Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-01-09


severe in the town of Salermo Houses
were rent from top to bottom. Numerous
villages were Destroyed.
Further from the sswild Cat'' War.
The good people OF Davenport, judging
from their papers, are engaged in regular
Kilkenny cat fight over their wild cat spawns
Florence paper and Burrows Il Pretty
mans checks. The Democrat of the 5th
contains nearly four columns on the subject,
and it literally makes the "fur fly" while
the Gazette of the same date attempts an
elaborate defence but does not make a sim
gle tenab,e point. The only ground it takes
is false one-vz. that if Florence was
thrown out business would become stagnant
for the want Of circulating medium. Mus
catinc, although cited by the Gazette Is il
Illustrating its argument, is an example to the
corsfary. Several months ago our business
men repudiated Florence, and as soon as it
was fairly driven out a reliable currency
took its place. There IS plenty Of good
money in this city to bug all the produce Of
fered. The farmers of Central Iowa should
bear this in mind. There is another fact in
regard to small change worthy of notice in
this connection. While the business men
of Davenport have resorted to the issue OF
petty shinplasters in vain attempt to make
small change plenty, our business mems
drawers have an undue proportion of it.
We are authorized to say that one of our
banks will cheerfully exchange $1,000 IN
small silver change for gold. So much for
the Gazette's argument on the score of expe-
dency. Its pass at the business men of
Chicago, and its threats to retaliate because
they repudate the irresponsible issues of
Davenport, are simply puerie. Nobody at
all posted will believe its baseless assertion
that Florence is just as good and as we'll Sc
| cured as ILLINOIS Wisconsin mvnoy- The
inquiries put by the Democrat on this point
are pertinent, viz:
"If that be so, why is Illinois worth Is
per cent. premium over Florence? If Cook
& Sargent think their money is Just as
good as Illinois funds, will they exchange
i've dollar Florence note for a five dollar
! Illinois note %
The Democrat, after showing that the
people prefer Illinois and Wisconsin curren-
cy to shinplasters because the redemption
of the former is pledged by State bonds,
asd the notes are redeemable in coin, pro-
ceeds as follows:
"But look at this Florence slinplaster -
There is no security beyond the solvency of
its owners. In case Of their suspension,
bill.holders have nothing to rely upon but
their individual property. Every holder of
a SIS note must collect it by suit, against the
proprietors of the bank, the same as any
other promissory note. There might be
parties holding large quantities, who could
afford lawsuit with its owners, and after
much delay, recover the amount less costs of
litigation. But who, holding S., $40, Or
even $25, would be to the expense and an
noyance of suit for tie whole amount
We have no reason to doubt the ultimate
solvency of Cook & Sargent, but when we
see such men as the Clnrks succomb to this
financial storm, we may well be excused If
we refuse to take the supposed solvency of
ann firm for our circulating medium. Ad-
hitting, however, the soluency we say the
remedy is Of such character as to be al
most good for nothing to small holders.
1.-The notes of the Bank of Florence, are
no more nor less than the small promissory
notes of Cook & Sargent. and branches
These small unsecured promissory notes,
they are leaning at the rate of 25 per cent.
per annum. Why should this be permit
ted %
A correspondent of the Democrat says
Cook & Sargent have made from $500, 900 to
100000 by the circulation Of Florence, and
that the merchants of the place have been
compelled in consequence of its depreciation
to mark their goods 10 or Is per cent. higher
lie says he does not question the integrity
of Cook & Sargent, but he doubts their SOL
vency. He further remarks:
"Unless Florence be soon placed on par
with currency, our merchants will be utter
" unable to renew their stocks. With |
funds little better than the old continental
currency, and hardly worth a continental
-, express of reprobation.) with ex-
change only to be had at ruinou. rates, with |
trade falling off, and consumers seeking I
Muscatine or some other place where goods |
can be purchased at reasonable prices, in
few months more they will neither have the
means to bring fresh supplies from the east,
nor will they be able To sell even the few
'shinplasters' they will have on hand. a
continuation of the present state of things, |
with the aggravations that further tole
rlncc of these shinplasters will excite, will |
well nigh ruin the trade of Davenport"
DoUeLAs THEN AND Now.-The St. Paul
Minnesotian truly says:
The Republicans reject allies from no
quarter that will help to rescue Kansas from
the tender mercies of the National Demnc-
racy,' and restore her broad pains to that
freedom to which the Missouri Compromise
consecrated them by a compact
which Mr.. Douglas once said was 'canmi-
zed as a sacred thing in the hearts of the
American people 2 Yet his traitorous hand
was the one which sacriiegiously. tore that
Magma Charta of the freedom of the Western
Prairies, and scattered it's pieces to the fore
winds Of heaven! Can he ever atone for
that deed WI he? ID, ubtful !! - most
yet no press will hail his reg nc
ration with moro pleasure and commenda-
ton than ourse1f If ever this sinner shall
show forth works meet for repentance" 4