The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1860-12-05

In our advertising ColuWHs VIII pc 'o"""
IN abstract OF the monthly statement OF the
Branch OF the State Bank in this city. its
position il much stronger than we snticipa-
ted. in view of the panic which has driven
nearly one half Of the Banks Of the country
into suspension. hts 10 certainly very
ereditabie to its management, and shows
that the confidence OF the community in ito
soundness, as evinced by the increase OF its
depositss, ut this time Of general alarm, 10
we'll deserved.
We had heard it rumored that there was
some run on its vaults for specie, but on en-
curing at it's counter learned that ito re-
dempsions were no larger than usual.
1t will be remembered that the Iowa Banks
went into operation about two years ago, 10
the midst OF the panic and hard times OF
81 and '5s, and. 50 general was the distruss,
that they have from that day to the present
moved with great caution and circumsrec-
ton. TO this in part, and in part to the
stringency Of the Bank Charter, is it proba-
bly, owing that all the Banks OF this State
are iu 30 safe condition to-day. sus-
pension Of specie payments in this State
works an immediate forfeiture OF the char
ter and no power 10 left with the Legisla
ture to cure such forfeiture, as the new Con-
s.itution OF the State expressly forbids it.
Hence, "the first law Of nature self
Observation-Disclosures them to be prepared
for nil emergencies. This, together With
their mutual liability for each othsr, makes
them a. safe repositories as can be found in
the United States. Az an evidence Of their
relative strength, We recently saw table
compiled from the official returns at Wash
ington, 10 which the Banks Of Iowa stood
at the head Of all the Banks OF the United
States.
The Banks of orr State are not our only
source Of congratulation. We have reason
to DO proud AS well as grateful that our soil
has yielded most abundantiy, and our farm.
ers-the main source OF oil our wealth-ars
IS strong az our Banks.
The panic which now ngitates North and
South makes bu, little impression upon those
who hold the staff OF lfo in their hands
They know full we'll that whether South
Carolina and her sympsthi1ing fre-eaters
secede from tho Union or not, she cannot Sc
cede from the use Of bog and hominy. And
while the cotton States boastfully claim that
"Gotton is King" our Western States laugh
at their assumption, knowing full we'll thai
Colon must bou doUn to Corn.
Ii il admitted on ali sides that the present
panic lie, 90 far as the North and West ar,
concerned, entirely groundless. Not so wat
that of 1857. Then the whole country wa,
in debt at home and abroad. The crop,
were short. md the gold was leaving tn,
country. From that date to this, economy
industry and liquidation have been the orde
Of the day in the North. Corner lots an,
wild lands are at discount, while bar,
work and rigid retrenchment of expenses ar
at premium. A kind Providence benign
antly smiled upon our efforts, and now "
have few debts, abundant fruits of the soil
and the tide Of gold from abroad is settin
strongly toward our shores. panic, there
1 fore, like the present, in the midst Of sbur
dant resources and with people compara
lively free from debt, has clearly for its b.
sis more Of Imagination than reality.