millions worth Of grain o,
-four shipped weekly 10 Europe would OBJ
,iate sill necessity for exporting specie. Il
would 80 far TO All the awkward gap which
naturally intervene. between the shipment
Of successive cotton crops, At this season
the cotton Of last year has gone forward
/ Wulte anat ~ eHta ear ~ not ready W foi
low H. and will not be for two or tire,
months. Nor can the corn crop Of 1857 b,
realized, no matter in what shape, befor,
winter. But the wheat only awaits prope
inducements 70 move on and these induce
ments should be promptly and adequatel,
supplied.
We trust these suggestions will not pas
our bankers and capitalists unheeded I'm
portant issues seem to liz to hang on th,
promptitude and vigor whercwith the need
I'd actionistakcn. There is growing
cism y to the utility Of Banks Of Issue which
will yield only 20 the logic Of events, ant
there II an excellent opening for it, refuta
TONY Y. Trtb.