Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1857-10-24
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II sush tine - this. The supply q mo-
nsy for bushes pusposa 10 s9ssted directly
al seriously BY the toe ssd tssling pre-
vadlng the masses-the multitu0es d men
possessed Of nodssate measA They hol6
Ia small amounts . vast quantity Of curren-
cy. the rapid circulation Of which IL - =
ssntial 10 the commercial health Of the con-
munity, ~ an unchecked flow Of blood il u
the physical organism When men are
contemplating heavy investments. they feel
the necessity Of basing their operations only
on logical deductions. drawn from undoubt-
ed data. But the circulation Of currency
held in small amounts 10 accelerated or re-
tArded by the mere feeling Of the moment,
by underlined fears Of vaguely aaguine OK.
peetatiOns
At this time. the popular newspapers.
those which DO not ordinarily devote much
attention to purely financial matters, are
necessarily obliged to enter into extensive
discussion Of the subject which excites the
minds Of their readers to an unusual degree;
the causes Of the present difulties and their
remedy afford faithful topic to many wri
tiers whose opinion on these points, though
it may be unquestioned In matters Of litera-
ture. politics Or religion, IL often valuless,
sad in proportion to its influence, otherwise
obtained. dangerous In its effects upon the
superficial and unreasoning masses.
Riders Of hobbies. prompted bp self con-
eeit or by self-interest, seize upon the op-
portunity to air their favorite nsgs. and the
low tariff. the banking system and railroads
are clamOred against by their respective op-
ponents, ~ the source Of the prevailing dis
tress.
The "philosophic" Tribune, with Socratic
gravety, recommends economy to all class
e. and conditions Of people. ss . remedy for
our troubles If it means by economy . re-
framing from useless purchases. the recon-
mendsti0n 10 unnecessary and absurd If it
means that people who save money enough
to pay their debts and 10 supply their usual
wants. should hold their money which they
do no not want and cut down their usual in.
vestments in necessities and luxuries, the
Recommendation is hurtfuI to the interests
OF both trader an Customer. According to
this plan. money would he held inactive in
private hands during the period of its grea-
test value, TO be released only when it
had lost the power Of affording usual ad-
vantAges u trader and consumer, that is,
when by suply from other sources money
had become abundant and cheap. aand pro-
perty resumed its ordinary valse. Never
before was more favorable opportunity
offered for the nvestment Of small amounts
Of currency in property. The COW eniences
and luxuries Of life are as much wanted rs
ever by those who have the means to pay
for them everything Of this kind Is offered
ut Is and 20 per cent. below ordinary prices,
for the purp Sc Of tempting currency from
the hands Of small holders; purchases made
ut these rates are remunerative to the seller
owing the increased value Of money, and
they enrich the buyer, who could not have
obtained interest on the small amount OF
currency in his hands, or feared to invest il
through the usuel channels.
| The satyre Of the Herald dances In fran
tic exultatiOn among the ruins Of vast ma
tional enterprises or varies the amusement
by shedding crocodile tears over the fate Of
widows and orphans whose property in
these enterprises he has so long labored t.
depreciate for the benefit of his ursine mas
tiers. After many years Of patient but una
vailing predictions, he has made lucky hit
the long invoked crisis unexpectedly ap
pears, like the ghost OF Samuel to the Witch
OF Endor, and his reputation as soothsay
er is established. At first, the satyre, in
toxicated by his unexpected good fortune
was fam to cut sundry unseemly capers be
fore his readers, to indulge in mauldir
chuckles, and to reiterate, II TOLD YOU so 7
But ut this point the crisis becomes unmaD
ageable. and now that tie ghost has fright
.ned people Sufficiently for the purposes oil
the Herald, it obsfinately refuses to be laid,
This will never do. II the thing gets much
worse it will clean out the pockets of the
whole sisterhOOd Of chambermalds, the ad.
vertising columns must consequently be fill
led up with editorial, and the fanatics and
brains OF the Herald establishment would
thus be subjected to an exhausting deple
ton. SO in the beg inning Of the week W.
find the Herald essaying the back track
with unsteady and awkward steps, and try
ing to cook up little sonfidende in til.
banks
Since the commencement of the present
difficulties. no popular newspaper has done
more to allay the excitement and promote
contdence-by its sound common sense
views on the panic, qucstion-than the N
\. Daily Times. Instead Of indulging in
general assertions and sweeping denuncia
lions, it has labored to present clearly to il.
readers the actual facts Of the case, and from
these to arrive, by logical deduction, at the
causes and remrdies Of the difficulty. II.
articles have been characterized by clear
ness and freedom from technicalities which
has rendered them Ineligible and saisfac
tory to the great popular mind.-U. s
| EcouomeeI