Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1864-05-13
CrsRExcY MArrKRs.-According to tn


CuKRExcY MATTERS. to the
Law of the State, passed at the recent session
Of the State Legislature, no currency ex-
cepting Z. s. Treasury notes, issues Of the
National Banks and Of the Iowa State Bank,
will be allowed to circulate in Iowa, after
the 4th day of July next; but owing to a
recent movement in Chicago, it will be nee
essary to put the spirit Of the above men-
toned law into force without much delay
That this matter may be more perfectly un-
derstood we copy the following fom the
Chicago Times money article, Of yesterday
| morning:
The leading bankers Of the city have been
brought to terms by the action of the Board
Of Trade in regard TO the currency. twill
be remembered that ut meeting held few
evenings since at the Sherman House, it was
unanimously adopted by the bankers to de-
fer action in regard TO the currency until
July 1st The Board of Trade would not
consent to this, and SO took the matter in
hand, and resolved that they would stand
by their former action, and make green
backs or their equivalent the basis OF all
business transactions on and after the 10Th
inst, which will be on Monday next. pa
per was drawn up, which was largely sign
cd to-day by the members Of the Board OF
Trade, binding themselves to stand by the
sgrccnbacks" and National Bank notes, and
to taks or pay out nothing else III the Shape
Of currency. The bankers, finding that 1t
would be an uphill business to row against
the tide, circulated paper this afternoon,
in which they agree to fall in the currency
ranks, and will do business on the ''green-
back" basis on and after the 10Th inst. All
bankers checks dated this week will be paid
in currency in settling balances, but on and
after Monday next all checks will be paid in
grecntrcks. The following is the paper
above alluded to:
The undersigned, banks and bankers OF the city
| of chicago, hcrccy agree that on and aftor Mon
day May 18th, l,Gi, will receive on deposit at
| par and pay out a. par only legal tender notes,
National Bank notes, and the notes of such other
| banks redeem at par in the city OF Chicago.
1t being understood that all check, dated prior
| to May 18th may be paid in the present currency.
and all balances due between banks and bankers
| on Moadav morning are 10 cc settled on the same
| basis
| Edward Tiakman, Cashier lst National Bank
| + + BLASTED, Cashier lst National Bank.
| J Young Sctininon, President Marine Co.
| s Young Scammon, private banker
L badger Il Co.,.
| W II Waite sec'y W N and lns Go.
$ 4 Smith i'rc>'t VI $ l. rnd I Co.
JIM Adsi,
| JG Conrad
Preston, Willard 4 kean.
| Ira Holmes, Cashier sd National Bank
! B Blair.
Josiah Lombard. Prcs't 9Th National Bank.
| Solomon Stnrgis sons.
| W r Coolbaigh i Go. per Conncll.
| Robt Rcd, Agcn, bank Of Montreal.
| II Doolittc.
James Boyd.
| Jyler Ul!man 4 Co
s 4 Briggs, Cashier 4th National Bank.
| &C Parks d Co.
Leopold, Mayc. l. Co.
Henry Grcenbaum.
George Smith.
| Buii.r Endicott X Go.
y kiddcr, Cashier State Saving Institution.
Geo II Smith Il Go.
This must, Of course, operate upon the
financial operations Of this city, and com
pei cur merchants and bankers to adopt
at once the same policy that has been adopt
cd in Chicago.
But there is another feature that must be
considered The issue Of all bonds, the
redemption Of which is not provided for in
the city of Chicago, is taken there only at
IA discount. Our banks here, being intimat
lily connected with those Of Chicago, will
have to be governed by the same rule. Hence
the issues of the State Banks which are now
flooding the State, will have to be taken
by our bankers ut a discount, unless the
redemption of this currency is provided for
in Chicago. This is a matter in which our
business men are deeply interested, and
W hich should be speedily canvassed, as the
regulation goes into effect in Chicago next
Monday. We shall allude to this matter
again.