Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1863-01-26
sOMErHiNG WRONG.


Tbera in reason to fear that there is
Zen, and contlnusl failures Of the pa
Il between this city and Chicago.
TThe fs;urc of the Tribune of yesterday
had the iollowlccs 10 its II ihanc'a' cor
umn:
New Treasury Notes we're IL pre-
mum buying, and 8 4 as the se'''s
rates.
Yet the DRMocRAr AND NEws pro-
claimed the worlhessness of these issues
q week ago, and advised every one to
s'repudiatc them at once" OF course,
it's editor failed to reach Chicago. Some
thug is wrong Gazette.
At "premidm" are they Over
what? Gold! Oh, no. What then !:
Why, over legal tender green-backs
OF course they are. Legal tender green
backs dram no interest at all, while the
newly issued notes draw 3 G5-l00 per
cent. per annum. Of course interest
bearing paper is always worth more than
that which bears no interest, when the
security is equal in both. White paper
commands a premium over brown-new
cloth is at a premium over rags. But
the Gazette states the case wrong. The
rev Issue OF Treasury Notes really
commands no premium at all. The class
of currency win which the new issue is
bought at l-2 per cent, is AZ l2 per
cent. below par-consequenlly the new
issue itself, which is only fifteen mills
better, is 45l2 cents delosc pdr-ihe
difference being that the latter draws
interest while the former does not. This
is the style OF premium" that the new
issue enjoys. If wishing could brig j,
up to rsr-s gold dollar for doa,
green-back-we would have it so al
once. But that cannot be. Nor can ",
see any necessity Of lying to the peopl,
and telling them that Treasury not,
currency is as good as gold. 1t is falls
in every sense, bes des it is impoli,ic.--
1t il madness TO .each the ignorant tia
the country standy on safe inancis
basis when the best financiefs in the coun
try know and talk differently. Ii is bet
ter in all csses to understand the tfu,
state OF Stlairs. Doing evil that pooo
may come Is not ,xpedient. Framing
false hoods to prop up public c. ntidencs
Is u direct bid Tor financial disaster.
But tell us how YOU would prescribe
for the disease, II you were the doctor
says a reader.
Wei, sir, our candid idea Of all this
over lssne ofpaper is hat it is humtug
ltIequlres n certain amount OF money
to carry on trade and the war, but not
sn inordlnate amount. Taxation il the
ouly irle method. We assume that the
Government wants 5000, 900 per
Year 10 carry On tie war. 1t is estimat-
Cd that about 350, 900, coo will Be raised
yearly under the present direct tax .ys
TEN. 1t !! assumed that this amount
VIII be raised without murmur-,he
people "lll stand it. Now that being
the case, We would increase tina, tax SO
ss TO make I'D other $250,o0o, 600. 1t
would lea .i.,le hard, tu, The people
could stand it-slsn1 it much bette,
than they can afford 10 stand an inn
mense funded debt that will welel,
COM PcslerIty for generations TO come.
Lax everythlng-and tax it to a decree
ilas wolid pay the debt Just about rs
last a. il Is incurred That would bIioo
reasonable issue OF Currency 10 a bar
or very nearly so-with god. Ii would
make the people sweat for a whlle-but
as financial mau, tina; would BE our TO.
silion.