Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-01-22
COMMUNICATION.

In your efforts to relieve the business
Of the country from the expressions Of
an "inconvertiblc" paper currency you
have the %countenance of the lndepen-
dent portion Of the community, who
feel that you wage unequal war" with
tho influence of those who enjoy the
profits of its creation, use, toss md final
depreciation for to that point it must
and wiU come all their efforts to keep
up its credit and circulation, consist Of
GAS which costs nothing, but when
they finally give up the ship, they will
claim the sympathy Of the community
for their misfortune in not being able
to withstand the run Notwithstanding
their great sacrifices.
Banks should only be created to
meet the wants (necessitiss Of COM
merce) Of the people who authorize the
creation. And, the issues of a Bank
should only find their way into circu-
lation through the purchase Of such
paper as q legitimate commerce Gre
atcs. In obedience to these principles
how many "Banks' would NEBRASKA
have created, or how many dollars Of
their notes would have got into circu-
lation Sir, it is notorious that the
notes were signed a long way off from
the nominal location of the Banks, put
into circulation in payment of the in
debtedness of the "owners" used by
them in the prosecution of their pri-
vate business, having no legitimate
connection with "BANk1Nc," deposited
in large amounts with influential Bank
ers who we're willing thus to be bribed
to circulate wild kat" money and lib
orally exchanged With other "kats" for
their tribe Of pictures. These things l
say are we'll known throughout the
country, and it is acknowledged that
for a circulation pat out in this way a
Bank can have nothing available to
redeem a large portion Of it. If for a
long time it has been redeemed, il it
not reasonable that they quit because
they were out Of available means? And
if out Of available means what folly for
merchants, farmers and others to be
trading their available means for it :
Is it not better for the community to let
it rest a. a CALCULATING MEDIUM" lust
where It is I the loss is much less Ger
tainly to the community. For example
l take 800 to-day which l dispose Of
at 10 per cent dis. o deposit where it
is to me an idle capital. 1t goes out in
either case at par from the BANK and
in a few days l have it again to sell at
the same or greater dis. or deposit a.
idle capital. How long will it take the
business community to pay for all the
Florence in discounts or have An
amount equal to its sum on deposit a.
idle capital! On the other hand if We
abandon 1t as currency We shall soon
have something better because the law
which regulates the circulation of
money tells me that our Legitimate
commerce will command its proportion
OF the circulating money of the whole
country" that more than that We can
not have, but may select of that which
does circulate just which We please and
may change it a. often as We like.
Substituting n for another in ali
cases. These are not new theo-
RES but such Is are drawn from sces
Of experience, and that community who
will not act in accordance with them
in tho matter must pay tho penalty by
using an inconveztible currency for .
time, to become bankrupt in the end.