Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-05-06
E We commend the following

~ We commend the following
candid article to our readers attention.
We take it from the Rock Island Argus, q
paper which is well known to be sound on
| all financial subjects:
FLORENCE GONG, GoISG.- Yesterday
Messrs. Macklot l. Corbin. bankers in Dav.
export, threw out Florence, and refused lon
ger to recognize it as money. We have re-
peatedly warned our readers to beware of
the stuff. We had hoped that Rock Island,
with but few dissenting voices, would abate
the nuisance before the people Of Daven-
port, at the threshold of the marble bank"
would take steps in that direction. Those
who have acted on our suggestions are now
ready for anything that may turn up; while
those who have been afraid that Davenport
would get all the trade if the people of
Rock Island should refuse to handle the
stuff, must look out for breakers.
Since the failure of Cook 4 Sargent to
redeem their owl creek money, or IN other
words, since their suspension, the banking
house of Macklot 4 Corbin has been the
leading one in Davenport. and this move.
ment of theirs will doubtless be follc wed
by all the other houses of that place, which
have the nerve to act for themselves and
the business public, and money enough to
meet their own engagements in anything
but this worthless trash.
The ball has been commenced rolling in
Davenport Will not our bankers on this
side who continue to receive it throw it out
at once. and give the suffering community
the full benefit of their position as bankers
in getting this bastard currency out of cir
culation?
We were informed some days ago, BY
Messrs. Mitchell l. Cable, that their custo.
mers without an exception, approve of their
course in refusing to take it even on special
deposit We feel warranted in saying that
nine-tenths Of our business men are anx-
iously hoping that Messrs. Buford 4 Co.,
and the Rock Island Bank, will take the
same position, and that they will use their
influence in throtling this base iniquity.-
So long as our bankers recognize it as mon.
ey. men doing business are almost compelled
to receive it. One Of the most sacred duties
| committed to bankers is to properly regu-
late the currency; and it is with regret that
We have to say, that all the bankers of this
city and Davenport who have been receiv
ing it on special deposit payable in like
funds, have lodged the legitimate respon-
sibility of their positions
The people of Dav export have been clam
oreusly holding up for the abomination du.
ring the winter. Let them now have the
full benefit of the rotten trash. Some Of
them still cry as they have cried all winter,
that the money is good and thst the whole
difficulty grows out of the scarcity of ex.
change This. perhaps, may be true in part,
but exchange is not that mysterious hob
goblin they would have US believe. It il
nothing more nor less than money at dis
tant point. The only qualification we would
make to their exclamation is, the difficulty
grows out Of the fact that Cook 4 Sargen,
have no money either at home or abroad
with which to pay their debts or withdraw
their circulation. This being the true state
of the case, the most sensible thing they
can do, is to close their doors and stop thu
farce they have been playing all winter
If they persist in keeping an open shop, .!
they have been doing. without making pro
vision for the redemption Of their money
and II our business men continue hAndlinl
Ne ota6 . 0sney, they nust make ri
1helr ninla - tseSl viii oesh 4, oasHe4
"a ssAleae ~ S~s seaesse IN