Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-10-19
Prom the New York Evening Post.
The Anniversar of October 10, 1851.

one year ago the banks OF this CITY
suspended specie payment, having IN
their vaults less than 100000. Prop
erty of every description was depreci-
ated to the standard of previous gen
Grafton; the soundest securities we're
selling at thirty to forty per cent. below
their usual current value; bank stocks,
commonly regarded as the safest and
most reliable 81 all investments, were
by many supposed to be worthless !;
money commanded from three to four
per cent. month on the best securi-
ties, and everywhere commercial and
financial disaster we're hurry ing the
most prominent merchants of the cour-
try into bankruptcy.
To-day, how changed the scene !.
money worth per annum what then it
cost per month; sound securities at
their full value, or rapidly advancing to
it the banks groaning with more
specie than they ever contained before, y
with a corresponding abundance at all
the great centres of trade in the Old
World, while the business of the coun-
try is gradually returning to its old
channels, and moving forward upon a
sure and safe basis. We say sure and
safe, for what we regard as very con-
elusive reasons.
In the first place, the importations
this year have been some seventy-five
millions of dollars less than the year
previous, and the liquidation Of foreign
Indebtedness has been steadily going
on. While the wheat crop has been
in most parts of the country serious
failure, large quantity Of old wheat
remains in the farmers hands, and the
corn crop promises, through its qnal;-
ty, to equal in value any crop Of the
past few years, though probably meas
less than the crop OF the last year The
cotton crop of the present season now
promises to be very large one, and in
consequence Of the favorable financial
condition of Europe, and the Opening
of the Chinese empire to more unre-
stricted trade, it will probably produce
the largest sum ever realized from the
crop of any season. The steady pro-
duction OF gold in California and the
new discoveries Of this precious metal
at Frascr's River, will also have their
effect in giving new and healthy i'm
pulse to all the industrial, commercial
and financial energies of the country.
Doubtless many are yet suffering
from the pinch of last year; but putt
ing their losses at the highest, the
country has gained more than it lost
by the rcvnlsion. 1t has taught mcr-
chants lesson about specializing in
railroads and wild lands with their
business capital !; it has opened the
eyes of multitudes to the folly as well
as sin of stock gambling; it has created
healthy suspicion Of all corporate
property not managed by men Of prob
ity or character; it has relieved the
country of a mountain Of debt which
was rapidly destroying legitimate busi-
ness, by placing fictitious prices upon
all marketable commodities in fact it
has brought the country to condition
Of good sense and prosperity, which
should be the subject of universal con-
graduation. Indeed, Gov. King might,
with great propriety, have selected to-
day for the annual thanksgiving of the
State.
'The report to-day shows S9o OOo, O0O iin the city
banks