Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1861-07-12

11inAY MOANING. ..........JuL II, iss'
T11111S1 ouWousssnas1iewoC sedA'
TssN. Z. ArsiS of Tie SSH nh
...taips further STRUCTURES on the credit
!. shis STATE. There ; svidsatly
...;eeer i The woodpiis." Bsasstt i
m. he man 70 throw away . really
good chance ior making good thiog,"
"a la been known not 70 b over
serspuIous - 70 the means in sseosisg
~ e.ds. He, - ws believe, i sstis6sd
thas Iowa bonds will do 70 inveat in,snd
sb,t by crying them down, BY hallooing
and shouting against them, they will
como into market lame and bsggiDg,and
that hs and bis friends will be enabled
to crab them At . very deep shave.
Just observe how he pitches in:
ave have seen . gentleman who
has Just returned from collecting tour
in the West. His report j. discourag.
ipr. Western debtors seem TO Do indh-
fefspt about fulfilling their obligations.
Indiyiduals,like cities and oountics, deem
it no Disgrace to svade payment Of their
debts, and our informant seems satisied
that the West will pay but small part
Of the indebtedness she owes TO the
East. Tho fact shosld serve - warn
ing TO our merchants TO abolish their
long credit system 1t once. And. At the
same time,no opportunity should be lost
Of teaching those Western people the
COST Of dishonesty. There should not
be . single bid for the Iowa State wal
loan Of 100000, until the repadiat,ng
towns OF that State-Buflington, la
veuport. Keokok, Muscatine, Dubuque
etc.-snd the repudiating counties
Henry, Dssmoiues, etc.-have repented
Of their roguery, and commenced hon.
estly to pay their debts"
And IN the issue OF the same paper Of
the I'd inst. the following opinion Of
Iowa credit and Of the war loan OF this
State is volunteered :
"We have letter from citizen Of
Iowa, who urges, in excuse for the gen.
ersl policy Of reputation pursued by
the cities and counties of that State,
that the payment Of the town and coun-
ty debts has been resisted by single in.
dividuala, mot BY the towns or counties
that 10 to Say, - each coupon matured
some single tar payer would apply fol
an injunction and obtain It. Our cor.
respondent asks How could the towns
and counties prevent this single tax.
payer from acting ~ be dldi We re.
ply, that il il because the towns and
counties Of Iowa cannot prevent indi-
vidual Taxpayers from procuring the
reputation of town and county debts
that We consider the new war loan Of
the State Of Iowa SO very unsafc. That
loan is, on the face of 1t, unconsttution-
al the constitution Of the State of Iowa
forbds the creation Of a State debt ex'
Dept in the case Of invasion or internal
instruction. In order to borrow The
100000 now wanted, the Iowa State
Government is compelled to pretend
that invasion is threatened. Every one
knows that this pretense is preposter-
GUS. II The money We tent, what Is "
prevent some individual taxpayer from
coming forward and applying for an in
junction against the payment OF the
coupons, on the ground Of the uncon.
stitutionality Of the loan : No Judge
or Court could declare that Iowa is in
danger Of invasion they would be OBJ
liged to grant the Injunction, and the
loan would be repudiatcd. This could
not occnr in some States, as public opin-
ion would not tolerate such swindle ;
but as in Iowa, the following counties !:
Lee, Desmoines, Henry, Louisa, Wash
ington, Muscatine, Dubuque, Iowa,
Poweshiek and Pottawattomie, and the
following among o.her towns: Dubuque,
Davenport, Mnscatine, Burlington, Fort
Madison, Keokuk and Iowa City-have
already repudiated their debts in the
most barefaced way, it will be seen that
very little reliance can be placed upon
the public opinion or public faith in that
sectlOn OF the county,.
Unsavory as the article may be to the
anti-repudiation men of the state there
is much truth in what the Herald says,
though As to tho ultimate retention Of
The war bonds we do not, neither do
we believe the Herald entertains q
doubt.
But after all, is it not probable that
heir action is really blessing to Iowa !
We hope the Loan Commissioners will
not sacrifce our blonde, and thus " head
Of" the designing men who confidently
expect to make q good thing at our ex-
pense. The refusal to sell our bonds at
heir figures, will drive them back upon
he Iowa market, where, with the pro-
per exertions, the larger portion, ii not
III ofthem, will be taken, thus strength
ening our condition.
We do hope that the no credit sys-
tenn which the Herald alludes to in the
first article, will be carried into opera
lion. It would make matters . little
tight for while, and cut off great
many Injuries that the people are wont
to indulge in when credit is flush. Iowa
will prosper rather than falter under
such structures.
AxoTHER PAPsR.-The Dubuque