Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1857-10-17
VOL. IX---NO. l2
TIE BANK GE FLORENCE.
MusCATINE. Oct. Ii. lS5.


EDIToH JouRNAL:-I notice Il paragrarh
IN the Saturday mornings Davenport Gu-
Sette, charging the bankers and citizens Of
our place with throwing out the bank of
Florence without any just cause. Having
nsd some ht.le experience in disposing of a
few hundred dollars Of this same Florence,
Will state to the public 14hat took place.
and what | say will be qualified to. On
Mondsy, the 5th October, | returned from
st. Louis, and learned with considerable as
tonlskment that our bankers were refusing
Florence. Having some fifteen hundred
dollars to pay on the 18th of the; present
month in Rock Island, telegraphed the
party who held the note, saying g-"Will
you take Florence during this week for our
note?" After waiting alE day, the answer
came, saying-''If there by Thursday morn
ing" On Wednesday, rcoeivedsso,ae con-
siderable collections from the ntes Or in the
shape OF bank certificates, stating that the
parties could not send the funds, as they
could raise nothing but Florence, and as
that was not bankable here, it would be USE
less to me. On the following morning, |
went to Davenport, took up the note with
Florence, and asked the gentleman who held
my paper if he could change some Florence
money for me, and obtain other currency.
He replied he would 60 with me to his
bankers and see. We did so, and were told
to return, as he wanted to consult his partner,
who then was out. We returned in about
one hour, and were answered that they could
not accommodate me. l told them to set
the price between the two. This they refused
to do. :. T ttenwent over to Cook & Sargent.
ana. there '7as net with the same result
that or nothincc' They &C.. &, S. would not
take . per cert; and give other currency,
l offered it, and remarked to them that il
was pretty affair, when an institution pub,
lished tothe community the following card,
that taey should repudiate, and then have
the audacity to say it was current funds:s;
"The undersigned, proprietors Of the
Bank OF Florence, Nebraska, are, by pro-
visions of its charter, individually RESPONSE
bic for all its issues, and will redeem the
notes OF said institution at its counter in the
city of Florence in coin, and at either Of
their banking houses in Eastern srchange or
IN 81 s;le at same rates us OTHER cl1rre7acy."
Now, Mr.. Gazette may say no bankers ara
selling on New York, but such is not tho
case. | can buy all the exchange, at our
banks that want. To be sure, the rates,
will be high, but that matters not. Why de-
they not set a rate such as other bankers
will? But if our bankers were to receive
Florence, in very short time we would
have nothing else, and the banks there would,
not be able to accomm odate their customers
even with Chicago exchange. Why? Be-
cause it is not worth anything there. -:
1t seems if Mr.. Gasette found the money
st par in the Rail Road Office, that is ac-.
counted for in this way. The headquarters
are at Davenport,, and;if Florence money
goes there, all 0. K, Bet this very day the
r. r. is redeeming ten dollars to the banks:
one, for the reason, she cannot pay here
monthly dues with it, and the consequence
is, she must get other currency such as for
eign roads can USE -.
Furthermore, the Gazette asserts that is
will drive trade away from ous place. That
may all be for those who happen to have any,
Florence, but SO much the worse for the,
bank, for she is not able to redeem now as,
per her public notice, aud the more that gctsi
home the worse for her. My impression is
quite different from the edituss idea! Far
nrers will 60 where they ca2 get choice Of,
money. Mr.. Gazette. also in>inrsatcs, VIC.
have no money without we keep Florence
among us. TO be sure, Davenport has a.
great many things we have not. She has
marble banks, splendid mansions, splendid
churches, &C., but, ask, what built them ?.
The Bank of Florence, and now, when there
comes . money panic, and people want to!
convert their money into god or eastern
exchange, they are told, ''We are not selling
the hard times aze too much for u.s." It,,
IS not the hard times-it isi: thewant Of the
"sponduZ,tcks." Such an ssttclc they pcve =
had, and SO long as the community wM try
TO- sustain such money as all this Nebraska
money ssas been, we will every day have less
and less, for every person who leaves thiss
community will take current money with
him., azaa when he returns, will bring old
Nebrasks back, which he has bought some.
where at big shave--se1ne ignorant person.
having taken It away who knew NO, better.
AS the election, is:now4upon us, let. rs pus.
men into ofice who;wiH .sput sAapteG tpon
such trash,, and have among pa suck 5anks
as can stand hard times and panicsr 'tLook,
at the MISSOURI, Kentucky, Ohio and Indiana,
banks. Where are they to-day They are,
above suspicion. : If YOU 90 to their counters
they don't tell you-''tha5 Or nothingJ' and;
T might say the same of the Illinois and :;
Wisconsin banks, Every bill-holder knows
he has got ninety cents hard money to the
dollar. n ;,
Once more for Mr.. Gazette, and ttenI am
through, and that is, to- give him credit for
stating one thing that is emphatieally true;
''Florence, is their principal CURRENCY andFs
as for Muscatine bankers having 1t out Of