The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1857-10-19

BoARp ~ TRApE Mssriso - Davenport
Board OF Trade met at It's rooms, by adjourn
ment on oet 10th, 1867 to hear and act on
Ia. following report, After some discussion,
pro and con. the report was adopted aud voted
To be published in the daily papers of the city.
The scarcity OF small change among tho
merchants Was made ap,,al.ni by remarks b,
Mr. Alfred Owens aud others which led 10
the discussion Of the exp-dieney Of the Bo,rd
issuing small hill, of the fraction II dollar
as currency.
The plan did not receive much favor, but a
resolution offered BY Mr., Washburn as fol
lows. led 10 the appointment. of a committee
to take the whole question Into consideration,
aud report ai = subsequent meeting
Rssoired, that this Board recommend a
committee Of five 10 be appointed by this
meeting 10 take into consideration the difYicu.-
ties under which the business community il
laborina la regard TO the scarcity of small
change.
Resolution adopted and on call the Presi-
dent appointed Mesu. wsshburn, II. a. Smith,
yielc, Alfred Owens and Dsssaint A. that com.
initlee.
Voted To adjourn 10 call Of the above CON-
mittce.
EDWIN SMITH, Prest, pro s.@.
October 10th. 1867
Al sn unusually large meeting OF the mem.
bers of the Board Of Trade and other busine.s
men Il the city Of Davenport, the undcrsisned
were appointed a committee 10 prepare . cir
rnisr which may give our friends aud credi
tors abroad, aud the community at home, some
reliable information in regard TO our city n
this time, and the section of country parsica-
larly connected and dependent upon Il, and II
possible devise somc means by which the
want Of Eastern Exchange, II present " VI.
gently felt. may be relieved and our merchants
enabled to promptly meet their Eastern indebt
ednsss.
In the discharge Of their dut, tho commit.
tee have consulted with farmers produce deal.
err, bankers aud merchants generally, and
may reasonably hope that whatever statements
they make win be found 10 be correct aud
reliable.
In their opinion this section Of country has
never been In \ better condition TO meet ~
emergency like the prssen. and promptly dis
charge oil Il. obligations, yrossdsd, our asri.
cultural products. IN which our means prinei-
psliy consist can be made available. Our
croys have this year been unusually large.
and though the prices for all our pro-
duces may be eypee,sd TO rule lower thar for
the past few years, our farmers manifest vii.
lngness TO dispose oi them A. coon - they
can realize cash for them
Owing, however, 70 tls peculiar condition Of
monetary affairs In the East, the usual ave-
nues by which our crops have been forwarded
to their Eastern Markets. seem 10 have besn
almost entirely closed. During the present
season We have had but very few buyers with
Eastern funds. aud our large surplus Of wheat
and corn, so much needed in the East, and
when In marke, there paying profit ON prices
here, with COS, Of transportation, remains on
onr hands. Thus our usual supply ~ Exs
change IL cut oii, aud as our currency, (but
a small portion OF which Is spccie) though
available for the purchase Of produce from
our farmers. can only be used at the East Q,
the most ruinous rates Of discount, our mer-
chants fnd themselves utterly unable 10 NEE,
their Eastern Indebtedness ~ II natures
Under these circumstances the committee
see no more practicable method Of relieving
our nerchants from the unpleasant oppres-
sions connected with failure TO meet and
cancel their business obligations, aud u the
same time assist our Eastern creditors % the
utmost Of our ability 10 their prevent embaf.
rassment, than for tho merchants Ia the East
holding claims against merchants 10 the West,
to unite In sending out agents who shall b.
empowered TO receive their claims in any funds
curen, among ho,dsrs Of grain and with this
currency TO purchase whatever Of our crops
dat can BE- disposed Of 10 advantage 10 East
ssn markets.
In this way. Eastern merchants Win b.
obliged 70 wait only the comparatively short
aus sscsssary 70 move our crops % the go.
board, before their claims are realised 10 cash
~hils under he present state Of slain, tbsy
nay b Soscsd 70 wait until tho natural chan
nsls sos ~ ssehanss u ths produce Of The
West for ths manufactures Of the East. ere ~
opsnsd-a period which We may reasonably
sspposs viii Be- slow 10 arriving. and. perhaps
rsadsr nscessasy, meanwhile, gsssral sus-
pension On ths part Of or merchants.
Tbs cOnmlitss wouA. thsesfors, 10 hshalf
u ths merchants Of Dsvsnpors. most respect
fully asd urgently request our Eastern cred.
itoss % give this subject fair consideration,
aad would nose eonadsuay assure thsn thas,
whasssss eesrss thsy NY - a 70 pursss,
tAsy shall asse wishs hsassy ee-epssssien ftoa
-, IN any eadsavos 70 snAhls ~ 70 nsst esv
sss es,ioaaisas - s0sd 6ksn sslisf.
An a whieA = ssspsstfally sahoisAsd.
IN. -. I. t,sls,
q, ". XQEAn1 Connnann