Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1857-10-31

The Banker Florence Again.
To-day we give place to correspondent
who takes the opposite side of the Florence
questi~n. We haze only 10 say In reply
that Notwithstanding i, mey be true that
Cook 4 Sergeant received Fl.,renc" in pay.
ment of notes mt their b1ak. the r.. that it
is mt CONVEX lille irn o h~r Il, ID. il ufi.
cient to .iu.'ty 4 dcun, c;alo.. 81 II! VINO
! claim il n n. ney. 1t : n" batter than a
note ct hand. and nr ~ :.,r ~ checks
which, sone produce buyers are issuing
Some Of these can be converted into eastern
exchange while Florence cannot be. 1t.
circulation under these circumstances has
boon the means Of Inconvenience and loss to
all classes ofpcople, and as long "sh Is toll
Grated zee wiH haze nothing better for a
circulating melium. No have no desire
to create q "psnic." Our object is to drive
out worthless trash called money so that
something better may take it. place:
For the Journal.
MUsoArISR, Oct. 2sth, 1857.
| EDIToR JouRNAL:-I notice the articles in
your tw' last issues, over the signatures OF
Good Money or None" and IAN Old Farm.
err" saying n great many hard things aboni
Florence money, tho Bank Of Florsnce, and
| Cook e. Sergeant. Now. I do not wish %
impugn the motives of the writer's above
| named, but as there is always two sides to
almost every case, thiak this is one OF
those cases, and if ron will indulge me. ]
will endeavor briefly to show n few facts
and arguments in favor of the other side.
My first fact and argument i, that Mcssrs
Cook & Sergeant have manifested DISPOSE.
ton to to redeem Florence money, in the
face of all the oppotitinn and difficulties
that have arisen or been placed in their way.
They have redeemed many thousand dollars,
| they have received it in payment of notes
due them and many of their customers, and
still are doing So They have arranged with
the Railroad hpany to receive it for
freight or passage. We all know this. Many
of the steamboats, on the river receive it for
freight and passage ;6DonScf the merchants
in Muscatine, low Genpo,t, Tipton,
Wilton, and vari wns, receive il
on debts or for GO treat many far
mers receive it hind hides and
whatever else they have to sell. A
great many northumberland business mon re-
ceivc it, and appear to be glad to get it.
Now, why do they do this, if, as Gan Old
Farmer says, lit is all rotten and bank
rupt'? Hear me, and will give few of
the reasons. The first and most Important
reason is that the people of this whole
country have long known Cook & Sergeant,
and know their ability and have unbounded
confidence in their integrity; and Cook 4
Sergeant have made themse yes person ally
liable f the redemption of this money, and
have given their word and their signature
that they will do so. Another reason is
that this is not tho only bank that has sus-
pended. Very few banks in the United
States now redeem in what would satisfy the
writers alluded to. Perhaps these gentle
men wou d refuse the money of all banks
that do not pay specie. They have perfect
right to do SO it they like, and they have a
perfect right to follow in the wake of the
New York Herald and T,ijune in endeavor-
ing to get up a panic and destroy confidence.
They have right, also, to call meeting,
as IAN Old Farmer" proposes to do. They
have right to do all this, but is it good
policy Is there not agitation enough
Will it not do more harm than goo .
Now, presume that the railroad company,
the steamboatmen, the merchants, mechanics
and farmers who are taking Florence money
know very we'll what they are doing. They
are or think they are posted as to its real
value, and the men who are taking it are
generally shrewd business mon, and as well
posted in business matters rs your CORES
pendent, and have no doubt but they will
continue to take Florence money, notwith.
standing the croaking and grumbling of all
such writer's. J. c.