Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1865-03-30

w. - -
me- shs Nsw York werit. nsreh r.
ofssths naAncial psais, y = dilleals e
snssar-in ~ sSf ter1s besstoISss employed
n ~ dsscripfioo Of such IN event. becasae
IL SScD vnok I'VE 6ew outward signs.
Hs~S.s,~s, s6uI5 'Sardly nave hesn inducei
= hsiisvs' "a he sauntessd through Wsll
:.:s:s 8 6! ssy s. s , al
: r nleieude of our forsnsst buainess uen
wsrs struggling q ths xeFgs u ryiR, and
~ jIssl6l AtsI y y -. ~ spsdSls
~ fssiersd iniiel ! kn1ss ard aiscuS -
thstituatesn With ~ ddletand osdess~hicti
might charsctsrise the proceedings of . ccn.
vocation Of reputable ves&rymen- save, per-
haps, when some nervous gentleman essay
ID to rel eve his anxiety with weakly joke,
born Of tresnor. A depressing atmosphere
hung over the mafts VI trade 1na tho great
centres sf 0nance the crowds II the street
were perhaps - large ~, but hardly more
excited than, usual. Trade was Il . stand
still.
There were not many failures. The enis-
tencs Of . paper currency, and the demon
cs'sation o. gold. has done away In greater
part with the credit system. Consequently
where there we're no outstanding obligations
house could not we'll fall. II might quietly
close it, doors, Is several houses did I; il
aightaeose - have placs in the commcr
al VOrM; but ,lhiIore Was MOI it, fat4. II
ms panie md secured 60Cofe The Sar, n
TIE 6mc when tie credit system regulated
the business world, the crash would have
been tremendous, ami would have outdons
the worst work of'57. But paper monty hal
been 20 plenty, and il Vas 10 much NOR,
profitable to pay grsen6acks ct the moment
thsn 70 pat OF the meeting of obligatioAs Z
future time, that credit, 6snsssily, Il bfv1
fersd, hes been refused.
Everybody felt or grew poor. It was tn
inevitable elect u the nutrition Of millionl
upon Millions Of fictitious wealth II wal
one Of the certainties which every body ex
pected, and for which nobody seemed pre-
pared when the hour Of decline came
| Il IN noticeable fact that those who los
most heavily when the premium upon golt
huttercd up 10 1856 were the supporters o
the administration, who denounced a. veal
inventions Of the enemy a., the "coppcr
heads'-all predictions regarding depre
ciation ofthe urrencv. II is n0w general
" asserted that tho speculators who hav
made money by the DECLINE ore those who ar
opposed to hesamini t-stiss,, who have uni
ferinly prcdictcd great fsll in prices, an
operated accordingly. - -''s
There were many queer stories in tn
street. One was that the government, yes
terisy, purchased three millions Of golt
Intending TO retain IL until the evacuation {
Richmond, confidently expected, shonl
come, when it would be thrown upon tn
market, and the premium forced down Il err
by. q which point government meant
keep il.
The greatest sufferers were the holders
sugar and pork. the decline being hcavici
therein. Yet some Of the worst injurc
found heart to laugh Mt the statement ma
by one Of our contemporaries, that pork ha
declined eighty per esat Il was cO"ceie
that, if . further fall Of twenty per cen
SHOULD take place there whould bc no prot
in Watching the market, in SO much as por
! would then be worth absolutely nothing
| and its holders would he willing TO thro
open their. houses and invite the gencr'
: public to help themselves.
That more serious results did not atten
the panic is due propably in no slight d
, gree 70 the cosmopolitan chara.ttr II our b
: ainesx snen. On Change the turbulent ras
cal, the conservative democrat, and Z
y moderate republican meet for arrumen
y and this interchange Of ideas produces
: greater homogencity Of purpose and acti
= than is possible in any other city Of
y union. Thus our commercial community
. better prepared for vi lent fluctuations ID
u snv other, and finds Il easier to withsta
the shock when it does come.
!" 1t 10 to be hoped-indecd. there Is rcas
to think that the panic has reached
Is height. Similar events, however, will be
= more and more frequent occurrence here
y ter, AZ commerce makes renewed and RI
= idly increasing efforts to assume tho II
u standard.