Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1865-03-16

~ previously announced, ID now winding up
its affairs, it interests hAvias teen CONSOLE
dated with The Davenport National Bank,
hence we deem Il proper that We should pay
it our respects in fitting obituary
The Merchants Branch, Of Davenport,
was organized under the General Banking
Law ofthc State Of Iowa, on the 22d day Of
November, 1863 six years ago last Novem-
Der. Its officers then, as now, were =
Prssidtnt, Geo. L. Davenport; Viee Prssf-
dent, Lorenzo Schricker; Cashisr, Benz. B.
Woodward. Its actual capital At the time
Of organization was $95, 600; Afterwards
$780, 900, and 1t the time Of consolidation,
was $4,000. It was organized At time
when currency in the West was in ''glor-
ious state Of confusion' amid ''Wild cat,
stump tail aud rejected" II opened out
vigorously, and met the demand ofthe times
precisely. Its excellent. Board Of Officers 90
managed its affairs % to cure the unhealthy
state Of the then existing currency, and fur
nish the public with . perfectly healthy and
reliable circulation, in conjunction with its
sister branches. The good effects Of the ju-
dicial management Of this bank will long be
rem embered by our citizens.
The highest amount Of currency Of this
Bank, in circulation at any one time was
$4,000, which was in October, 1861. The
war was then waxing hot, and foreseeing IN
unsettled state Of AFFAIRS, the officers Of the
Merchants Branch determined to retire that
circulation, and set about it at once, and
notwithstanding the subsequent passage Of
the law making greenbacks legal tender,
this Bank, having received specie on its
equivalent for its Issues, decided to take no
advantage, but to redeem in specie IS long
as dollar was presented for redemption
Nor has there been any deviation from this
rule-no matter whethe. gold was high or
low, they considered dcilar note on the
MERCHANTS BRANCH or DAVENPORT, worth
the best gold dollar that was ever ''mil!ed,"
and redeemed accordingly and this is what
no sister Branch can say--what no other
Bank in the Union can say-with bit one or
two exceptions. The Bank could have made
more money, perhaps, by adopting the
course that other banks adopted--but even
that is DOUBTFUL. They went upon the prin
ciple Of rendering dollar for dollar -and up.
right dealing wins in the long run.
NJ Ia l. ~ Al 4.
has enjoyed: That will be fully apparent
when we state that in six years and three
months the dividends Of the Bank have
amounted to one hundred and sirty too per
cent on the capital inrested'-that is the
stock holder has had as much money paid
bark as inrested and ten per cent. on his in
restment besides-and has his stock get! We
would like to have some of our brethren Of
the press post us in relation to some Iowa
or other states State Banks that has done
better.
To their honor be it said-the officers
Of this Bank have never been changed
There was no occasion for it. They were
too valuable stock to be sw apped off or dis
posed Of and we can but congratulate those
interested in The Davenport National Bank,
upon having retained Geo. L. Davenport,
Esq, and Benz B. Woodward, Esq, in their
former places in the new organization.
We were in error yesterday in stating
that the officers Of the Merchants Branch
had resigned-we should have said the orig
inal officers Of The Davenport National
Bank instead. The Merchants Branrh will
continue its organization as long as neces-
sary for the winding up Of the affairs Of the
State Bank of Iowa-when that is done they
will resign Of course.
The citizens Of Davenport may well con-
gratulate the Merchants Branch upon it's
noble and prosperous career. 1t has done
its work well in all respects; but now that
sentiment Of the country IS in favor of the
National System OF Banking, it concurs and
wheels into line. Though its name and
style is chasged, the same spirit, force and
energy that it possessed in such n eminent
degree, is infused into the new concern to
add to its strength and facilitate prosperity.
May the success of the new concern be none
the less marked than that Of its illustrious
predecessor.