The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1857-10-05
nsasy na,asn u saAsr Cities.

The hanks a this city are beyond almos
any csutiaesncy, and will stand if all tn
other hanks in the country suspend. w
condemned the banks fcariessly and perse
veriugly while they were expanding thei
lines Of discount upon steadily declinin,
specie reserve, and IL 10 equally our duty {,
sustain and encourage them in the cours,
they are now pursuing. Our banks mus
BE- upheld in the practice Of self prcserva
ton. In this contraction they may breal
many mercantile houses, and cause great
deal Of distress among individuals, but the
entire community is interested in the col.
vency and operation upon . specie basis Of
these institutions. At any sacrafice the
city Of New York must not follow Philadcl-
phia and Baltimore in their suspension
Such an event would indeed be lamentable,
and leave us nothing to hope for in the fu-
ture. With our banks sound and strong,
the iecupeative power Of the country will
be sustained and have foundation to excr-
else itself.
fFrom the Miiw aukse Wisconsin, sosh ser,l
Under the new arrangement Of our banks
OF receiving and paying out the notes Of all
the banks Of this State, withS4,t exception,
. better feeling is gradually growing up.
BY standing together in \ wise union, We
all gather additional strength to meet the
unfayorable reports from other sections Of
the country.
Our banks also receive all the currency
Of the Illinois Banks. Yesterday our banks
discounted considerable produce paper, and
the prospect Is that they viii discount CON
siderably more to-day. There j. wide
margin between our market and that Of
New York--so that produce operations are
safer than when our market is At higher
figure. Il is not possible for the banks to
lose--with the present margin in their
favor
fFrom III. Cincinnati oazs,is se.h sept
The general feeling in financial and com.
mercial circles to-day was not materially
different from that exhibited YESTERDAY
People have prepared themselves for the
worst results that are likely to BE- realized,
and they are, therefore, not liable to become
excited because Of the evidence oi pressure
and panic by which they are surrounded, or
the adsiccs % bank suspensions, mercantile
failures, and general financial distress that
are flashed over the wires from East and
West, North and South We are now face
To face with the monetary troubles, which
have been hanging around for some time,
and instead Of sinking under apprchcnsions
people are looking about for remedy
way by which the pressure may be remo,-
ed.
The demand for Eastern Exchange con-
tinues pressing, but not considerable amounts
are To be had at any price. The range to-
day for the few drafts sold was from 3 10 6
percent premium. Gold Is also very scarce,
and those who hold il are not disposed to
cell. The Brokers are not disposed TO en-
courage the retail demand, though this il
applied ~ some extent nj 0 a. 10 per cent
There IS no change in the character of
our par currency, which consists Of Ohio,
Indiana, Estate Banks, y Kentucky and Lou
isiana paper All other paper i- a. discount,
the rates varying from 5 "a Is per cent for
solvent banks. including those that have sus-
pended specie payment Trust Co. checks
We understand, were offered to-day at DC.
lErom ihs y. Y. Timesl
The financial excitement to-day Tcus,lay
29th) though fully equal to Monday and
saturday, was attended by less cmbarrass-
ment in meeting payments at hank, aud
there was partial sale IL Foreign Exchange
u some sort u rate, which really could not
b. said Of the market yesterday. In regard
to the bank movement, il Was runored ~
On early hour that meeting of Presidents
II the Merchants Bank had resolved upon
extending the aggregate discount line five
millions dollars. There was such meeting,
but the exact nature Of the relief was not
determined upon, II indeed the particular
subject Of mercaptils relief WAS discussed
Another meeting was also held al 3 o'clock,
the determination Of which may or may
mot be sent 10 the Press in IN official form !,
and we thcrf6rc give the general outside re
port, for what il may be worth, that the adj
dsfioRal lise Of accommodation 10 tie erteaf Of
three mllioss Of dollars is iamsdiaielv 10 be
arranged for. We make no doubt that
something like relief 10 their dealers has
been resolved upon by the banks A. the on
" means Of assuring their own position a.
specie-psying concerns in the existing tenn
per Of the public mind
From The \ TrIbIaei
A meeting of the bank officcrs was held
this morning, when the subject Of an extern
sion was discussed. The suggestion was ia
vorably received, bur without coming tn u
decision the meeting Adjourned to ; o'clock.
At the adjourned meening, about forty out
u fifty four banks IN the city were represen-
ted, and after full discussion the follow
ing resolution was unanimously passed:
Res0ired, That the Banks here II present
recommend 10 their Board Of Directors nm
increase Of 3 per ceut, within q week upon
their present line Of loans and discounts.
The moral effect Of this movement of the
Of the Banks will be in the highest degree
favorable, rs indicating that the Banks
themselves have confidence in their own
strength. The expansion will be equal to
about three millions of dollars, and will al
ford very material relief IL directed in the
right quarters. The aid should be extern
ded - Car ~ possible 10 those who are en-
gagged in moving forward 10 market the pro-
duce Of the country, for upon this, more
than all do we depend for the revival Of an
easv snonev market