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

Tho Bank Of florence. -
Our readers are already aware tn it sever
al weeks ago the bankers of this city dis.
credited the Bank Of Florence, with which
the country had been flooded. Cook Il Sar.
geans of Davenport, are responsible fpi
these issues, but having failed to redeem
them either in gold, exchange or good cur
rency, our bankers and business men found
it necessary for their ovn safety to adopt
this course. At the same time Florence was
dscredited at St. L..uis, Chicago and every
weere else that It had been current except
at Davenport. Here Cook l. Sageant, either
by intimidation or entreaty, (and perhaps
by extending special favors) induced the bu-
siness mon to receive it. We have in justice
to our own citizens and the farming commu :
nifty of Iowa stated these facts ~ we as
certane@ them. We hare stated that Co * Il
Sergeant have failcd to redeem Florence in
good currency, and we stand ready to prove
it. We know of instance, in which it has
been sent to them with request to redeem
or exchange in other currency when they
have returned issues of the Bank of Halo
well, Me-, or Bank of Commerce, D. c.
which are both discretlited everywhere else,
and the latter of which never was received
at any banking house in Iowa except at Cook
h Saryeant's.
Notwith, landing these facts, interested
parties are going throughout the country
representing Florence as good money, and
offering to buy wheat with i: at 60 cents per
bushel. We intimated last week that the
present prices of wheat in Chicago and St.
Louis (G0a65 cents) would not justify any
one in paying more than 80 cents in cool
,no,,ry for wheat in Iowa. We c,n-idcr this
self-evident fact, and one that should be
sufficient to deter any farmer from dispo,irg
of his wheat for Florence at any price.
Below will be found some additional facts
and few practical thoughts concerning this
matter: Fts H~
For the Journal.
GOOD MONEY OR NONE.
Such is the signature of some writer in the
Journal who has taken the proper step to
stay a certain curse that is threatening our
farmers and merchants with ruin in tinan-
cal point.
Mr.. Editor, for ono have until very lately
believed that this Florence money wa.
abused, but upon personal investigation, find
it is all rotten and bankrupt, and the party
who are the supporters If it have deceived
this community a. regards redeemine it in
every point except one, and that is, they say
''the gold is in Nebraska" 1t every farner
like myself would examine and see where
this institution is situated, he would proba-
bly, be aStonisled 10 know it is several hun
bred miles above Council Bluffs, in the very
heart of savage territory, where No man
con!d lay down at night with any assurance
that he would not be murdered before the
dawn Of morning. When knowing that, /
ask. how can any honest man undertake to
gull community with snch statement
Furthermore, where is the man who ever
saw or heard of Cook & Sergeant making a
statement Of the amount Of Florence in cir
culation7 Not ole banker or merchant out
side Of their Office knows, and very likely,
for aught we know. it will explode like the
Ohio Life & Trust Co. Look at that concern,
doing an exchange business with tile largest
Western State Banks and private bankers to
the amount OF ten millions or more, and
only with cash capital of thirty.taur thou.
sdn6.
To give an idea how this money tells
abroad, will give the substance of a con-
versation that took place between myself
and very prominent merchant of St. Louis.
lie said lie had been told by responsible
party that one of his customers gave linn a
check on certain banking house in payment
of note some time past due. lie presented
it and the bank told him s.FlOrence or none"
and as the money was not convertible at
any rate, he was obliged to return check
and get his note. Now. l ask, how does
this t, II abroad for our credit?
When our bankers first tliscredited Flor
ence, charged them very severely for doing
40, but now very plainly see they could see
farther than / could, and am very glad for
the credit of eur city to say they stand above
suspicion, and let what will come, they are
always ready to accommodate their cust"Im-
ers with exchange at fair rates. Such can
not he said Of Florence bankers.
think it is the duty of the merchants OF
Musca.ine to call meeting and Lass reso'u-
tions, and let those resolnti ms be nothing
but plain statements of truth, showing us
farmers how the matter stands. Let them
act like sentinels. Give the alarm if certain
money Florence, District Columbia, Hal
lowell, or any other tra>ll--is not aolvent,
and advise us te stand from under and not
be caught in trap, and then say, WHY did
you. knew it was not safe, keep silent.
a 81 ~ ~. Ia I,Nf~
or money2'' An OLD FARMER.
p. $. If the merchants of this place see
cause o call meeting and pass certain res
olutions. let them be sure they are truthful
and have them published in Chicago and
st. Louis papers, in order to avoid being
placed in tile wrong ring. A.Q. T.