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

Council etc owe it to the public at once to
resign their position.
Those who have honestly discharged their
duties should not longer compromise them
selves BY eonnection With the Csaseil and
those upon whom the blame Of our present
embarrassments must rest, owe it TO the
people to resign, and make room for me-
who are honest and competent.
The MATTER CoNsIDERED.-Last fall
and winter, Cook & Sargent assured this
| community that they W, uld exert their
whole energies, and use their ent re re-
sources in retiring Florence money. or ma
ki,g 1t par with Illinois currency, and that
they would certainly succeed in sccump ish-
ing this object in thirty or sixty days; or.
in any event. on the Opening of nayiga-
tlon.' Relying upon such pledges the com
muniiy patiently submitted to al, the evils
of deprecated, irredeemable currency
not only until the opening of navigat. on,
but for months thereafter
The Gazette of Saturday. by authority
from both "i the trms. ammo need to the
world that Burrows d Prettyman were
largely indebted to Cook d Sargent last fail
and that the indebt. dness has since been
increased over S40.0Uo. 1t thus appears
that the large debt of Z. 4 r. was not cal
lected and applied as the community had
Fight to expect and that c. d S. actually
advanced them $4,000 in addition, which
remains unpaid.
1t make no difference whether tn $40,
600 was advanced in Florence, or in mon ~,
for if it was advanced in Florence they
have redeemed it. or will have to do go in
other assets before they can retire the
money, unless they can collect it Of Bur
rows & Prettyman. They, it seems, have
ST. 900 outstanding. and when that ia add
ed 10 their old debt TO G. d 5 and ii creased
by the 100000, it looks like gloomy pros
pect to collect anything from that quarter
--at least until the farmers, who are almost
their only debtors, can raise a crop and have
something to cell.
The announcement that C. d s. have un
der these circumstances, increased their
liabilities To the community to the amount
of s4o,o 900, BY putting out that much Flor
ence for the benefit of b & T., or advancing
them that sum in money. startles their dc
posltors and the holders OF their circulation.
and well may they pause and survey the
brink upon which they stand Their de
postors have been trying Tor months to get
the balance paid in money, in exchange, or
IN anything which they could use out of
Davenport, but without success, except In
homeopathic doses at intervals. They sub
fortitrde and resignation, hoping for the
good time coming and little dreaming
that {. ), were loaning the very money
to which they were entitled, and postpon-
ing the payment of their debts until they
could collect it back from B. It T., or rea-
lize the additional amount from their other
assetts. II look q Sargenl nave loaned
over $4,000 to one concern since last fall,
which still remains unpaid, is il not ra-
tional to sunpose that they have loaneu all
others four or five time that much and if
that is the way which Florence is to be re
tired. when, in the name OF all that ia good
and great. 10 ~ that glorious event be an.
ticipated? Tais proves conclusivelv that
they are speeulating on the misfurtunes of
the oommun ty. and that they are not in |
good faith attempting to retire their money
but are determined to make the stuff pay
them as much interest as possible as long as
it is recognized as money or as sub.
stitIte for it.
This may be good financering. and seien-
tific wild eat banking but the day of reck
oning has come, and men are fas. learning
that the notes of the Bank Of Florence
which are never paid, are not lh wo
per cent. per month more than the no es of
good honest men which are met at matu.