Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-02-05
mesus in Florence, are utterly unable
10 nav their Eastern creditor.

to pay their Eastern CREDITOR.
They are, from no fault Of their own,
fast loosing credit abroad, and with the
| ruin Of credit the ruin Of bust
ness, But that is not all what means
have they, save these i~nconvertable
shinplasters, Of replenishing their stock
BY purchases in the East? None,
whatever. The steady depreciation Of
| this Florence wild ca, has thus destroy
ell and driven out both credit, cash,
blood and bone of commerce. II would
be we'll, we're this all but the truth
is, Florence has not only almost totally
destroyed u credit in the East, and
our available means, but it has strick-
en- q crushing lIow 1t the domestic
trade of Davenport. We all know that
large calculations were made on the
pork trade, and that We we're assured,
some months ago that the pork packing
Of this city would loosen exchange, and
make business brisk. Where is the
porki where is the loosening Of cx-
change! One single incident tells the
whole tale. A merchant of this city,
eminent above almost any Of his COM
peers in the West, lately attempted to
make extensive purchases Of pork. He
had large supplies Of Florence and Bur
rows d Prettyman, but, with all, he
could not buy pork enough to load a
small canoe. The farmers would not
will not sell pork for Florence. The and
city Of Muscatine, which has driven
out that trash, has taken all the pork
trade, which ought to and would have
come to this city, had we sound relia-
bic currency. Who can measure the
loss of the pork trade to Davenport q
Again, Greene, Weare, Dakin Il Co.
have recently introduced a new Wild
cat to the people Of some adjoiniog
counties, called the Planters L. Me.
chanics Bank Of Georgia. 1t is re-
deemable in illinois currency at Q per
cent, whilst Florence is barely redeem
able in the same currency at Is and II
per cent. The Planters d. Mechanics
bank is more reliable than Florence,
for it has " broken. AS might be
expected, the great superiority of the
Planters d. Mechanics money to the
Florence issue, is drawing to Clinton
thousands of dollars worth Of trade
which would otherwise come to thi.
city. W. will not, however multipl,
instances, although we know of severa
gentlemen from tho East who come t.
Davenport to invest. but returned disa
appointed home, not daring to risl
anything, whilst our finances arc s.
painfully d~isordercd. Now what is t,
become of Florence. 1t is no longe
even in name a specie paying concern
The Legislature of Nebraska has legal
lied its suspension Of specie payments
and it is quite certain it will never re
sumo. Geek 4 Sargent did not pro
cure a Legislative permission to suspend
until they were literally compelled t
do so. They first went SO far as t
mortgage their splendid banking hous
for half its value !; they held out unit
they could struggle no longer. 1t j
said they have vast in will
land; so had they when they mort
gagged their bank and suspended speci
payments, and it seems strange tina
with such means, they a do nothin,
to save themselves and the people from
a common ruin. They declare the,
have done their utmost to place thei
money on a respectable footing, bu
they have nothing to show for all thos'
alleged excrtions. The spring vii
bring no rclief, for how is it possible
for for us to deal with those who viii
not take our currency! The Spring
trade may be but a repetition Of oul
"pork packing" experience. 1t is mo-
expected that Florence can long retair
its present condition. 1t must soon b,
thrown out altogether, unless a miracle
be achieved, and Cook & Sargen
change their curse and raise the mon
; ey necessary to redeem their issues
The people cannot stand it much lon
; ger. and there must be an entire revo
luton in the policy Of Cook Il Sargen
or the sweeping away of the rubbish
; with which they have flooded tn
country. Who shall 60 down! Dav
export or Cook L. Sargent!
~ nY