Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1857-11-14
TUESDAY, NOVEMBER 10, 1857.
Florence Pnper-Meeting ut Daven'
port to Bolster IL Tn


TUESDAY, NOVEMBER 10, 1857.
@~~~"~-~>"-~->~>~-~--~>~~~> -~>~~~>~-~~~~>~~>~~~~~~
Florence Pnper-Meeting at Daven
s port to Bolster 1t Up.
| We find in the Davenport papers of yes
terday the proceedings Of meeting Of banl
ers and citizens of that place held last Fri
day evening professedly ss sto devise mean
by which the present ruinous rates of ez
change might be lessened," but in reality t
bolster up and revive if possible the conf
dence of the citizens even of that city i
Cook q Sargeant's Florence paper. Th
Gazette heads its article in capitals {" Ban
Of Florence sustained,' and gives a serie
of resolutions adopted at the meeting affirm
ing confidence in the banking houses Of tina
city and declaring f any attempt to discred
it in whole or in part, the issues Of the ban
Of Florence, policy suicidal in its charac
ter, destructive Of confidence, and prejudi
| cial to the interests Of the community
The resolutions further affirm that 0 Will
the present disorganization Of the Who'll
country continues it is beyond the power o
bankers to materially reduce the rates Of ex
change" John P. Cook, of the firm o
Cook & Sergeant, stated to the meeting tha
the whole amount Of Florence issued i
1896, 900, Of which they have retired in tn
last sixty days from 100000 to $l2o, 900
leaving about the same amount in crcula
ton. This he proposed to withdraw from
circulation altogether if the best city accep.
tances for $l50,000 would be received fol
it. As a sort of alleviation for the trouble
and Inconvenience to which the community
had been subjected by the circulation o1
Florence, he boasted that it had been the
means Of bringing at least S50,000 Of trade
to Davenport which legitimately belonged
to Muscatine.
The meeting on the whole was the gravest
kind of farce, and instead Of tending to
give public confidence in Florence paper,
only makes more transparent its unsound-
ness. Look at the assets of Cook & Sar.
geant az placed in imposing array in the
speech of Mr.. Cook. They are stated at
" "$55, 900 city bonds and loans to city con-
tractors, 100000 acceptances Of the mer-
chants and manufacturers Of Davenport
now due, and $lO0, 900 of county bonds and
othor assignable funds" Why, cart load
of Davenport " bonds" :" and " aoceptances" !"
would not buy hungry mans breakfast
80 miles distant from the famous Bridge
Cityr And yet $3.50 all told of this
trash is all Cook & Sergeant acknowledge
that they possess to protect their sl2o,ooo
Of Florence paper, and to soenfe their de-
positors and to meet their eastern liabilities.
Anv one can .oe that they are in somewhat
strai4sned circumstances. We learn by pri-
vate sources that the Davenport business
men are sorely troubled with Florence
They have not the independence to repudiate
it, being all more or less under obligations
to Cook Il Sergeant. They can't pay dol
lar of their eastern Indebtedness with it, and
the banks receive it only on special deposit
lat the risk Of the depository They are
therefore carrying it about in their pockets
in almost hopeless suspense. 1t will be
seen that st the meeting no assurances were
given of better condition of affairs, not
withstanding Gen. Sergeant has been East
for the ostensible purpose Of making some
arrangement for the redemption of Florence
in currency.
At Rock Island the next door neighbor Of
Davenport, the trash is receiving its deserts.
We copy the following from tho Advertiser:
FLORENCE MoNRY.-A considerable panic
has existed in our city within the last forty
eight hours about Florence money, and we
think not without reason. 1t appears that
none of our merchants can pay their debts
or buy exchange with it, and that our bank
ers refuse to receive it except as special
deposit to be paid in the same kind of cur
rency. This makes it just no money at all at
present. Some of our merchants refuse it,
some take it for goods. but general dissat.
isfaction prevails.
Tho remedy lies with our bankers. In
the first place they should never have given
it credit. Their excuse is rendered by the
condition Of the money market at the time,
and the perfect responsibility of the parties
who issued it. Now they should take it for
all purposes as they paid it out. 1t will not
Go for the banks to pay out q currency to the
people with the understanding that they are
Unidentified in d,irgs 80, and are consequently
responsible, and then refuse to receive tue
same money again Us currency. Florence
money is either good or not good, and
should be SO understood.
1t is said that Mr. Sergeant, Of the firm oi
Cook & Sergeant, has gone east with the il.
tention Of raising bank notes there where.
with to redeem the remainder of the Flor
ence ont. We hope lie may be successful.
But until it is known he is SO, and the re.
'!emption is begun, we cannot advise any
sody to take Florence on any terms, for the
simple reason that they will not be able tc
do anything with it in business way.