Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-03-10

tCommuniea'
The Hogiseer ON Florence.

The Real Easss Register, Issued on th'
lst inst, came out with . lengthy editoria
eisborately showing up the prosperity Of on
city with that of other cities in this sad otlIs'
Statea Any one who reads their commsats
on the deplorable condition Of Keokuk Bur
lington. Muscatine and Dubuque, must GER
tainly come to the conclusion that it pays
them a great compliment. and no doubt but
their friends in those cities will raise a
monument to their memories II we cannot
show our prosperity - place Of business
and enterprise without sacrificing the good
standing Of our sister cities, among oul
eastern fathers. We should not at least, say
anything to injure them. But no doubt any
one Of those places can show quite as fair
balance sheet - Davsnport-at lsast, lei
Us hope.
Leaving the comparisons directly around
us.they make one mighty leap of nearly five
hundred miles north of us to st. Paula small
town in Territory and as yet, only trad
ing point, whicl, has always depended upon
this place and Others for supplies. Such o
comparison is preposterous nonsense; it is
like full grown man measuring sword.
with school-boy of ten.
The editors Of the Register says "the pros
perity Of city must be chiefly attributed
to the superior facilities afforded US in the
possession of local currency" A local
currency at par. or nearly so, is, certainly
a great advantage to any place. But the
question at issue is, whether deprecated
local currency. at from to 25 per cent. be-
low par, is or can be of benefit to this or any
other place. Ask any sane man if he thinks
that any city canprcsper for six months
with such a continual drain. The thing is
out of the question. and conflicts riM all the
lars that govern trade.
"a convenient and abundant circulating
medium is as essential to the vitality Of
"trade as is plentiful supply Of blood to
"the life in the human system"
A convenient and abundant circulating
medium, is one which We can buy anything
we require, at the same price as with gold
That would be Convenient we should
have all We require Of it, with which to
transact our business That wo uld make it
abundant; and which we can buy or pay
for our goods in New York exchange and
currency, at a reasonable exchange; say 9
per cent, which would make it a perfect
circulating medium" If that is the kind
of currency meant, think that it would
agree with mans heart very we'll; but if
they mean Convenient and abundant cir
culat:ng medium, from to 25 per cent. be-
low par, the comparison is very poor one;
and the person would soon die with blood
in his system diluted at that ratio.
They say that the prosperity of Daven-
port over that of other places,is chiefly ow-
ing to the superiority of our local currency.
That is all moonshine, and they themselves,
know better. Such an assertion is an insult
to common sense, and a d;sgYdce to this en-
lightened community.
will now turn to the figures, and see how
far they 60 to prove that deprecated cur
rency has been benefit to the place.
Since Oct, Messrs. Cook
Sargent have sold ex-
change TO the amount
$4S4, sos, at 7 Ct. @S0,415
All the other banks have
sod, say. 600 0G0 " Is 80 900
Merchants Outsiders and
Tfaveler0. say. .3uO 700 " 10 As 0O0
Amount OF 90 d sold hy
banks, Merchants and
others, say 100, ZOO 10 80 OUO
Total amount OF premiums ..Sl95 4l6
With a good currency il
would not have been
more than 2 per cent;
then say the amount
sold .s34 5Os, at . p Ct 80 $50
These figures are not exaggerated, but
show things just as they are. Look at them,
and ask yourselves the question whether
We have been able (say nothing about will
ing) to lose 8 l64, 72J.
The city Of Davenport has lost by that
glorious currency about which there has
been SO much boasting, that amount Of
money. Deny the fact if yo~ can.
They are not satisfied with trying to palm
off mess Of trad&e on the public, but
must try and gag the press, because it speaks
the trnth. MURDER WILL OUT, GAG OR NO GAG.
So with the effects Of deprecated currency
it it must and riH be felt, and that severely.