New-York daily tribune., 1857-10-22
"TBE PANIC" AT THE WEST.

Corvspoadence Of The N. Y. Tribune.
Iowa CITY, Oct i6, 1857.
The snsrc;al panic Of the East has clst its dark
shadow over us and money matters here are in state
of decided ecbpee. All communication with the East
err cities in matters Of exchange s cut of as COM
pletely ss though we in a stste of sege. Our
bakers there 10 net corporate bank In lowal keep
no balances at the East TO draw against. Diafz on
New-York, Boston ard Philsde phia are difficult OF
neeo iaon, from the fear t6at toe parties drawn upon
,.nay have "gone up" the draft is paid. Ceruh-
eates Of dep0it, even, are looked at ssksase-ior,
have no: the banks suspended IN al tho largo cities
EXCHANGE where obtansbe, readily commands
good premium and specie hes been sold high as
zen spo ey ef ftkeca per con, premium. Iowa Is with
out a currency Of her own, and has been dependent,
thus far upon the other States and Territories f her
clrculat;t medium la section, the issues of Lii
pois Wisconsin and Nebraska banks have furnished
the currency 70 great degree. Slice the paul; how
ever, many Of the banks most Largely IN cfcalaion
here have "gone up" causing heavy losses to bll'
holders, and greatly clrtaIihg the list of current
bark !unds The Nebraska banks are doubtless,
az general rule ule.ely specializing wlnibass, IN
fated and collapsed ut the pleasure OF few lndl'
yicuaIs. The We4tern Exehange Bank, the Fou-
tenele and the Platte Valley iGsttutions We're al OF
this character, and II is questionable whether the b-
hcldeIs viii realize anything from the ruins Almost
the OILY paper money how circulating with Us ,Cea-
tra Iowa. that OF the Bank Of florcuce, Aebrasza
an "ipsiuton' Owned aud controlled by Cook q
So rgeut Of Davenport, the heaviest banking hrm 10
lowe. This currency is ndOrsed and guaranteed by
the finn named, Who under any reasonable financial
circumstances abundaitly responsible. There afe
those, however, who have their doubts as to the
peiect security ii aLy banks BANKERS IN such dark
days at these; aud the bottom OF The tub o. cJnr
dence has completely ia Zen out that Loihog bat
specie is above suspicion, and geld alone s trusted
Re ;tabces for Eastern count are almost mpfac-
ticsbic. Notes are daly presented Tor payment aHo
checks for the amount gsen Ill current bank iunds,
which, meaning Bank Of Florence blls are current
nowhere else but here The fprm Is thus gone through
with, and the notes remain here while toe astern
holders are III 1isstu expectation of something tf0a
Iowa turning up" by every mail for their benefit.
Our merchants cannot be expected 10 buy speci3 at
rubous premium for transmission by express, ana tho
bankers will not dispose of their gold ct any pce,
they need to balance specie accounts with dsposi.ors
here.
Trade has been brought - stand-stll completely.
Empty teams daily sent away, disappointed OF
their Height, because orders from Western counties
are not accompanied with the money. Ine farmers
eti hold theix produce for higher prlces-a VAN eX-
pectation except regards the few family yegeta abies
which are slways bigh In Winter. Wheat is dull AZ
5lc oats 25c. to 3Oc; com, 2Jc., with every pros
pee. of being lower 10 short time. The corn crop
has been nrheDse this season In Iowa. T1e rot has
made appe among the potatoes, and farmers
are losing largely thereby. One person near this ciy
has su1.Iod the extent of 200 bushels. Sholld
the disease prove general in this section may look
for famine prices during the coming Winter.
The Eastern cities are now, unquestionab!y, filed
wiii yoprg Inen ana young women thrown out OF eu.
ploy by the failures or suspensions winch haSe been
50 numerous with you. Let me assure them that for
all who willing to cork the West offers greater In
ducenients than ever. Land can now be bought a. a
large discount fom late speculative prces and fact
be had Jor tc'n ot gears a: NJ ,eat, b those
railing TO make Improvements. Farming is easy
business where the soil productive that the LATEST
can i've and the Industrious cannot fail to thrive
As 10 females, it 10 nooriouspanflly to insny Of
Us reaidents-that Iowa is almost destitute Of female
household help, and that the few who are here lead
q more Independent life than their employers. 1t is
proof sufficient Of the existence of this state of things
inat poor, sbiftless 6omeecs get from 81 % TO
80 week the year round out here. Why, then, need
young bewai the loss ci taeir cerkship o. young
women compose themselves 10 face stern Winter AZ
the East with every reasonable probability OF s be.
iDg 10 them of hardship, saciihce and want
/ have limited at land being procurable on long
leases at rent. 10 any persons disposed to take
practical view Of this des you are at liberty to give
my acdIess will reply satisfactorily TO any cJul-
nurications this head. have mentioned the mat
ter meiely TO encourage persons Of snsl ilesno to
look toward the West with hopeful aspirations.
Though Iowa is not the place for clerks and seam
stresses it is just the spot az these times for earnest
workers ana practical, go'ahead young persons Of
both sexes. NoR-WEeGER.