Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1865-04-14
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ma vtHHSaa,; \ - Ne Financial
situation. s
nSsR mrCu.lNE IN GOLD.
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o.N9esalon Of Bed sCsie.
Velanc of paper Money.
TsxAsrnY DErAa1nESr,
Anril 4. 1865. J

-..l1 o,sva received nm eafssSs 'sP's .;.,.
~. ~ official duties. have nov o..y
!" rs~ssk briefly that an not 's.p ~" Ia
a., vhnf the nswspapefe may ~, -
.hou. he financial policy sna" A'oPs
secretary Of the treasury.
Amidst the great events that arc trhn,p
inc in the United States, ovcrtuinang w
ries and confounding the WISDOM o. wv VI,
est. a Secretary Of the treasury ~"u a
.vow. or determine definitely IN "'s ~
mind, his future policy, would DC P'o" WI,
ccd bold. rather than scnsoie' MAI; -
shall aim 70 10 is 10 watch csre'o"y -"
procress Of the events that may oe ~"
Able 10 control, and TO endeayor so 70 accom-
MEDIATE the administration OF the ueasSI
20 those events Is 10 MAINTAIN "s e'eus ~
the government and protect tue in'e'e"'S "
the people 49,. ,.a. n u,o
nr;nc;nal officers Of the department, on the
vth nit, said among other tn'ngs' my
chef aim will, Of course, be to provioe Tue
,nseus 70 discharge the claims upon Tue
treasury department at the earliest Gay
practicable, and 70 institute measures 10
bring the business OF the country erhuuai'y
back 10 the specie standard departure
from which although for time beng
necessity, is no less damaging and demon
alizing to tho people than expensive to the
government. -,
This il the only avowal Of policy which ]
have made or expect 70 make, at least Tor
the present.
The former OF these objects is receiving
nv arst attention. The sales OF the 7.'o
notes, (than which no more desirable Sc
curity will be offered TO the public, which
have heon temporarily diminished by the
Wall street panic, viii, am hopeful, be
soon again Increased as TO put the treasury
in a position 10 meet all suspended rcluisi-
tons nnc honor all drsfts Il at may be fnsde
upon it SO that the different departments
by being in condition promptly 70 nee
their engagements, may he enho'eu y
duce largely the expense Oh tue 9o'''"
mcnt.
The latter object sce,ns TO he in the right
train for accomplishment by the cliccuve
blows Of our military and naval forces: WIN
out any interpositlon Of the treasury depart
mcnt, and the face OF daily Increase VI
currency through the fundamentally oil the
national banks.
You seem to be apprchensve that the re-
turn TO specie payments Is 70 DC en'o''u y
. contraction OF government ISSUES an"
you say that, "in one thing all nave occ''
disposcd 10 mite, AID that was that an ear
ly resumption was the cardinal point OF M
policy, and that il was to be sought Mt what
socvcr cost to the capitalists anu "orhihe
men Of the country.
a resumption al specie payments IL win
me cardinal point because believe
that the specie business IS the only SAFE ana
healthy one for busn. and because am
clearly ofthe opinion tagt the interests OF
capitalists and work ingrnen Will DO promo,
ted by a return to it :; but no poliey could
be more unwise than that which should al
tempt TO accomplish it by such a curtaii'lrnt
of the currency as would PROSTATE or inJur-
lSSaS sseS sHeh H Es S's S"cSd
for its revenue, and which cannot be broken
down or severely depress ed without deprlv
ing labor Of its proper reward.
The history OF Wall street, within the last
ten DAYS, sustains the correctness Of th'
opinion which in another position hav'
frequently expressed, that the high price
Of gold vas to be attributed in part, at least
TO other influences than the expansion OF
the currency, and seems to Indicate that
the paper circulation of the country which
has been issued or secured by the govern
ment. even while its volume is beng IN
creased. may appreciate nearly to the specie
standard.
As the war draws to close and the re
storation of the union is no longer doubtful
gold and currency approximate rapidly to
each other in their market value. and, OF
course, all those articles which were made
TO follow the former iii its ascent must sym
pathize with it in its decline. This cannot
be prevented oy any action Of the treasury,
even if the interests Of the country require
it, Ii might have been better for the coun-
try aud the people that the decline OF coin
should have been more gradual than has
been the case for the week or two past, but
il is better that il should have come down
~ it has than thai ii should not have decin-
ed at all
It's understood, | believe among those
whose habits Of personal indulgence lead
them into protracted cxcesses, that sober
ing of rapidly is dangerous experiment;
but dangerous rs il may be, it is preferable
10 contnicd intoxication
1t does not follos however that becans'
gold has declined from ls5 TO 40, and NAV
speedily decline still further, prices gerer-
allv will fall TO the same extent; nor do
believe that any permanent decline which
is likely TO occur will PROSTATE the great
interests of the country. On the contrary
| am of the opinion that when the specie
standard is restored or nearly reached the
assurance which this state OF things will
creatc-that the business ofths country is
to be transacted on iirmer basis-wiil di-
vert capital from speculation, and stimulate
instead of PROSTATE, productive industry.
The close Of the war will remove the gov
ernme",, in good degree, from the mar
ket, BON as a borrower and q purchaser,
ana, whiie the business Of the country is be
ing accommodated to the new or Of things:
there will be TO a considerable extent. stag
nation and embarrassment; but as hostili- |
SITES are now likely to terminate before |
speculation has resulted in large individual
Indebtedness the transition is likely to be |
euected without the disasters which SO |
many have apprehended
The liabilities of the people are so small
the circulation medium is SO ample and so
we'll secured, the resources Of the nation
are so vast. and our political future is SO
brilliant that the embarrassments which a
change in the business OF the country mus,
bring about will be but temporary, and thu
indications are now decided, that by The
Time reconstruction is fairly commenced.
enterprise will be quickened into new life
And WIN Its integrity established the ONLY
drawback upon the national prosperity, and
and the only stain upon the national cscut
cheons removed, the great republic will move
forward again Oh its career Of prosperity
and honor, scarcely staggered by such
struggle with gigantic rebellion as would
have broken any other nation into ilas
ments.
You will perceive by the statement of the
condit,on of thctreasury on tie list instant
snaS tne government circulation has not
oeen omsnshed. Whether, or TO what ex
tshS, tnas calculation will be reduced do
Ponds upon circumstances that canno, now
q Clearly foreseen. have been and s.ill
an, Of the opinion that it must be cur,,,Ied
bssore : return to spics payments can be
eoscts4 but 1t cannot be denied thar ,bs
cears.SoS the market for the past month
- ben such As to justify reconsideration
q ths opinions which have been CO., rs, r~
oily entertained in regard to the intlas;on Of
~ c19y: The increased demand ID
asns&i hieh isth result Of The dimiuasics
- - ssnI