Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-01-06
Tho Currency Question.

Tho Currency Question.
This community is just now in about
the same condition - the fellow who
in storm 1t sea, assured the Lord that
If he could only be permitted to reach
Terra Firma in safety that time, he
would never be caught there again
There seems TO be thorough deter
mination on the part Of business men
that when We are once fairly rid OF
these plastcrs, they will never counte'
nance like issue again.
1t il undenwble that . pQor cur
rency drives ont good one. 1t may
answer for time-just so long as it is
redeemed-but it is certain to fly up
in the end and hurt somebody,
There will always be found defend.
srs Of shinplasters. Generally they are
persons interested in them a. owners
or who desire to borrow them when
they cannot money.
The same argument is commonly
used, that If we did not have that cir
culation we should not have any. 1t
was 10 when VIC were flooded with
Georgia shinplasters, and yet when
they were driven out we found good
money quite as plenty as before and
moreover, we felt assured that we had
something that was safe to carry,
something that the law recognized as
money, and..which parties were eomrell-
ed to redeem in money. A part Of the
Georgia shinplasters were redeemed,
and part not. We probably suffered
less here from it, than at any other
point, for most Of the plasters we're
from the manufacture Of Geo. Smith 4
Go. asa nc never permitted them to be
discredited. They were redeemed
at Chicago in exchange on New York,
and in the notes of secured western
banks when parties desired it. There
arc many persons whose memories Of
Georgia plastcrs are not SO pleasant as
they might be. The present condition
Of things have strong tendency to-
wards making us all hard currency
men, but the people always have had,
and probably always will have a bank
note circulation. If we do, let us see
that it is good one. Ifrarties desire
to loan their promises to pay to the
community, let them first give them
some security and basis, compel them
to place securities, where, if bill holders
choose to convert their notes into cash
it can be done.
We are confident that we echo the
sentiments Of our business men, when
we say that this shall be our last shin
plaster experience. If Cook and Sar-
gent have the ability to remove Flor
ence they should be required to do it
without delay, and give place at once
to secured convertible currency. II
got let them say SO, and let us know
when they can and ,ciH do it.
In the meantime, We say once mere
that they must at once put it on the
same footing with Illinois and Wiscon-
sin. II, as the Gazette says, Illinois
and Wisconsin notes are no better
than Florence. then there is q still
stronger reason for their doing 1t, for
with that class Of currency we could
now pay our debts, whereas with Flor.
ence we cannot. 1t is scandalous, that
with exchange down at Chicago to
per cent premium, payable in the cur.
rency Of secured western banks, w
cannot make remittances here for on,
tenth part of our matured or maturing
paper, and all our merchants holdins
large balances of Florence.
Everything that We have to sell vii
command good currency. Our whea
and pork will bring our farmers none.
with this money they can pay the mer
chants debt, and with this money tn
merchant can purchase exchange an,
pay his Eastern debts. It will be
sorry state Of things indeed, when tn
grain, pork and beef Of this rich, farm
ing country, will not bring us anythin,
but batch of unsecured, inconvertibl
and consequently worthless shinplas
ters. The fault is not in our product
but in ourselves. We have give
countenance to plaaters until we ar
reduced to the verge of bankruptcy
It 10 not too late to save ourselves, bu
the action must be prompt, vigorou
and decisive.
~ Miss Matilda Heron, the famou
representative Of Camille, has recent,
eutsvsd the marriage state, the happy
man being Herr Robert Stoepel, lat