The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1857-10-09

he Republican Of Tuesday says:


sit needed only the stoppage of the bank
ing house Of James II. Lucas 4 Co., to wind
MP the financial horrors with which this city
has been overwhelmed within the past three
weeks. Business houses have suspended, to
the surprise of every body; banking houses,
supposed to be equally sound with that Of
Lucas & Co., have gone down, and confusion
has been increased; but when the house Of
james II. Lucas & Co. was forced to suspend
Yesterday by the continual run upon it, Nc
regular as the rain which fell throughout the
dav, men were amazed and scarcely knew
what to think. The case is an extraordina-
~ one. For at least thirty days the house
had endured q regular, oeaseless draft upon
il for coin. There was not q man, in all
probability, who did not believe that his me-
ney was perfectly safe with them, but the
great majority Of deposltors, either to an
swer the opportunities Of friends or to be
sure that the gold was within their clutches,
resolved to check il out, and it was DONE
We assume that II million Of dollars Of cur
rent deposits were thus extracted by little,
and little, and yesterday between one and
two P. n. the doors were closed.
sit is not extravagant to say, that Mr.. Luz
cas- has IN estate worth four millions OF doll
lars, aud the other members Of the house can
add a million or two more to il, SO that in no
event can any loss be sustained by deposit
ors.
'.The house in New York also suspended
yesterday
On Monday there was large meeting Of
Merchants on 'Chnnge, ut which resolutions
in favor Of taking and passing Illinois cur
rsncy at 10 per cent. discount, and recon-
mending gener Gus confidence in each other,
We're offered md referred to a committee
composed as follows:
Gen. kanney, n. Wall, ID. A. January, W
Crow, John Hogan John How, Edward j
Gay, Lie. GARNER, james III. Lucas, Geo
Partridge, Wylhs King, Chas. l.. Tucker, j.
A. Brownlse, X. NJ. Funkhouser, Gerard B.
Allen, and J. IL. Oglesby.
This committee was instructed TO repor,
on Tuesday.
Mr.. Henry, Bank Commissioner Of Illinois
WAS present aud made q speech. He said ths
object Of mis- yisi. to Missouri was 10 concer
measures Tor rescuing Missouri bonds from
the disastrous Expectations they had recent
II fufrred-a depreciation which Was itsel
the cause Of the depreciation Of Illinois banl
paper. Illinois currency was secured b,
State bonds, the greater portion Of which
were Mlssouris.
lie stated the circulation Of the ilIinoi
banks at this time 10 be S. SOC, 600, SECURE,
by - ,9Da, DO state bonds, Of which -, 800
0oJ were Missouri bonds. lie thought Mis-
souri, ought TO suspend the further issu
of boud- for the present, and re,.commenc
the establishment Of clearing house in ST
Louis for the redemption Of Illinois currency
John Uogan deprecated tho absurd adhe
renee to specie business when no speci
~ao o..s NOD, ouIsud LA lasl4 !. !. iAoard goi
and silver, recommended the restoration o
confidence, and asked wsy Illinois carrenc,
would not buy produce in ST. Louis as vel
Is in Chicago.
The Republican sass the Committee me
in the afternoon and Was found be- equal
ly divided on the proposition 10 adopt pa
valuation instead of the standard Of 10 pc
cent. diseoun,.
After the suspension Of Lucas L TO. u,
O'Clock, thers was slight run on other
houses. and quite crowd gathered at th,
State bank, anxiously converting its pape
into goli. A further run Was anticipated 8.
Tuesday, butt wss hoped shss = majority o.