Year: 1859




garding the many advantages to be derived
to this and all other localities IN this state.
from Branches Of a State Bank. 1t was
predicted that VIC would have money plen-
ty and that we would have money that
would command specie.


In looking over the list OF officers and
Directors Of the different Branches, 1t seems
! 10 be almost invariahle that all the Banks
chartered by the Know Nothing Republican
Legislature and approved by heir Govern
or is Offered and directed by well known
deep shaoers.


1t seems to be the very general opinion
and conviction from experience, that these
institution. are usurious shaving shops.
Let us look at our Davenport Branch
Who are really the officers and directorsf !
| presume any intelligent business man in
this city will say TINT Cook & Sargent are
the Directors and Officers in fact, if not in
name


Look at the list of stockholders and the
connection in shaving operations the past
few years, between Cook Sargent and the
main stockholders and directors Of this
Branch, and it will be seen that the whole
Board, without exception, have exhibited
continuously, for some years past, very
strong penchant for deep shaving and for
deep shavers.


Now for the great advantages derived to
the credit Of our city, and the wonderful
accommodation to the citizens, as well as
the increase in specie paying notes added to
our circulation. What is the result?
We have none of the notes of that Branch
in circulation here.


There is hardly business man in the
city that can get business note for one
hundred dollars negotiated in that Branch.
That Branch commenced business by
flooding the city and county with Minneso-
Ia Bank notes that they refused in a few
weeks after to receive even as currency,
which had a tendency to seriously injure
the business Of the city and diminish the
credit of our business men.


Between the deep shavers in their own
shops and the shaving management of the
State Branch, the business and business
men OF this city are in deplorable state.


The shavers Of this city have been lately
playing q Kilkenny-cat game with each
other, 40 that there does not seem to be
much sound material amongst them. The
Branch Bank has done so little except for
their own exclusive clique, that she has
very few friends. and from the extreme
stringency pursued by the Board to the
business community, there are very few
that have confidence in the usefulness or
strength of the Institution.


1t is chartered Institution, therefore no
stockholder is bound for any liability be-
yond the amount of his stock. The largest
stockholders, if they have accommodating
Directors. which they have the power to
make, and may find suitable men, can take
all the money and make good speck by
suspension, as has been done in many bank
ing institutions in old States.


IL the Banks in Iowa do not prove to be
loss, and a curse to community, it will be
an extraordinary exception to very gen.
eral rule.


think the history of banking in our
country, since the organization of the Con-
federacv, will not show one instance Of
good solvent institution, or one Bank in any
nep State or Territory, that did not suspend
specie payment, and rob the people where
the experiments have been tried for term
of five years; indeed the instances are rare
where Bank in a nec State or Territory,
has proved solvent for t~o years.
By Withholding deposits, discouraging
the circulation Of their notes, they may do
but lit lie injury. 1t is utterly impossible
to make any Bank of issue managed by
usurers, a benefit to the community.


There can be no reasons able hope that the
Davenport or any other Branch in the State
can do much more good or much less injury
to the community than the Florence" or
any kindred cat institution. This is the
humble opinion of merchant of some OBJ
servation and experience.


The stereotyped argument may be used
that this State Branch money must be safe
as there is good stock pledged for its re-
demption. 1t is q notorious fact that in
every instance of suspicion Of banks, no
matter Dhat the security for the redemption,
the poor note holder 10 robbed, and the
shaver gets the advantage.


The wildcat Florence" notes were guar
anteed by Cook 4 Sargent, who had . stand
ing advertisement Of guarantee, and withal
it seems some Of the note holders actually
paid Cook 4 Sargent heavy discount, and
paid some of Cook 4 Sargents best friends.
Who are now with them in this Branch
Bank, for great many thousand dollars o!
those Florence notes . deeper shave than
Cook 4 Sargent thought safe to charge.
Whether there was any collusion In the
deeper shaving 10 . problem. The Daven-
port Branch being . corporation free from
individual liability, makes better concern
ii