Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-08-04

lessness. depending upon many cireun
stances; that he had no doubt from Il
large amount. Of property in their hand
d Cook d Sargent would ultimately be abur
d dantly able to redeem their issue but I'll
r value of their issue was very much d
= creased if iholders were obliged to wait
i year or two for its redemption.
e Mr. Powers then proceeded to initiate tn
3 meeting further into the mysteries Of ma
a king exchange. and then proceeded to say
that Cook d Sargent in stopping paymeu
! Of specie over the counter Of their Bank
e had hoped to gain time and get an opportu
nifty to retrieve their affairs that thei
friends in the city had told them that tn
people would cheerfully bear the burdeI
for few weeks or perhaps for a month o
J two, but that matters instead of gettin.
better, had grown worse and worse. Thai
during the past spring. when Cook 4 Sar-
gent had commenced selling exchange al
two per cent. they had done the same and
had continued it two days longer than C.
d s.; but that when they &c. 4 5 had
stopped.a all the remaing Bankers in the city
had b zen obliged to stop also-and that il
was now impossible for him to say at wha,
rate exchange could be got for Florence. ~
Until yesterday they had received the scrip
OF Burrows 4 Prettymsn as Florence that
Burrows 4 Prettyman had furnished dur
ing the last winter more exchange than any
person in town. That he was interested in
the city, intended to make it his home. and
wished to see it prosper. That he wanted
it to have equal advantages with others
No produce comes here because money
worth par cannot compete with that worth
only 30 cents on a dollar That the course
taken by the meeting ought to be well
advised, and when taken followed up un-
reservedly.
MIR. Powers then sat down amid loud and
long cheers. Loud and repeated calls were
then made for Mr.. Corbin. Mr. Austin Cor
bin then come forward and was received
with applause After thanking the meet
ing for the call, he stated that had not hi
opinion upon the currency question been
so we'll known he might have entertained
them with speech, but his opinion
being so well known that he did not con-
slider it necessary. He wished however to
say that what ever feeling he might have
had upon the question, it was not
a personal one, and that any person
who stated that his feeling in
the matter was personal, stated that which
wasnot true In common with Mr.. Powers he
was interested in the city and his only de-
sire was to see it flourish and prosper He
was happy to have the opportunity of ex-
nlaining the position which he had occupied
and stating that his only feeling was for the
prosperity of the City and citizens That
trade could not be built upon unsound
currency. Begging that the meeting would
understand that he entertained no personal
feeling in the matter be wished to be excus-
ed from making further remarks.
The committee on resolutions then an.
nounced through their chairman, that they
were ready to report. The following reso-
lutions were then read by Mr.. Powers at
the request Of the committee
WHEREAS, The people of the city of Da- |
venport for the past ten months have re-
ceived at par for all merchandise, and for
labor, the issues Of the Bank of Florence
Nebraska, and the checks of Burrows 4 |
Prettyman. During that time it has result
ed in serious loss to all classes Of citizens.
but they deemed it duty owing from them
to the business firms Interested in said cur
rency, to extend the utmost lenity in those
days of financial distress. and to give them
any reasonable time to redeem their circu-
lation. Notwithstanding they were prom.
ised many months ago that said circulation
should be retired, or made equivalent to
Illinois and Wisconsin currency land for
that they have waited most PATIENTLY moth
ing has been done of a permanent charac-
ter, and they can see no chance for immedi-
ate relief, and,
WHEREAS, The crop Of new wheat is now
being harvested, and will soon be in market
and the farmers in many instances decline
to receive our local currency in payment,
therefor, besides in view Of the great de.
strcction Of the grain by bad weather, we
do not believe it just to the farming commu.
nifty, to offer them for their produce depre-
mated currency, and if we should do it it
should only be at its value in good funds
BE it therefore,
Resolped, That from and after the 10th
day of August next. We will no longer re-
ceive and pay out the notes of the Bank of
Florence and the checks Of Burrows 4 Pret-
lyman, except at their true value, which
value shall be ascertained and decided upon
from day to day by Committee of three. to
consist of r. f. Campbell, Charles Powers
and Alexander Barrow, and who shall pub
lish the same each morning in the daily pa
pers OF the City until the currency shall be
retired or made equivalent to funds par in
Chicago.
Resolved, That from, and after the said
10th day of August, we will no longer re-
ceive shinplasters of less denomination
than one dollar.
Resolved That while we are in favor Of
this course of action, We have the
fullest confidence that all of our local cur
rency will be redeemed, and we do not de-
sire to be understood a. expressing any dis
trust in the integrity of Messrs. Cook h
Sargent or Burrows 4 Prettyman. or in their
ultimate ability to provide for their several
circulations but because we believe this to
be the only practicable course left US, and to
preserve the trade to which this city is SO
justly entitled, in fact we deem it essential
to the best intere.ts of the City and County.
Resolped, That in order to have this &C.
tion general, we appoint Committee Of
three to procure signatures to these resolu-
tions.
Some strong remarks were then made by
Mr.. M'Inerny, after which the blanks which
had been left in the resolutions by the COM
mittee were filled up by inserting "the 10th
day of August" The resolutions were then
explained by the Chairman. after which
they we're adopted amid loud and repeated