Daily Davenport gazette. [volume] (Davenport, Iowa) 1854-1855, 1854-11-28
Fer tAs Gssstts.
STATS STOCKS
DE. SrR


| ing you on the subject OF the INDIANA STATE
Stocks, did / no, perceive that the course at
| fairs are now taking in monetary matters
viii throw the productive energies Of the
fun;on At the feet Of the foreign stock-job-
Der. and that too at a rate which will render
such result doubly dep!orable.
There docs not appear to my mind any
suiicien, coincidence Of uncontrollable cir
cumstances to warrant the depression OF our
monetary affairs. The expenditure con-
nectod with the European war which ex-
hausts the resources OF the beliigerent par
ties, should not necessarily paralyze our
activities; on the contrary it might be assert
ed without fear of successful contradiction
that much impetus should be felt by the
neutral powers ofthe United States from the
number Of wealthy immigrants who might
naturally be expected to seek an asylum
for themselves aud their property from the
taxation and military service, which threat
ems those who remain in the vicinity Of the
gigantic struggle commencing in Europe.
What is our difficulty! The States, and
we will mention one Individually for the
sake of simplifying the explanation; the
State of Indiana has required for public and
profitable improvements, the large sum of
81 1000 600; not having it in her Golfers and
not wishing to distress her citizens who
-.
needed all their means for opening Their
farms, the State has borrowed the amount
from capitalists and has given to them her
bonds for the amount in the stupendous
sums OF 81 900 each. The State has given
to the capitalists her Il can't pay now, but
will pay two or three years hence, ana
these notes bearing interest Of 5 per CT
were worth more than gold which pays no
interest on the face of it; that is, ten dol
lar bill laid by for year would call for
5000, but ten dollar geld piece laid BY
for year would be only $40 gold piece
still.
The capt. dist possessing these notes, OF
the responsibility Of which the public are
fully satisfied, not content with ) per Ct. for
the means advanced TO the State, wishes To
pocket that and then to issue his 'spromises
to pay'' as substitute for gold and silver.
They issue 81 zoe 900 II promise TO pay on
demand in specie or its equivalent" and
what is the fund to meet this demand should
it be made. Why, S7,oooooo Il can't pay
on demand" issued by the State authorities.
The State has s7,ooO,ooo of property, but
not gold or silver, and it is not needed. The
depositors in the banks have laid up their
money there because not immediately in
need oft, and because bank bills pay no in
terest. How easily might the run upon the
banks be obviated by issuing the State
Stocks in sums available for currency, cay
in l, 2, 3, s., &c.
The fact that a British fleet had been scat
tered by storm, or Russian army defeated
in an engagement, which now gives shock
to all the Union by the sudden run for spec
Gle which these American promises to-
pay entitle the biil-holder to ask, instantly
exhausts the few dollars in the vaults of
the banks, though fully adequate for the
wants Of American traffic. The banks must
therefore suspend, and then the Il can't
pays" of the State bonds are sent into the
market to invite the purchasing Of the for
eign capitalist. whose national existence de-
ponds upon the abstraction Of the specie
from the United States for the payment Of
those mercenary troops which are fighting in
he Asiatic struggle.
What is the result! The abstraction Of
the specie basis destroys the currency Of
bank bills, and cons equently causes sus-
pension of all manufacturing operations
This suspension makes foreign goods in de-
mand, and therefore they are sent in to
American ports in exchange for State bonds
at % or so per CT discount, and thus bonus
is furnished to the well organized manufac-
turing establishments Of Europe which the
Young and unestablished factories Of Amer
lea have to pay by a taxation imposed for
that purpose g.
EMIeEArIoA WIsTwARB.-A gentle.
man at Daavile. Ills, writes thus to the
St. Louis Dsmocat:-
The crowd of emigratons from Indiana
and Ohio 10 immense through this place
bound mostly for. Iowa, though much of it
10 for the interior Of Illinois. Since have
been here at least four hundred teams have
passed through this town. On last
Sunday one hundred and three came
through