Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1865-03-31

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~ 81. =. Counsrcial Advertiser (republi'
csn), March -. ..

~ - \. 7. Coansrcisl Advertiser (repub'i'
NJ. -. .sse, - of The uajsEs ana most
..S;ss ~ 100 act, eold gradually rose
!. srss.s ~ veors and halfto 285. or sath-
= ~ snrr.ncy deprecated to % per cent.
n ~ nominal value. While this depreciA
t;ou Il currency Was going on. the value Of
In thingp rose corSssponding'y, because
eoad stili remained the only true test Of val.
~. and the indebted classes robbed their
ereiitors BY paying them in different cur
renev from that stipulated in their contracts.
Evssy one supposed he was growing rich
sapilly; he country WAS dedAssd TO %
nero prosperous thao q previous Pert1d.
nseWishseanding The destsuet6on Of Ne and
pespssty and the diversion Of labor from
protective 70 destructive occupations; and
Z - boldly asserted that the laws Of po-
htioal sooneny might bc applicable to Eu
ssps, but tint they certainly wec not to the
United States.
The progress Of the war ct Last brought
success TO the federal arms, and the end of
The rebellion now appears TO DO aoprnach-
Inc. Al our arms achieved their success.
confidence in the currency revived, and gold
fell gradually. accompanied BY virtuous re-
~ Il touched l50 per cent,-thst 10 to say,
our currency rose to 66t per cent. During
this appreciation Of our currency, the sup
psssd wealth ofindividuals gradually melted
aWay-priecs fell and trado became stsgnant,
peoducing some failures among stock opera
toss aud merchants, and fearful diminu-
ton 10 the value Of property held BY ind',
viduala, while their Indebtedness remained
~ oome. IL was now seen and felt how II.
luoesy had bsen the view previously taken
Of the effect Of the legal tender act, and It
Vas proved that no amount Of intelligence
and Of capital can prevent the ultimate ruin
Of commerce and industry when forced to
- : deprecated currency Of uncertain val
us. Oas day men are ruined by its dcprecia.
ton. end thus the fart In made but too ap-
parsnt that . currency subject to sudden
fluctuations in value cannot be made to per.
form the proper and beneficial functions VI
meney.
Nov, from the experience Of the past il il
not possible to derive practical lesson for
any loss which may be produced by tho ~.
peal Of the legal tender act, and . prompt
1etnn 10 specie payments, will be ~ moth.
Ing compared to the effects Of attempting to
carry on commerce and industry for any
lsngth Of time with deprecated currency.
0uejoet 70 violent fluctuations, and. there
FORE, . falee measure OF value. We have
BOW passed through the severe ordeal Of the
depreciation Of gold from 2s5 to $50. IL we
have been able to sustain oursely 81 through
thia, 10 there much to be feared from the
oGoota Of the transition from No. 10 400
Once more blessed with sound currency
tAoos Who may have succumbed during thu
return y . sound currency will then mncl
ooonor be able 10 recupcrxte themselves thar
while forced 70 use the present currency
cd commerce and industry will resume
thoir wonted activity, without which il il
ahoolutsly impossible for the country long
70 sustain tho burden imposed on It by the
War.
But II will be said. how can we return to
. eound currency while the legal tender act
b In forcsy The process is very easy: Al
leW the question Of the constitutions ty Of
that nuwisc act to be brought before the Su-
preoe Court Of the United States, aud, il
there b the least sentiment Of justice and
oesye susC scoHs AAVWsS u6e W sc6es ps'"St-
ples, in the judges Of that court, they will
lay asids political views and prejudices, and
unanimously decide that tho act is uncon-
edtsdsnal. and usurpation of power by
Cougress. We think We have conclusively
proven this in our recent review Of the deci
sion the Supreme Court, in the :elcgrated
case Of 4cCulloch W. the State Of Mary
land.
. The declaration that the legal tender act
. unconstitutional, will at once lead to the
funding Of the legal tender notes. which, in
their new form Of United States bonds, will
undoubtedly be more valuable than in their
present form, in consequence Of the rapid
appreciation Of the credit Of the country,
which the return TO a sound currency can
net fail to produce No harm will, there.
fore. accrue to the holders of the legal ten
81 notes; while the entire community will
- immenssly benefited BY getting rid Of y
currency which 10 ore Of the heaviest bur
dsns that can BE- imposed upon IN industri-
cue and commercial pc ,p,e.