Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-02-19

measure OF value, and will lie loaned TO th
extent that may be necessary for legitimat
and proper business operations at reasop
able and legal rate Of interest, which is [
state Of affairs that must be most gratifying
to every right minded. intelligent person,
care not what his occupation may be.
Ii 1T Is blessing to community to hat
proper distribution Of money in circulatiey
TO facilitate the legitimate operations of u
various branches Of judicious business trans
actions, 1t becomes an imperative duty upol
every member of that community to do wha1
may be in his power, honestly and energet
cally to procure for himself and his neigh
bors this great favor, and do what may "
in his power to promote the perpetuation =
the blessing. - :.
We have now, at some points in our State
an uncurrant currency that has driven out
of circulation not only the constitutions
currency Of the United States, but this ire
sponsible trash has driven out of circulation
every kind of Chartered Bank Notes
am no lawyer, but from what little
have read and learned, feel safe in the as
sertion that it cannot be legally maintained
that any Of the currency we have in gene
raj circulation here at present, is the legal
issue Of any chartered Bank. The portion
Of our circulation which has the semJlance
of the issue ofthe Bank difference, Nebras
ka Territory, it seems was NOT issued from
that bank but was issued from House some
hundreds of miles from that Bank; conse-
quently, if there happened to be some limo
cent, responsible stockholders of the Bank
of Florence, in Nebraska, they could rot be
legally held accountable for the notes that
were signed and circulated as those We have
in use here have been.
am under the impression that the whole
circulation Of the city and surroundings. is
illegal, insecure. uncertain, deprecated and
generally injurious to the great mass of the
people, and therefore, shoald as soon as prac-
ticable. be dispensed with as u circulating
medium.
1t is we'll known to every clear headed,
business man, that the circulation of any
kind of deprecated currency must, and in
,evitably will, drive money out of circulation.
The curse is now on the community and
how, with the smallest loss or inconvenience
We are to get rid of the evil, is an impor-
tant question, and one that for some months
past and NOW should demand and command
the grave consideration of the intelligent
portion of the community.
The interests of many thousands are at
stake in this matter; therefore, caution and
due deliberation should be resorted to. and
such course Of action adopted as may effect
the greatest amount Of good OF the smallest
amount of loss to the greatest number The
policy should be now to pursue the plan
that may be best calculated to supplant and
retire all this deprecated currency, as soon
as possible, with the smallest amount of loss
and the best security that can be obtained
in favor of the unfortunate holders
This is not the time to drive the issuers
to extreme measures, that may induce them
to shave innocent and INDECENT holders more
numerically than they have been and are
now being shaved. But every reasonable
and judicious influence should be exercised
to facilitate the honest redemption of crery
Shtnplasser from five cents upwards and
the cancellation Of the same as soon as prac
ticable.
II the issuers have the ability either by
their own assets or through credit Of friends,
they ought, in common justice, to SECURE the
the redemption of every dollar, and should
pay interest until they do redeem) on every
dollar that may be presented up to the time
they can redeem.
If it should unfortunately happen that se-
curity cannot be obtained for principal and
interest in any case after fair investigation,
then the community should be advertised
of such case and meet the catastrophe as
best they can.
The Board Of Trade, it seems, did not see
the necessity of vigorous action in this mat
ter. Therefore, under the circumstances, it
might be judicious to have meeting of bu-
siness men TO deliberate and prepare sug-
gestions that might be we'll to submit to
general meeting of the citizens. and thereby
induce the parties to bring about a state Of
affairs that would tend to remedy the evil
at an early day.
In my humble opinion, all parties may be
reconciled. 1fall the issuers of deprecated
paper will place sound security in the hands
of we'll known and reliable parties for re-
demption of the paper in reasonable time,
and pay interest on same until cancelled, we
will be relieved from the curse at smaller
loss than by any coercive measure that can
be resorted to. In this crisis the good old
maxim, Take care Of the poor and let the
rich take care of themselves" should govern
tongaes. pens and type.
see it intimated in some newspapers that
there are only a fe~ who feel apprebensions
regarding the fate of our currency. 1t is
we'll and widely known to every intelligent
man in this city, that there are only tep
who are not apprehensive of even worse
state of affairs than we have now. l am un-
der the impression that there are but tsw of
the intelligent business men of the city who
do not dread that we are in great danger Of
. serious outburst, that would be not only
unwise, Improbable and injudicious, but
disgraceful to our city, if something is not
Gone SOON to allay the spirit of indignation
that pervades large class of our comma-
nifty, whose actions may begoverned more
by vengeance than wisdom or discretion.