Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1857-10-19
Board Of Trade meeting

Davenport Board Of Trade met at it
rooms, by adjournment, on Oct 10th, 1857
TO hear and report the following report:
After some discussion, pro and con- tn
report was adopted and voted to be pub
lished in the daily papers of the city.
The scarcity of small change among tn,
the merchants was made apparent by re
marks by Mr.. Alfred Owens and others
which led to the discussion Of the expedien
cy of the Board issuing small bills Of th.
fraction of u dollar, as currency.
The plan did not receive much favor, but
resolution offered by Mr.. Washburn a,
follows, led to the appointment of a com
mittee to take the whole question into con
siieration, and report at subsequent meet
ing:
| Eesoired, That this Board recommend n
committee Of five to be appointed by this
| meeting to take into consideration the diff
ficulties under which the business commu-
nifty is laboring in regard to the scarcity OF
small change.
Resolution adopted, and on call, the Pres
ident appointed Messrs. II. II. smith, viele,
Alfred Owens and Dessaint, as that commit
tee
Voted to adjourn to call of the above
committee
EDWIN SMITH,
Prest Pro Tenn
EDWARD ALDEN. Sect'y protein
October II, 1857.
At an unusually large meeting Of tie
members Of the Board of Trade and other
business men ofthe city of Davenport, the
undersigned were appointed a committee to
prepare circular which may give our
friends and creditors abroad, and the com
munity at home, some reliable information
in regar3 to our city at this time, and the
section Of the country particularly connec-
ted and dependent upon it. and if possible,
devise some means by which the want of
Eastern Exchange, at present so urgently
felt, may be relieved and our merchants en-
abed to promptly meet their Eastern in
debtedness.
In the discharge Of their duty the com
mittee have consulted with farmers, pro-
duce dealers, bankers and merchants gener-
ally, and may reasonably hope that whate
Yer statements they make will be found to
be correct and reliable.
In their opinion this section Of country
has never been in II better condition to meet
an emergency like the present and promptly
discharge all its obligations, yroe,hd, our
agricultural products, in which our means
principally consist, can be made available.
Our crops have this year been unusually
large, and, though the prices for all our pro
duce may he expected to rule lower than for
the past few years, our farmers manifest n
willingness to dispose OF them as soon as
they can realize cash for them.
Owing, however, to the peculiar condition
of monetary affairs in the East, the usual
avenues by which our crops have been for
warded to their Eastern Markets, seem to
have been almost entirely closed. During
the present season we have had but very few
buyers with Eastern funds. and our large
surplus OF wheat and corn, so much needed
in the East and when in market there pay
ing profit on prices here, with cost Of
remains on our hands. Thus
our usual supply Of Exchange is cut of, and
as our currency, (but small portion of
which is specie though available for the
purchase of produce from our farmers, can
only be used at the East at the most ruinous
rates of discount, our merchants find them.
selves utterly unable to meet their Eastern
Indebtedness as it natures.
ndcr these circumstances, the committee
see no more practicable method of relieving
our merchants from the unpleasant oppres-
sicns connected with a failure to meet and
cancel their business obligations, and at the
same time assist our Eastern creditors to the
utmost of our ability in their present embar
rassment, than for the merchants in the
East holding claims against merchants in
the West, to unite in sending our agents
who shall be empowered to receive their
claims in any funds current among holders
of grain, and with this currency to purchase
whatever of our crops that can be disposed
Of to advantage in Eastern markets.
In this way, Eastern merchants will be
obliged to wait only the comparatively
short time necessary to move our crops to
the seaboard, before their claims are realiz
ed in cash; while under the present state of
affairs, they may be forced to wait until the
natural channels for the exchange of the pro-
duce of the West for the manufactures of
the East, are re-opened-a period which we
may reasonably suppose will be slow in ar
riving, and perhaps render necessary, mean
while, general suspension on the part of
our merchants.
The committee would, therefore, in behalf
of the merchants of Davenport, most re-
spectfully and urgently request our Eastern
creditors to give this subject fair consider
alton, and would most confidently assure
them that, whatever course they may see
fit to pursue they shall meet with hearty
cooperation from US, in any endea, or to en-
able us to meet our o,cn obligations and af-
ford them relief.
All of which is respectfully submitted.
+. II. GRIGGs, j. NJ. DALzELL
ii. II. SMITH, l. 5. VIEIE,
G. w. McCARS, Committee.