Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1859-02-06

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C1sveesss E0ees.
Among the proceedings Of the Com
mon Council Of the City Of Daven
port 1t it, last meeting, it will be re
memberei that that body passed re
solution, directing the City Assessor
70 search the records Of the county fo
the purpose Of discovering the amour"
Of foreign capital, loaned within th'
the corporation limits, that 1t nigh
be taxed.
To commence with, the resolution
was utterly useless. Nothing can b
discovered with any degree Of certain
" by a search Of the records. TIT
payment Of the moneys secured upor
real estate by recorded instruments
may have been extended, or the notes
NAV have been paid, or partly paid, Of
transferred, without any memorandum
upon the books. Thus nothing can be
definitely discovered, and the only re-
suit will be . vast amount OF trouble
and vexation, and the payment Of al
ditional fees to the Assessor, or a
deputy for searching the records.
But these difficulties being thrown
aside, still another and a stronger OBJ
lection exists to the passage and the
carrying ont of the resolution.
The development Of oil new coun-
tries, and the extension and improve
ment of all young cities, requires tho
use of large amount of capital, and
to tnis rule the State of Iowa and the
City Of Davenport are no exceptions.
No large number of capitalists can be
persuaded to locate among us, and the
only manner in which we can secure
the facilities for business and improve
ment afforded by the use Of their CAPT
tai, is by inducing them to send it
here for investment. 1t must be ap-
parent TO all that Iowa, in her present
undeveloped state, would be utterly
ruined by the withdrawal of all foreign
capital, and it is the reforc paramount
OBJECT with her inhabitants, not only
to induce capitalists to send further
supplies Of money: but to secure the
retention Of what is already here. And
for this purpose our Legislative author
tiles should offer any facility for secure
and speedy investment, provide for the
prompt collection of debts and avoid
all embarrassment by saddling it with
obn, x,ous burdens. Our credit, al
ready bad enough, received great and
almost irretrevablc injury at the hands
of our last Legislature. We had al
ready most liberal homestead and ex-
emption laws, allowing a debtor to live
in ease, and even in afflucnce, in de-
fiance OF his creditors: but not salts
fed with these, the Legislature re-
pealed the attachment law, enacted a
stay law, and in other ways interfered
in the contracts between debtor and
creditor, to delay and embarrass the
collection Of debts. Still later the Gre
dit and good faith Of the State and of
every city and individual in 1t. received
IN almost fatal blow by the reputation
of keokuk. Eastern capitalists have
become afraid O. all western securities,
and have commenced to drain the
country Of the money which they have
invested, aud now the Common Coun
Gil Of Davenport by their late resolu-
ton, instead of attempting to bind up
the arteries from which our life blood
is freely flowing, are but assisting to
enlarge the wound and stimulate the
flow.
Much may be said about "moncy
shavers," hylocks" and "thrce ger
cent. q month mem: but it is a fact
which it is useless to deny that We
must have their money. However
much we may regret the necessity Of
paying these extrav: giant rates of in
terest, we cannot get along without the
money. What little we have here it
is desirable-nay it is a necessity-to
keep here, instead Of driving a por-
ton Of it away and increasing the value
Of what remains. The resolution was
impoltic, and we trust that it will be
reconsidcred by the council.