The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1857-11-14
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ST. Louls, Nov. ID, 1851.

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ST. Louls, Nov. "a, 1857.
FalExD MAYsAsD- Now that political end
financial matters have become stasnant, .
stray vaif from the Mound City nay not prove
uninteresting to the readers d the Nonpa-
reil. No place in the West has felt the ef-
fects Of the panic 80 efsctually q this city;
owing to the ill-sdvised, rash, short-sighted
and suicidal policy, pursued from tho FIRST,
that Of rejecting good well-secared currency
in payment Of debts, and in the ordinary
channels Of trade, and endesvoring to regu-
late the business Of the City upon an exclu-
sive specie basis. Not content with this sui
dial course, the business men Of the d|sy re-
solved to venture another step in the wrong
direction, and which has shown moro fully
their utter disregard, or rather, want Of bu-
siness policy. Irefer to their efforts to de-
preciate and ruin Illinois currency, in the
face Of the fact that nearly all Of tho bank
ing institutions Of the State OF Illinois are
based upon Missouri State Stocks. There
fore, the standing Of the Illinois banks de.
pended solely upon the capability Of Missou-
ri to keep her credit good-pny up her cou.
pons, and hold up her Stock. The course
pursued by st. Louis was not calculated
to preserve and uphold the credit of the
State-on the contrary, this effort to depre-
ciate Illinois currency, cannot be considered
in any other light than as direct stab at
tho credit of Missouri. Common sense
would have dictated different policy. As
in this case, many viii, through jealousy,
pursue course likely to bring ruin upon
themselves, merely for the satisfaction Of
seeing others as deeply in the mud as they
are in the mire. $50 ..as-
The war here upon currency has driven it
nearly all from the city, but not from circu-
lation. The most of it has found its way
into Northern Illinois and the Eastern por-
ton Of Iowa, and there exchanged for grain.
This use of currency enables the farmers to
pay their home debts, and the grain finds its
way Eastward by way of Chicago. Country
merchants have received this currency for
debts due them-they must use it, if not in
St. Louis, why, then in Chicago. The con-
sequence is, that while Chicago has been
doing thriving business, St. Louis and the
country dependant thereon has been compar-
atively motionless and dead-the "hard
money" democratic banks, with all their
checks and supports, have had to succumb
and suspend-and all this cry of 'deprecia-
ted currency, wildcat banking etc., which
that party used with such gusto in your
State as well as in this, has rather farcical
look and sound, just now, when the ''hard-
money" country of old Missouri suffers the
most from the effects of the panic, and the
lauded specie-paying old-fogy "Bank Of
Missouri" has to ask relief from the penal
ties attending suspension. This ''depre-
ciated paper'' Of suspended banks-which
so shocks the Democracy to extend and cir
culate--is now our only relief. Let the
Banks issue bills, two for one of their paid
up capital, and move forward the produce
of the West to relieve the East; and, altho'
the currency may depreciate ten per cent,
yet there would still be forty per cent. in
favor of this resort, for crops depreciate
.ff1y per cent. by lying over, in ordinary
times; and now, their non-removal would al
most ruin us financially.
Again, let the Democratic doctrine Of
"hard-money' apply to the 'hard-6sted la
borer!' When currency was Gas good as the
wheat" he could get his $l,25 to 81 per
day-nor, he finds no employment, and his
income is nothing! would ask, whether
it were not better to have a sdeprcciated'
currency like that of illinois, than deprecia-
ted property and labor? There is one, and
only one, solution of the existing financial
and commercial lockjap, at which every
body arrives, that is-could we but move
the abundant crops, and send forward the
wheat, corn, pork, etc. of the West, We
should be all right. There is plenty of mo-
ney to accomplish this, but it is in the wrong
hands, and confidence, fear, will not be re-
instated soon enough for relief this fall
The East begins to see its predicamcnt,
and the banks have commenced discounting
on produce bills. They must do it or starve.
We of the West are all right-plenty to cat
and drink, farmers rich and holding out for
bigger prices.
The recent news from Europe is very en-
couraging, and from it we already begin to
see daylight, and to take courage. 1t ap-
pears that Europe is sending over from one
to two millions in specie, by every steamer,
to purchase our grain and cotton for ship
ment. The foreign demand for breadstufs
is likely to cause greater export than has
heretofore been calculated upon. The rot
in the potatoe crop of the old country has
been enormous, and our produce will be cx-
ported to supply the deficiency thus created.
They have not cotton enough to run their
mills more than three weeks-and all their
imports of grain from France and many Of
the German provinces, are cut off-from the
effects of which our prospects are brighten.
ing everyday, and if am not greatly mista-
ken, times will soon be as buoyant and pros
porous as they were previous to the advent
of the panic.
The latest news from the Plains is to the
effect that the rear guard Of the Utah army
passed Fort Kearney Oct. 7th. 1t is gener.
ally considered here that they will not reach
Salt Lake this season without great suffer.
ing.
Our Legislature is now in session, and il
we are to judge its concentrated ability by
the opinions of the same stripe politically, i,
could hardly be called an able, dignifed as.
semblage. Some writer in the Leader call.
the members 'sset of demagogues.' Twill
not judge it, yeti know there are many deci.
dedly talented members in that body. III.
Free Soil speech made by Attorney Genera
GARDENHlRE, on Wednesday evening, in thu
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