Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1858-01-16
For ~ Democrat.

MEdSk9. EDITORS - nOVco III srLlcIe IN
q yesterday Evening Newspaper ofthisc city.
which is really curious production.
The writer shows that there were brought
to this city. in two days Of last week. eight
thousand i've hundred $500 bushels of
wheat, which sold for fifty cents per bushel.
He ASSERTS that the benefits derived to
the farmers by our highly appreciated shin
plaster currency is in two days. the large
sum Of one thousand seven hundred dollars,
and which he very pertinsntly remarks. is
an item worth consideration.
The article seems into nded to sustain and
perpctuate the circulation of shinplas-
tiers. and gives it preference of eight hun
dred and fifty dollars per day over q cir
culation of Illinois bank notes, consequently
the resort to general circulation of coin or
its equivalent, would still be more DISAS-
TROUS.
have a farm and some grain to sell, and
the difference of the advantage Of seventeen
hundred dollars to us farmers in two day s
dealing with merchants aud millers of Da.
venport, selling our grain for shiuplaster
currsncy-or the consequent loss We must
sustain il we should demand Illinois bank
notes, did attract my attention about two
minutes.
1t struck me that it was strange way
to bolster the credit of our peculiar curren-
cy. To make clear expose of facts and
figures very literally explained, that our
currency is just worth three. fifths IS much
as Illinois currency In other words, he
says-our merchants or millers could not
possibly pay more than 80 cents per bushel
in Illinois funds, whereas they now give us
farmers so cents in our preferable currency.
He says We can use our local currency at
par to buy what we want, or TO pay our
debts He makes our wild cat worse than
she is
Now, experience has taught me that there
is no merchant in this city who will not
sell any merchandise he has for considerable
less price for illinois currency than he will
for our local currency.
1t is tolsrably we'll known to the intelli-
gent farmers of Iowa, as well as other
States. that financiers. merchants, and spec
ulators have, by correspondence, newspa-
per's telegraph knowledge Of business,
de-, decided advantage in all shaving
operations over the farmer-therefore it be.
hooves the farmer more than any other
men Of the community. not only to discount
tenance oil kinds Of shinplasters and depre-
ciated bank notes. but their true interest il
to oppose and discountenance the charter of
any kind Of banking institution that will
not Be so restricted that depreciation. or
suspension Of the notes should impose heavy
pecuniary loss ON the stock holders and ex-
emplary legal chastissment on the officers
Indeed, 20 far a. we farmers are concerned
the less We have to do with. even the best
bank notes. the better. Experience Of the
past forty years has shown clearly that the
farmer has been the victim more than .rv
other men. from financial revulsisns, depre.
ciated. irresponsible and corrupt paper.
The instances are almost numberle..
where schemes BY fraud. corruption and
tricksry have organized and procured char.
tered privileges to insure notes. and through
the agency Of desiguing eonfedsrates At d;,-
t.nt points. induce farmers to sell their pro
ducs for worthless trash. Indeed it IL al
most invariable with the best chartered
banks from that of the U. s bank Of Pa To
the poorest little country institution when
suspension occurs. which is not impossible
but probable with any bank Of issue that
gets large and extensive credit, the far
mer and working man j. almost invariably
the greatest sufferer. The merchant, large
manufacturer. broker. banker and ,h.rn
speculator. have good opportunities 10 40
quirs knowledge Of management, resources.
prospects, DC, Of 6naneia instit ut,ous-
therefore. can anticipate and guard ae.ip.t
losS BY swapping dangerous or doubtful
bank notes for the farmers produce. There
are Thousands Of farmers In the United
states who have paid dearly for practical
knowledge Of these fastA with ill / have
written, l do not desire to zee the local cur.
.sncy o. tins section Of our State depreoia-
ted' put ON the contrary. think it vsald
be wise and jadicious. for the intelligent
men Of The city and country to use al hon.
ofsbas means 70 Ssiss the Standard Of the nor.
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