Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-02-05
The Future Of Florence.

The Future Of Florence.
One Of the most interesting but at
the same time the most painful ques-
tions arising from the unfortunate con-
dition Of our finances is, what is TO
become of Florence money! We wish
that inquiry could be easily answered.
On the last day Of December, when
we felt compelled by our sense of duty
to the people of Scott county, to break
the silence which our confidence inCook
Il Ssrgcnt's assurances had imposed
upon us, we took this position Cook
d Sargent were bound to retire their
Florence issues, or to make them re-
deemable III Chicago. As we have al
ways been inclined to concede to Cook
Il Sargent all and even more than they
had . right to expect, instead of urging
the immediate forced retiring of Flor
ence, we recommended mildly but de-
cidcdly that the latter alternative
should be adoptcd--that Florence
should be raised to par and made re-
deemsble in Illinois currency. Had
Cook d Sargent hen done, AS their
best and confidential friends believe
they should have done, they would
have had ample time to retire thei.
Florence, without any danger, and with
hut little Inconvenience to themselves.
UNFORTUNATELY for their own reputation
and still more unfortunately for the
merchants and farmers of this section
Of tho State, the cupidity of those who,
in the absence of the sagacious senior
proprietor. had charge of the bank, led
them to refuse making any effort to-
wards placing Florence on sound
currency basis. BY can Of the Ga
zettc, whose services a small consider.
ation secured, they began u war on H.
LIMOS currency, and on all who prefer
red good money to bad; with a view
to brighten the timid, they asserted
that the placing Of Florence on a foot
ing with Illinois money would bankrupt
and ruin the merchants of this city
and to delude the ignorant, it was bold
" ase erted that Florence was better
than secured currency, and that DAY.
export was infinitely better off with
irredcemable shinplastcrs than she
would be with the best of current
funds. In q word, the junior proprie-
tors Of the bank, instead of awaiting
themselves of the opportunity TO rem.
edy the evils of which the people com
planned, undertook to brazen them out
to "bluff" the friends of good currency
down. We have said that that course
was unfortunate; but, it was n de
hberately chosen. Those who adopted
it alone are responsible for all Tho
consequences it may entail upon then
and the injured people of Scott county
In the last week of December. orr fin.
ancies were Ito use the language Of Tho
Real Estate Reglster) in a deplorablt
condition, but from that time to this
they have gone from bad to worse. A
reference to the history of that bric
period will show that Florence ha
fallen slowly but steadily, until it Ina
we'll nigh reached the bottom of til,
abyss, and he must be dull indeed, VIII,
does not see before it the incvitabl,
doom appointed for all wild cats. Gu
merchants we'll remember the surpris,
with which they heard that the Rail
road company refused to receive Flor
once in payment Of back freights -thcy
now know that Florence will not IA,
ones passage farther than Chicago
they have learned that the Fxpres,
Company will not accept a dollar il
Florence for freight, they need not b,
reminded Of the embarrassments, tn,
"shinniDg" and the loss which this on,
wildcat has subjected them to the fac
that they have been compelled to pay
pay sxtravagant prices for exchange
when exchange was selling at Chicago
1t 2 10 and 2 per cent premium j.
still fiesh in their memory, nor can the
people forget that they have been com
PEELED for months to pay for their daily
bread ten or fifteen per cent more than
they would have been asked to pay in
ssouad .redesmable currency. At this
49, zshsaes cannot Be had At any
price, and our merchants, with ample