The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1857-10-20

pur,ae the late campaign IN Iowa, our
Dem. cratic iricnds showed themselves dis
posed 81 take advantage Of the present nm
fortunat. condition of monetary Affairs, 90
make capital s.'sin-t banks. HUT a. the
Louisville Js.rttR slss, the Democratic par
~ throughout the country, i, periodically
afflicted with All anti hank fever Al the
present time, this party all over th. country
- ~ this State, regardless II the disasters
which are imminent, AMI nf the difficulties
IN our monetsr, affair that ronvul.e the
whole nation and spread desslstion and dis
trees Throughout all cls~ssc. ~ The people
aac charging unfortunately upon tie
BaUk all the existing evil and threatened
misfortune, Vet, FAY the Jeafain ~ f,in.s
ii prosperity the Democracy are willing
enough t. avail Themselves of whatever ben
EFT. may lie derived from the banking ~
ten, and in fact, t. Democratic aiu,ini-tra
tons oi State governments may for lie n,oS,
part b- attributed the vast Multiplicity 81
VI weak ant unsabstant,al imnking in.titu.
ton. W.T.. which tho ca,nir, hss l.e.n
hooded
But this Is no timejioi r-crirn,natna, na
~ an attempt 2. Manufacture political cap
tal cut d the prevailing distre-s Whatever
ss.ls apperta.n t. the banking system, they
have been quietls permitted until ine, can
not be Immediately rcme,iied without inyol-
wing innocent parties everywhere In he ruin
that must follow an, attemp, at their sum
mary correction. cote,nPorary vera judi
eiously remarks:
The first thing j. 10 heal the prc-.itt
difficulty, ca aid the hanks IN every well
directed effort To place themselves in a pro-
per condition, with the least pra-iicahl.
distress To the community, and then Ia place
upon them such new guards ~ NAV he
thought necessary. II, in the present s,n-
ditIon Of things, there are men 80 blinded by
party, or 50 indifferent 10 the general good,
that they will take this occasion 10 interfere
with any plan Of relief, merely because il
docs not 20 upon their system IL finance, W.
hope they will ut once he put down. II il
IN easy way TO evade the responsibility 81
the present crisis, 20 charge IL wholly uiarl
the banks. Almost every body ha, aided in
the policy that la, pushed things to their
present extremity An injudicions revenue
systcm, sending money cut oi the country
for articles that might just ~ well be pro-
duced nj home, an unbv,,nded confidence in
the growth u the country, which has caused
the construction u railroads in advance 81
the business that u relied upcn 10 scpysrt
them, specializing in lands and merchandise.
and the extravaganza that j. begottcn oI
fortunes suddenly accumulated. all these
have had their share in the general calamity;
and most II all, the panic that fear, ever,
thing aud distrnsss every body, l. Responsible
Tor II. IL men would only think each u hci
saSs, u they would only place confidence in
men that are worthy IL confidence, and
would believe that houses. and lands, and
shops, and railroads, and corn and wheat
were property, as well as gold and silver.
the interest III money would sink % Oh,
legal rate In week.
In the present condition Ut affair, ever,
thing depends upon n maintenance Of public
confidence !. is the very life, the only
ucans Of support Cor trade Of all kind, co.
commerce aud manufactures, and we'll paid
labor When confidence Is suddenly dee
trycd, whether with or without sufficient
reason parties " ho are engaged la business
u sny kind will lind il difficult and in many
cases utterly impossible to meet prompt,
all thur liabilities. Credit il TO very con
siderable extent insclArable IRON extensive
commercial transactions. The merchant Or
the manufacturer depends in oil business
mssters upon credit, always balancing his
debtors against his creditors, and hoping
continually that the former will pay him d
lsaAt - much and d SON ~ may suffice 70
enable him to pay the latter. II they pa,
him more than be owes, ho makes profit
1less, Q loss and IL they fail " pay him, be
must iail in turn, and that without regard
70 the amount OF his fixed capital OF the
strength Of his securities.
Il Is a striking fact that majority Of the
failures and suspensions that have occurred
turing the present panic. are among the
wealthiest and most responsible VI the bu-i.
"ess iirm. in the country. This Is because
tLsir acknowledged wealth and responsible.
ity gives o. them IN extended credit, and
when that credit Is suddenly swept away by
rush d popular doubts and fears, their an
wieldy wealth cannot he ut once converted
into the means cG payment In most Of the
cases Of suspension that have been reported
10 New York, Philadelphia, 81. Louis, and
elsewhere, the assets Of the suspended firms
greatly exceed the liabilities and are sufii-
cient to ultimately pay III all their indebt-
sdneas. Want Of Confidence and rush If
III creditors for payment at moment when
the most princely landed estates az store
houses filled with grain aud cotton cannot
he suddenly converted into cash, have com.
PEELED them 10 suspend.
The present condition Of our affair. is
very anomalous. When the financial crisis
q III occurred, the whole country was in
10y di1srent position. Now there is
uoshsag wanting 10 arrest the panic hut .
rsstorasiou u public confidence. The means
- rslisf srsat hand. An abundant CROP
1870 cotton and grain and tobacco is
- shlhpent Til. valuable produce
" seeded abroad, and in = Few weeks
$780, % purchase Il will necessarily aow
into tie country from all directions. and
spssdy mi certain relief will be afforded.