Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1862-01-30
The Currency Matter.

MARENGo, January Il.
Editor DEMoCRAr AND News 1T doue me
good to zee an article in your paper last Sat.
urdAy in regard to the difference between non
and then Of the currency which j, being used
IN Iowa. 1t will be recollected what an aw-
ful howl was sent up some time ago by the
eastern papers, especially by the New York
Herald, which was most severe and loud in it's
depunciations Of the people Of Iowa promising
to pay. and then not performing. II was said
poor widows held our promises to pay, and
could not purchase bread. How are the tables
turned At this present timer What is the dif-
ference between a note issued by a bank cor
poration. bearing on it's face q promise to ray
the holder on demand. and don't do it. or q
bond issued by the corporation of the city Of
Davenport for the same amount, and don't
happen to be able to pay when due. Now 1t
80 happens that we In Iowa have poor wd
ows and poor men Who hold more or less of
New York stumptstl currency, for it becomes
such when it will not bring dollar for dollar,
tor it is not what it purports to be on it's face;
and by the by. when bsuks begin to suspend
payment. the tail begins to get short, and the
sooner one let's go the better he is off This
has bee a the history Of suspended banks for the
past thirty years and will continue to te SO in
this country as long as banks exist at ALL As
to the difference at this time between MAreu.
60 and New York l am happy to say that ex.
change is in our favor; tor instance, one under.
axes to purchase q load Of wheat or pork, the
6rst question the farmer will ask, "will you
pay in gold" Il will give you ten dollars Iowa
currency." This being promised. It often
decides the question against even higher bids.
ray able 10 eastern stumptail. In fact, 1 saw
iast week per cent. paid for Iowa currency.
LIE: New York note this, and when one section
of COS ntry happens to get in pinch. b Id on
bit. for times change ~ we'll IS banks, and en-
New York finds herself unable to pay. though
widows hold her promises to do 90 Finally,
not wishing to b. hard, neither retaliste, If
New York is willing. under the pressure Of
the tunes. to treat Iowa bonds, especially
this county. with little more respect than
the Herald did last spring. we at Marengo
and Victor will continue to keep up the credit
Of their stumptail to ss high . figure 40 our
interest would seem to warrant. hoping that
for the good of all We may be able to keep it
within per cent. of Iowa currency. and New
York sight drafts within about per cent,
provided. however. any one wants It, Let it
be borne 10 mind that our State 10 40 agrieul
tursl State. We have as rich soil 40 can be
found in the world. We are . working peo.
pie, and can raise our wheat and pork, and
was it not from the fact that ws have to pay
tvo.thirds Of the product Of Iowa to transport
the other to market. and then often lose on
that by some stumptail or worthless rsg., We
could pay our debts when due, and have money
to lend. for this great valley Of the West is
destined TO be the grsnary from which the
East must draw their food long after some of
the nov proud cilies shall have disappeared
from the earth. unless 1t may BE-, perhaps.
pow aad then some broken pillar to mark the
site. a. nov does the temple Of Iris or the
proud forum Of Rome. tai Il.