Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-01-12

Fer the De0ocTat.
For several days past We have heard no
other topic land expect TO hear nothing else
until matters are brought TO head) but
wild cat" circulation. A you have often
remarked. Burrows 4 Prettymsn will follow
in the same wake Of Florence; shall say
nothing about that cat" Ny objsctat
present is. to try to prove by dsmcnstra-
ton, that If this community allows Cook 4
Sargent to go on in the manner they are do
ing. that they will. before the LIST day Of
April next. redeem the whole Of Florence,
without being out one cent. For instance.
Cook Sargent have A credited with cash
balance Of 5000. A. gives B. check for
that amount B. presents it for payment
Cook d Sargent reply that they can only at
ford to give d. $4,000 in such funds as will
pay his debts. Is. accepts the $4.5CO, and
returns to A. and makes complaint; but A.
replies it is the only way to get through the
crisis by using Florence money. or in other
words. Cook d Ssrgents notes. A immedi-
ately orders from d another invoice Of goods
to the amount Of Is 600 sells them out for
Cook 4 Sargents notes, as before gets his
balance up again ct Cook 4 Sargent's to the
amount Of s. 900; B calls again and receives
a check from A on Cook d Sargent for 49,
900 Cook 4 Sargent reply as they did be-
fore, I'VE cant pay you only $4,000 for
this check, in such funds as will ray your
debts Now how much have Cook 4 Sar-
gent madei say $1,000. And then again.
how many times would they have TO shave
their own notes to get the $1,000 for moth
iug1 Ireply. just ten times. Now il they
are doing such tremendous banking bust
ness, how much money are they, and have
been making and still they say cant re-
deem. I say they would, if it was to their
interest but 80 long as this community will
submit to their plan Of banking. just 50 long
will they cay they can't redeem"
The great argument used by the friends Of
Cook Il Sargent, and especially their organ,
is if Cook d Sargent's notes are condemned
they would be far below par, and parties
would have an opportunity to buy them at
a large discount In reply to that matter.
will say that if Cook 4 Sargent's own state
men.s be true, as regards the amount in cir
culation (s2SO,OOO) that this community
would come out in debt. II lhey could buy
them at so per cent. on the dollar. This
argument, no doubt will look strange to
persons who want to be, shall be and must be
friends Of Cook 4 Sargent, but know eve
ny conservative man will say it is trsth-
Now where is all the money Cook 4 Sar-
gent have made,
Another exciting point also shall have
my views. and that is. are the bankers re-
sronsible for this money they have re-
ceived from the depositors? Tho cry is spe.
cial deposit. How many ignorant people are
there in our midst who know what a spe-
cial deposit isl l will state, has always
been decided by the courts. IS special
deposite 1t is the very identical money,
rot of the Same kind, but the very same
bills. or gold. as it may be. Idon't care what
the bankers may blow to this community
about special deposits. they all know very
we'll II deposit 500 Of Cook 4 Sargent.
notes and they give me credit on their
books for 800. that they are legally bound.
Suppose you want to commence suit against
them, would you not put in plea for the
amount they really owe you and what
does the law recognize nothing but spe.
Gle So, you see when it comes to the le-
gality they are al in the same trap, regard.
less Of what they may choose to term this
money when they receive it. Here il
whore the shoe pitches. and just 70 soon a.
any banker can close some evening with
few hundred dollars on hand, Just % soon
will be the cry, wolf in the voods
MERCHANT.
Fifty years ago Havti was noted for its