Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-02-11

FLUENCE OF PUBLIC OPINION,
If NOT OF LEGAL ACTION"g
HThat the condition of Florence
is desperate is universally agreed, and
even those who have hitherto chanted
the praises of "our loca, currency" are
ready to admit that ut would be bet
ter if Cook d Sargent could redeem
their issues or place them on q par with
Illinois funds We are assured by few
whose confidence in the omnipotence
Of Cook 4 Sargent has not been shaken
by hope deferred that the present state
OF affairs is but temporary, and that a
few weeks or . couple Of months at far
thest will witness our complete deliver
ance from financial endorsements.
We would If we could, show that conf
dence, but we cannot; the mere lapse
of time will work no change, without
. change in Cook Il Sargent's policy.
On the contrary, the experience of the
past shows with urmistakeable clear.
ness that the course of Florence is
downward. Let any man recall the
condition Of our finances two months
ago. then trace the gradual deprecia-
ton, the loss of confidence, the difficult
ties Of procuring exchange, the r%uinous
rates tor Illinois currency and gold,
and other indications of the inher~
weakness and steady decline MT
ence quite as infallible. Sc III,
resist the conclus; a..a...
ing that POI no.,.
bs raj "n
.sed by a sudden effort to par, Oh
thrown out of circulation. Instead o
postponing u efforts to free ourselves
from this incubus with the vain hope
that a change in the weather will o
itself restore our currency to a healthy
condition, it is the part of prudence te
begin now to provide for the spring
trade, and take such meant as may b,
necessary to save ourselves from tn,
ruin which q further submission t,
these insatiate wildcatters will ental
upon US. 1t will be generally conce
ded that it Florence is to get no bette
If it is to remain at 20 per cent dis
count, it would be better to reject j
10 than to struggle on with it fo1
months to come, bankrupting ourselve.
with ruinous rates of exchange, ane
with = certainty that after having
stripped ourselves to support it, w
should be compelled to throw it out il
the long run. 1t will not do that
temporary alienation Of our monetar,
distreases in the shape Of a little ex
change be effected; there must be
radical change in Cook L. Sargent
whole policy. The relief we demand
and which they will have to afford,
they desire to keep Florence in circu
~lation, is the permanent redeeming 9
Florence in Illinois currency. Unles
they are prepared for that, they ha'
better not p%rolong the contest, but d,
what prudence and honesty plainl,
dictates. If they cannot redeem thei
money, let it fall at once. 1t is neithe
honorable mol honest for them to tax
from the pockets of the people twent
five and thirty per cent. for the use {
~irredeemable pictures twenty per cen
below par, and ~depreciating every da,
= We know the path we advise is u,
pleasant but it is no less the path
duty. They ought either to MAX
Florence good, or let it sink out
sight. We suspect, however, they al
disposed to do neither. They have ne
the meanA we fear, to redeem it, an
they have not the disposition to let
fall, whilst it yields them so Large
revenue. Their plan is very differen
One Of the proprietors of the bank h,
- been sent eastward to raise money Q
such Of the securities, lands and house
belonging to the firm a. remain u
pledged and unencumbcred. VIII,
his success may be it is impossible I
: predict. If he succeeds in his erran,
small supplies Of Eastern exchange wi
81 b doled ont to our merchants, Wit
"a 0sazances that "there will be oceans
ssshasge in . few days." By a ski
husbandinn of such scantv resou