Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1864-12-23

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~ ~ssSs,sse that NJ. Fesssnden would both
ssSSs ~ facts and suggest re0edies; he
ssaorunt)y relieves Il 70 b ~ part = III
3nfv 3 peeoont - Ceoc1yss4 coonpeshen
~ ulee ~ ~ Gasi0geiDeut Of tho 1nan.
~ dnrin1 d. coming year, with the object
~ merely Of raising revenue, but Of -.
1ablishini the credit u the country, and
hrineine The currency back to moral state.
T I iSttrr objects tke people consider Of
perhaps greater importance than the mere
collection Of revenue. and the feeling q dis
appointment thst Mr.. Fesssnden haa not
staboratsd plan for the accomplishment Of
thiss Aooisabls .and neceaSay end, but has
even ovoded any discussion Of Il, will be
vernopesi, tbsssh psthsSs unjust 70 Tie
Secretary.
Ths Commercial gives the following views
q Mr.. Fessenden's report:
s'Among those who hsys sxamined the
document, there d : feeling Of pr0fund dis.
appointment o. in wholp tsnor and policy.
Il b regarded - On expression Of M. Fes.
oenden's inability 70 e1tricate himself from
he meshss IN which Mr.. Chase's policy hes
sntanGgSd sources Of Our present cmbarrass-
0ent are disappointed, and the eonvietion
that wqhovo6 e(dse usa period Of unbridled
in6atio4 is1akine deep hD1 upon shfewd
Tl16se Who expected disrontinuance ol
eo)d interrst honds, aud Il recommended
chat currency interest bonds to be issued IN
lisu shall - made eonvertibls iato- gold
binds sfous period Of three 10 I've years
thereby only postponing the danger attend
Ing further isenes. The recent assurancei
that Mr.. fsssenden would recommend = lin
jtation Of the currency. are met with re-
quest that Congress will autbo NO the Sec
rotary Of the Treasury TO issue notes At hi
discretion, thus throwing open the door t
IN unlimited imitation. The expectation thai
The loan market would be relieved BY . large
increase Of taxation, 10 responded to by Of
intimation that the income from that source
may possibly be augmented to $500, 900 900
Or about one fourth Of our expenditures. A
general confidence that, after the significant
results Of the gold bill Of last session, ~
should have no more attempts to arbitrarily
tamper with the gold market, is shocked BY
. Recommendation ofstringcnt laws against
disloyal apeculations in gold. To these dis
appointments Of the chief hopes on which
financial relief MAS expected, must be added
. strong dissatisfaction with the inconsis
tsncy ard indecision Of view that chara ter
lie the document from beginning to end
The present indications are that, Is the re-
port becomes more generally weighed ant
its tendency appreciated, it will become tn,
basis Of vigorous renewal Of speculation il
gold and stocks.
This in the money market Editorially
The report is ASA led with still more earnest
ness. - thus:
Everything seems treated solely in an
empiracle manner. lie shares most Of thu
prevailing popular fallacics Of the day in re
gard to finances and to the efficacy aud pro
priety Of controlling events by Government
Interference.
lie never examines tho natural effects Of
past Or prospective legislation. He constant
" makes assertions Of principles without
tho slightest argument u prove their cor
rectness. Arguments against certain meas
ures frequently accompany fecommenda
lions e edopt them."
The money and business markets to-day
show the effect Of the general Administer
ton Budget in Washington.