The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1857-05-27

A06. Ii. sxNj d, oeissss'
CITY OF DAvEN PORT:
WaDMRsDAY........... ~, 1857.
h 0triaesat nsnsy Aarkss.
These who are constant readers Of the
isa1iae Eastern PsPer, or who are &C
Quainted with finances, are aware that
ssrone financial pressure ext is IN the eoun.
try. end especially in the Eas,. Among the
many causes which have been suggested
Tor this pressure, our Eastern co.empora
ries appear to have adopted the idea. thai,
this pressure 10 attributable to the preya.
lsnce of unusual real estate spec ulstions IN
the West. and 10 the large investments be.
Ing made 10 public isnds. We have no
Thought that the great effect i, legi.,anat.
deduction from such a cause Il may par.
italy b the cause Of the pressure East,
but its eject in the West should be directly
the reverse. Whatever influence these
land specuiations may have, they must pro
duce the one effect Of great, increasing
the amount ot money an circulation 10 the
West, and Is . contemporary remarks, IN
their natural operations ought to give Ne q
redundancy OF currenc, aud tuin Eastern
exchanges IN our favor. Tor the chief opera
tore are Eastern men, and the purchases
are made By Eastern capital Money has
been drawn in sums Of millions from the
Eastern States 10 pay tor land in the North
West, and the stream 10 still flowing la
upon ". Blu, . small portion Of il goe-
into the public Golfers. and nearly all of II
10 Distributed among our own landholders :
The amount Of capital coming IVES, the
Spring for investment IN property 10 aston.
ishing. Hundreds Of thousands come ever,
week to different point. A. has been re
marked come Of this goes into the Govern
ment Treasury, but q small proportion in
comparison 10 the gres, aggregate. Witt
this immense infiu1 Of capital We may well
conceive il = cause tor the money pres.
sure Esst--bui the same cause should only
operate to make money abundant in the
west So i, does comparatively. but there
are other things having commencing in.
ausace 10 make the money market Wesl
some~ hat stringent There IS a deeper
csuse-for the closene.s OF the money mar.
kei 10 not confined to the East, or 10 the
West. or to this country. England, France
and Europe generally, are making similar
complaints. Money has been growing
scsrcsr and desrer IN Europe Tor several |
years, and there 10 yet no abatement OF the
trouble. Our Eastern contemporaries will
scarcely say this foreign stringency is ow.
ing to speeulstions in Western lands.
The st. Louie Intelligence adopts the
theory that money in the West has been
made tight" BY the general loss Of cs16.
asncs in the Free Bank" bills or notes.
This has made il dfkcul, to keep them in
circulation, and has reduced the trade in
the West SO entirely to a specie basis.
The business Vi the West has been
qu'ckened TO an unprecede n,ed degree; its
agriculture has become enormous; its pro.
ducts feed both the Atlantic States and the
South, and 70 TO swell the gransrier OF Eu.
rope; it, trsfic in real estate, based on this
vest development Of agriculture. has swoi.
len into millions and tens oil millions oil
dollsrs.
But while transactions have been ~ rap.
IDLY extending and assuming gigantic pro.
portions, money - the commodity OF ex.
chsnge--the notes aud bills Of banks, have
been rapidly tctirine from the channels OF
trade, and nothing has been obtained TO nil
~ place. Nothing bu, specie seems now
TO b trusted or kept, as money. by Western
dealers. III transactions az thus reduced
TO specie basis. The speci. in the coun-
Try - wholly inadequate TO serve 40 the en-.
change. IL Is no, in existen g IN quantities
su@cient. IL 10 scarce, compared with the
ssupendous demand. for IL. and hence the
ssringsncy Of the money msrkc:. Indiana
free Bsnks have retired perhaps 5000, 0oO
dollars OF Bank notes: aud Illinois 1000.
Uo0 dollars IN the last three yesrs. Their
expulsion from public confidence drive,
other like currency" home, aud leaves "a
no ssonsy but gold and s.i.s. That i. scarce
and high.
Our new consl tuition, Al adopted, vii
give " the privilege Of establishing Banks
OF Issue IN lows. Properly guarded VIC
shall then be provided with currency d
eur own. which must afford SINE relief a,
home. II 10 Idle 81 this dsy 10 conceive for
. moment that commerce aud business, East
or Wess, can be conducted on purely spe
eis basis. Banks We mus, have, aud bank.
tes people sssA have. The immense guam
usy Of Eastern capital nov coming into
this and neishboring States and Terrific
nss. should make the money market easy.
u he's doubtless saved Us from an alarming
nsaacisl csisis. But Tor pcrl.anen, relief,
u sppesss to ". We can OILY look 10 Banks
And their issaes. and public confidence In
then. and happy season OF plenty.
-~S~
HAS CUNNINGHAM To sE PsEssyrkD WITH
= SsnvicG % PLArE.-A New York city
Pspss, speaking Of The seqsi.tsl Of Mrs.