Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1864-07-06

During nSfr'y the whole session Of Cpr-
CESS, cxSecrctary Chase has been striyh z
T. prevail upon that body to cover up tAc
depreciation Of the currency caused by +
own ignorance Of financial laws, and by hk
o@n laundering and mistaken acts. lir{
one remedy and then another ha, been su3
gested and urged, with the desperation Of b
drowning man catching atss : raws BY TIE
laundering Secretary aud each one lts
proved Itself to b. more disappointing ;td
more cgrcgious failures thar the othct
The iastexpcriment Of the visionary knd
speculative Secretary has proved to y the
sides working nconcci,aLlc aud a,fo st ir-
reparablc mischief to the regular Md lcgi-
timatc dealers, and palaly zing thy mcrcan-
tile and commercial cla iscs, has <ninsierc,l
to the very evil it was ignoranty proposed
to abatc, and increased the ty5ubie> it was
intended to lessen. W. ryr, as it Will be
readily perceived, to ,E pap,ile Gold
Bill 50 pcrtnaciously urged upon Congress
by the Incapable 1t1frcta,y, and>st last Gu
ginecrcd through both Houses OF Eon.rress
by the Administration, under the appl.ca
ton of degree Of pressure sufficic!t to
govern the rotes Of The rccalcitrant members,
even though it could not convince their itlg
msnts. But Notwithstanding this piiaEcy
OF ncmbcS Of Congress, and in spiicl OF
the assuranee of Mr.. Chase, backed BIZ Mr..
Lincoln, that n the Gold Bill was ,sed, it
would prove Nanacea for all oar iluancIa
bubbles and would bring order out of cha3@
what do we see3 On the day the Gold Will
passed, gold wad worth Sl.su; and ri 4lc
very instant thai the blinded Secretary aid
ms stu more blinded disciples and dutcs
were Growing ofcr their success and CIn-
graduating one another that the pric{ Of
gold would nofy tumble down hy the r,b,, i,
rapidly advarf led to $500, 1925, and after
fortnight'yt trial Of Mr. Chase's wret che,
abortion rag up to So 30, ruling steadily a,
$2.3s-thet former being the huc1iatin,
rate reached by the arts OF spcculatqs, anc
the latter nc bona .f1e buying and selling
price. AT the same time, proving that this
enormous rate for gold was no, yfiictitiou.
one, but was its real marketable taluc Tn,
price Of sterling exchangc-whjt I'll after al
is the tr"cst index of the variation bctwcc.
the valuation Of coin and curyency-rosc tt
$2.7o for currency. Thus i favoritc dc
fusion Of the late Secretary punctured, anu
his complete in ompcteyry for that rcpon
siblc station made apparent to the simplest
neophyte in finanse
Anurhcf involnntafy exposition BY secre-
tary Chase of his ignorance of the laws Of
financial supply aud of his administrative
incapacty, is supported b. his estimates OF
the proceeds Of yhc internal revenue and hy
his incessant thkcrins with and alteration
oil the lntcrpssrcvenne act. Apart from the
fact that when man of business or proper
ty goes u 1rd, one rate of dutymay prevail,
to be dhphccd by another ratcwhcn he gets
up NJ Chase has just now discovered, II
the Nssncnt when Congress ID preparing e
adGrn, that he committed grave error il,
tbecst'ma:es submitted by hin. at the open
Fg Of the session. He finds that the IN
come Of aas-i's%ssssa svvvs,suEtiltt I'M short
OF his estimates about enc duN1rM niUioas
cf dollars. a mere bagatellG this, to the
incompetent and laundering secretary. but
an iron hand upon the greatiElsscs of the
people, inevitably inercasin their already
bnrthensome dirsc' taxes, hd adding SO
greatly to their indirect taxsl as to make it
impossible for men of small means, for men
OF fixed salaries, for laborine men anafc-
chamcs to enjoy large cla$ of ncccssn ,fi;s
OF food and clothing which have hitherto
been considered, and really are, indispensa-
bic to their health and comfort.