Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-04-20

Our Financial Danger.
The New York Evening Post, radical Re
publican paper. in most forcible language pre-
sents the following picture Of the impending
financial dangers of the country. which we re
produce a. eminently worthy of consideration.
Saws the Post:
Ia the rapids which run faster and faster as
the Niagara river approaches the place where i.
sheets over the rocks. the boatman is warned Of
his danger by the increasing switness of the
current If ne gives heed in season. he may
steer his boat safely 10 land. but il sometimes
happens tina, he allows himself TO be carried so
far towards the precipiee that 10 strength of arm
can avail him to escape and he is swept over the
falls
We of the United States financially speaking.
are in boat which rapid current is hurryng
towards precipice We speak not so much OF
the credit OF the government as Of the state OF
our currency. As measure OF value, our cur
rency i performing the same part which It per-
formed twenty five years ago. The cessation OF
specie payments has brought into full play It's
the price Of everything. The necessaries of life
grow dearer in a night Those who live on fixed
incomes. those who receive salaries. those who
cannot easily increase the compensation for the
services they render, those who RELY FOR subsis-
tence on the interest OF moderate sum invested
in any manner. wake mp on fine morning aud
End themselves suddenly poor. The evil increases
from day to day. aud We see 10 remedy likely to
be applied Whether the mischief is beyond the
reach OF a remedy we will not undertake 10 say ::
but this We must say. that the current Is rapid.
that its swiftness aud force are increasing. that
the boat in which We sit is drawing nearer and
nearer to the precipce, and that. unless some
thing esfectual be done. il will 20 down with the
which il is floating.
The mama ot speculation aud the imitation
of our paper currency reactins each other.
with the lu license which an exemption from
the necessity of paying specie gives them. e1-
plain the present state Of the money market.
The issue of Government paper no doubt has
been kept within moderate bounds. but the liber-
~ which the Government has claimed, OF not
paying its notes in coin. has been initiated by the
banks all over the country, and there never was
yet a suspension OF specie payments without an
imitation OF the currency, 6cttions rise of
prices. speculation stimulated to madness, specu
lators suddenly becoming rich ruined, and the
more industrious and regular p,rt of the commu
nifty impoverished. The old State Banks are
pouring forth their issues with no responsibility
for the payment of their notes. the new banks
created under the laws of Congress and called
National Banks. initiating their example.
stocks rise. the gamblers of the money market
beat backward and forward the shuttecock Of
speculation. striking it higher Into the air with
every new blow. the necessaries of life grow
dearer. the steamboats, increase their fare, the
very omnibus lines nearly double theirs. and he
who paid fifteen cents pound for sugar ten days
since. pays twenty five cents a pound to-day
When will this stop and where? 1t will not
probably stop till it Is checked by panic and a
crssh-by the ruin Of many general loss of
confidence and sullen and gloomy lethargy
pervading all branches of commerce. That IA
the ordinary. perience in such cases-that is the
natural result of all the experiments made OF
building credit on any other b,-s than the old
fashioned one OF prompt and due payment.
But i there no remedy. il will be asked-no
way of preventing the evil from reaching a
greater height. bringing back the currency 10 a
more wholesome state. and curbng this madness
OF speculation. without convulSion Our
reades. know what our opinions OF this matter
have always been. aud We have seen no reason 10
change them. The earlier the mistaken step Of
currency without basis l. retracei. the les
violent will be the consequences to be appre
hended We snow that some acute thinkers ar,
of opinion that there other methods which
will effect gcn.ler cure, letting down specula
ton easily from its false altitude. instead of lash
Ing il in pieces. Ii there are. ne should be most
happy to see them tried. The present state oil
things should not be allowed 10 last