Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1863-02-21


,,o,,er reflect our sentiments concerning
~ s,.nces Of our country than the ~
-, .ble article from that able jour-
.l-,he Uni.ed States Economist We
commend il to the careful perusal o. inc
public: No. -, rur GOVERN.
flSAS.'A !. nov strongly probable
that Congress will authorize !. |
,ary Of the Treasury to issue hxe"
amouut of six per cent. bonds, and
fixed amount Of legal tender notes, eaV'
inc i, 10 the discretion OF the Secre'at.
10 sell The bonds whenever that can D.
dome 10 advantage, or to use the iegal
tender notes whenever the bonds can
not he sold without too great sacriice
TO the Government. 10 commere'a'
circles the opinion is general that 10
this complexion it must come al 'as''
We dread the possibility OF another y.
sue 0, legal tender notes under any cH
cumsiances, believing, as We do' ina
even the authority 10 make the ISSUE
will further depreciate the value oil NJ
currency. What is required TO arrest
the do.n~ard tendency OF the value o.
legal tender notes is,
First, To give the public assurance
based upon the pledged faith OF the
Government, that the amount shan NJ
exceed . certain fixed limit, say $500.
10000 under any crcums anees The
Secretary OF the Treasury now has an
,hori,y Tor issuing nearly thai amount
as follows:
Amount auth ory ID by last Congress *3oo,V Vo Voe
Amount auth oriIed by present Con
yress TO pay soldiers. .....-+. ioV,ooVVVt
Amount au hofised Of P 'sial currency
unlimited but supposed VIII amount ~. "a.
t0a least. .-............'.... ''toN''V''
s450, ooo.oet
In our judgment, if s3oo,o0o,ooe
more il added 10 the above $4,000,
900, tie currency will depreciste a
least 90 per cent. more than It would !
left at tie present amount, S45o, ooO,ooo
The mere authority TO issue 100000,
GOO more might not produce 70 pc
cent. additional depreciation, int 40 al
.olnie issue would certainly do II.
tins theory lie c rect, II follows tas
v h..e,er supplies tie Government r.
cures. after the Increased lssue, won
cot ? ler cent. more than al pre.eni, 70
there = 10 vel informed man she doubt
.ha, the lsw oftraie produces al assane
Ill grlces, 10 exact proportion q ite q
probation 81 curretcE. Shosll lne y
/ vi
would entail ioss aptn lie bn- ne's
The couuiry, 10 " sauat - the fretenl a
naal expense. OF the Government IT
estimated by compe;en, parties that t.
aggregate amount OF business don
throughout the Iossl ates, Al The Pre-
ent time, will amount 10 ten ,hoassn
millions OF dollars $4,000 100000
per aunnm. Twenty per cent. Oh ~
amount Is two thon. ard mil (s2
GOO ,000, 900 The supplies Of the Cox
erulnent are supposed TO cost tour hut
dred mllaons. Twenty per cent on thl
amount is eighty millions. So that n
loss to tile people aud 10 the Goyerpmei
would. II our theory ls correct, amount
two thousand and eighty miihons OF do
lars 81 ,DsO, oOU,OOO)
second, The tax law shonld
amended so as TO make it yield resen'
Of at least four hundred millions Of d,
lars. This would strengthen the con
dence OF capitalists III naklrg iuve'
menls in ,be public securities, enable 4
Government TO pay par. Of the e1pens
OF the war from its own resources, s
lessen its necessities for borto"irg;
OF which would have tendency 10 III
vent the depreciation Of the Currency.
Third, Congress should make legal t,
Ger notes receivable for customs ~ W
as for other dues TO tie Government. T.
would appreciate their value, or in o
er words dspress goli,at least ten per
and furnish TO the Government an a,
age of more than a million ot Gollals
week. 1t would furthermore relieve
Government from the false poslti
which IL now occupies, OF putting IN
circulation and fore ng lts citizens
tax IN transactions between themsel,
currency which 1t refuses 10 rece
in payments due from the citizen to
Government. The tariff high rates
freight, insurance, and exchange G
exchange will, under the most ski
financial policy, he from 25 10 80
cent are sufficient drawbacks upon
cesslve importa,ions, and give abund
advantage to home manufacturers O.
foreign, to put axay all reasonable
jections III that objection. The o
plausible reason for demanding gold
customs, is to furnish the Goyernm
with sufficient amount TO pay the
terest on the public debt. We Apr
OF paving the interest on gold, but I
is no reason Why the Government sho
tsnt lis credit aud violate all the n
ciples OF sound financial policy and O.
mon sense.
We rememher in our hovbood =