Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-03-18
Florence.


We speak this morning, upon the cur
rsncy question. We propose to re-
capitulate the labor Of the last three
months; see where we were then and
where we are now what the Demo-
crat has gone through, and what &C
complished.
When the Bank Of Florence com
menced business, and its bills were
6rst put in circulation here, I'VE endorsed
the movement. The position Of Cook
l. Sargent in this State, as bankers;
the character they had for solvency
and integrity, coupled with the printed
assurances that they would keep the
bills of this bank good, seemed to us
an ample warrant that the community
would never suffer by the circulation;
on the other hand, would be benefited.
Everything went smoothly until the
ps7ic of last September. All at once,
Cook d Sargent declined to redeem at
Chicago and st. Louis; and although
they were nominally redecmable there,
no one ventured to 90 to Florence
with any quantities, knowing that if
they did SO, the bank would at once
suspend. On the lst of October, there
fore, the Bank Of Florence virtually
suspended, and with it Cook g. Sar-
gent and their branches. Up to about
January LIST, we still endorsed Florenc,
for we we're assured by its friends,that
it would soon be placed on good ba-
sis. Cook Il Sargent themselves prom
ised this. But about the first Of Jan
nary we became convinced that they
had determined to keep Florence in
circulation in that condition. They
were receiving from 20 to 80 per cent.
interest on the entire circulation it
it cost them nothing for redemption,
for they did not pretend to redeem at
the bank or elsewhere, in anything,
and since the passage of the Bank
Charter, they had never been making
30 much money out Of their issue. 1t
was evident that some one must take a
bold stand in behalf ola good currency,
and in opposition to Wildcat and we
took it. The citizens of Davenport,
and Of the State cannot suppose that
We planted ourselves when and where
We did without knowing what we had
to contend with. We know that
Cook & Sargent would strain every
nerve-excrt every influence, good or
bad, to throttle us, and that we should
bring down the whole troup of small
dogs who follow in their wake. Some of
them barked because Cook l. Sar-
gent hold deeds of Trust and mortga-
ges above their heads, and others be-
cause it is glory enough for them to
fawn around the Marble bank, and
grow fat upon the fashionable smiles of
that concern. (The Editors of the Real
Estate Register, for instance y
We we're not alone in the belief that
some action was necessary. There was
not paper in this city, the conduc
tors of which were not as we'll satisfied
~ we ourselves, that it was the duty
of the city press to take an open bold
and decided stand upon this question.
We had scarcely touched the cord,
when response was heard from the
Gazette and Der Demokrat, which be-
tokened feeling deeper and stronger
than our own, against a system of fl
nance so exceedingly dangerous in its
effects as to be confessed upon all
hands to be without justification or ex-
cuse. The sentiments expresscdb by those
papers then we're the sentiments Of this
entire community. Every business
man Of this city will bear witness tc
the truth Of what we say. We neec
only allude to the article taken from
the Gazette which we have for Ions
time kept standing at the head Of Thu
column, to show what its Editor,
thought Of this question at that time
We need only refer to the large stand
ing advertisement in the Gazette K
show what influences were brought t.
bear to change the course of that pa
per. We speak advisedly, for induce
nsents Of a similar sort ,oere held out Il
w. that these inducements were mo-
sufficient to change our course, We pre-
presume our readers are perfectly
aware.
Notwithstanding the character ant
amount Of opposition against which VI
were called upon to contend, our frs
efforts produced immediate effec
Cook 4 Sargent retired with
in . very few days, large amount O
their circulation and promised to con
tinue the good work until the evil wa,
remedied. They gave out that within
one week Florence would be placed OF
. par with Illinois and Wisconsin cur
rsncy. This was Ill We desired-al
- lAbeesd fos. We had no warfare