Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1860-04-24

Frem the New Orsssss Delta.
Cusreucy In the North and S0uth.
Nothing strikes Southern man-es-
peciaIIy one from New Orleaus-with
more surprise, on frst visiting the great,
progressing and wealthy Northwest,
than the monetary and banking systems
of that section. So enlightened, enter
prising aud sagacious in other spheres, it
excites eur special wonder that this poo
pie should sanction and support none
tary system which bears upon it, face
the badge Of fraud, and 10 its character
and effects betrays a great lack OF intel
ligence, Of knowledge of the most COM
mon rules of political and social econo-
my, and Of the laws of trade. While
in moet other essentials of high civil
zation the Northwest will compare with
any other section Of our country, in ito
monetary and financial ideas and Gus
toms it can scarcely be considered Is
having emerged from the semi.civilized
state. The whole country is flooded
with sbinplasters, put in circulation by
distant banks, whose resources are qn-
known to those who have to use them,
and which in most cases have been sent
. long distance of, to prevent their COM
ing back on the banks, the majority of
which are mere bogus concerns. This is
true not only Of the wildcat banks Of the
West, but many in the East: The very
best of them, out Of the great cities, are
unable to stand run, and by the diffus-
ion of their paper through region where
no money exists, they prevent such a
run. Their notes pass from hand to
hand with little attention or inquiry as
to the responsibility Of the banks issu-
ing them. Now and then, when in a
doubt, Bank Note Reporter, which ev-
cry dealer has to keep by his side, is re-
ferred to, but even this proves very un-
certain guide. The bank may fail after
the issue of the edition Of the Reporter
which is referred to, and it is hard to
keep up With the new edition Of the vade
mecuna.
These shinplasters are usually for
small amounts, from one dollar up, and
are printed upon bad paper, purposely
to wear out as quickly as possible. They
displace and drive out coin, so that it Is
often refreshing and novel sight when
a gold or silver dollar turns up in the
course of trade.
A contrast in this respect between the
North and South is very striking and re-
markable. 1t shows that while in some
other spheres we have not kept pace
with the enterprise Of the North, we
have far surpassed it in the wisdom, ef-
ficiency, honesty and correct ideas Of
our monetary system. Here alone are
shinplaslers not only prohibited, but
the very possession Of them is reproach
and almost disgrace. The man who
would attempt to circulate them would
be arrested by the police, as q suspicious
character. Our bank notes, Of which
five dollars is the smallest denomination,
are secured dollar for dollar, and specie
not only abounds, but we have such q
plethora of it that the banks refuse to
receive it OH deposit or in payment of
notes, and the Custom House declines
to receive it for duties. Gold too, is
equally abundant.
A very amusing incident fell under
our observation some days ago, illustra
tive of the different ideas OF bank re-
sponsibility, which prevail in the North.
west and 10 the South. A rather YER
dant individual had received in one of
the North estern States check on a
New Orleans bank, which, in observ-
ance Of a very common caution, he had
taken care to have made payable in
specie.
On presenting his check, the specie
was quickly and gladly shoveled out to
him but finding that it was larger
sum than he could conveniently tote, "he
requested permission to have it deposit
ed, and to open deposit account with
the Bank. His attention was called to
the notice, mo specie received on de-
posit." Our Northerner was perplexed,
and as the hour for closing the Bank
approached found himself as much en-
numbered and Inconvenience by pie
thora of precious metals, as was Midas
when he obtained his fec for obtaining .
musical set-to between two mytholo-
gical rivals. At last in desperate
agony of anxiety he asked,
"Well, what do you take on deposit
in this ere Bank %
''Gold, or any Bank notes."
"Bank notes! Why, stranger, you
must be fooling. Bank notes in our
country amt anything long side Of
silver"
"Yes," replied the Cashier, "but here
they are worth - per centage pre-
MUM on specie"
"Well then, shell out your notes." re-
piled the benighted and desperate West
erner, "Iess the premium
He was quickly accommodated, and
gathering up his notes, departed, great
~ pcrplexed to know how people, living
so near and having such intimate COM
mercial and political relations, could
maintain systems Of currency and bank
ing so dissimilar and opposite in their
features. These dissimilarities are due
to the fact, which it is high time our
Western friends had begun to compre-
bend and profit by-tbat in no part Of
the Valley of the Mississippi are the
true principles and proper organization
of Banks understood, except in this city
and State.