Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1859-12-19
This SusponsiOn Of Cook 4 sargent.

The suspension OF th's houses v"
day last, took the public by surprise
Just at the time when we imagined that
VIC saw the dawning of "the good time
comiug"-when the business men OF the
CITY and the husbandmen in the coun-
try were beginning to look up, and to
experience the satisfaction which hope
begets-this financial calamity comes
upon us and, for the moment, bright e.
pectations give place to melancholy and
gloom.
Such occasions as the present afford
opportunities for testing the judgment
and philosophy Of . people. When
sudden calamity befalls the wise man,
he will manifest his wisdom, not by
giving up in dispair-not by indulg'ng
in inaction-but it will rather serve to
excite his latent energies, and impell him
to the exercise Of mental and physical
powers, commemorate with tho necessi-
ties of his case.
The great thing to be hoped for, in
connection with the suspension, is for
bearauce on the part Of the creditors OF
the House. Tho public has the assur-
ance, that the assets Of Cook & Sargent
will be ample to meet the indebtedness
ofthe Firm. Whether this much to be
desired result will be realized or not, any
pressure, at this time, will be calculated
to defeat its attainment. Let the House
make fair, open and candid statement
of its present condition. Let the pub
lie know what expectations may be rea-
sonably entertained Of q resumption Of
payment, and some fixed time mention
cd when it may be hoped to take place.
Candor, under the circumstances, will be
found to be the best policy.
We trust the Gazette, when speaking
OF claimants, did not omit, by authority,
any reference to the holders ofthe notes
Of the Bank of Florence. The commu-
nifty received the notes Of this Bank, IN
der the impression that they would
be redeemed by Cook & Sargent. 1t
was the confidence reposed in the Firm,
that gave these notes any value with the
public. With Messrs. Cook & Sargent
the obligation to redeem the notes issu-
ed by them is one OF honor, and we can
not think otherwise, than that the note
holders will be the first class Of claim.
ants whose demands will be attended to.
In Bank Charters note-holders are made
preferred creditors, for the reason that
the circulation being extended through
out the entire community, tho poorer or
more needy class is interested in its
redemption. The order Of discrimina-
ton is; note holders first, depositors Sec
ond and stock holders third. Let Messrs.
Cook q SARGENT observe this Just and
honorable determination in the settle
ment with their creditors. The public
have a right to expect this, and We be-
ieve it will be observed. We have
heard different estimates ofthe Amount Of
Bank Of Florence notes in circulation.
OF course these conjectures will be de-
termined, when the promised statement
makes its appearance. We conjurc
Messrs. Cook & Sargent to give the -.
surance, that the redemption Of this
issue will be the very first among their
arrangements to meet tho claims
against them. Ifthey do this, they will
secure the sympathy Of the mass of the
community. We do not feel inclined
tosa more on this subject until tho ap-
Pearance of the card, which the Gazette
says it is a"storizedt to promise.
Since writing the foregoing, we have
been credibly informed that Messr.
Cook & Sargent, on Friday and satur-
day, secured certain claimant., bygiving
Deeds Of Trust or Mortgages upon real
estate owned by them. Now there
may Be circumstances connected with
particular claims which would justify this
course, but we have no hesitancy in say