The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1865-02-18

certain amount of gambling speculation
it has created a speculation in gold more
gambling than anything to which il has
put stop. But it's worst effects, and those
which will be longest felt. are the effects
produced upon the rational credit and
commercial morality by every act of Gues-
tionable legislation. 9e
From the legal-tender act it was but
natural step to the proposal made by .
member of the Finance Committee, in nm
for forcing greenbecks up to par by penal
legislation. assssa vse
The advocates Of the legal-terder act are
loud in their praise OF q National paper
currency. But the legsl-tender act and .
national paper currency are, as . single
glance at the financial facts OF Europe must
show, quite distinct things, having no ne.
cessary connection with each other. And
it is to be remembered that the smash Of q
local "wildcat bank ID, at worst, q local
evil; whereas, il the National Excheguer
becomes wildcat bank, and smashes.
the evil will be;universal. gg
Within no long time it will bs confessed
that the legal.teEder. act was the most
wastefsl, as welIAs the most unfair in its
incidence, Of all Imaginable systems flax.
alton. 5, aes@s,
If you touch upon the the subject in
America, the commoD answer is, .sYou can
not talk; you suspended specie payments
q
selves" Satisfied as they are apt to be
with this retort, Americans Go rot inquire
what were the economical and financial
effects, immediate and ultimate, Of meas
ure which, although anterior to the general
diffusion Of knowledge on economical sub.
jects, was opposed by the most enlightened
and upright economists Of the time. Nor
do they reflect thar as our war was waged
to great extent abroad, and by means of
subsidies to foreign powers, it was necesSa.
rily carried on partly in gold.
The melancholy part Of the matter is that
the people demanded nothing Of the kind.
The people were ready fer sound and Wig
orous sy stem OF taxation, which would
havesustained the publ credit and enabled
the Government 10 borrow what il needed
in gold at q reasonable rae. IN this and
in other matters, the people are leagues in
advance Of the politicians who, bred under
an evil system, are the last to feel the influ-
ence of q great national regeneration. The
American nation is a gallant horse il it had
but more gallant rider.
Americans have Hitherto lived in blessed
ignorance OF taxation and finance. The
consequence is a state Of mind upon eco
nomical and finsn cial subjects mot among
who are, Of course, most intelligent, but
among politicians, and the mass Of even
educated men-which your. correspondent
terms empirical and which be Justly
says is passing from empiyicalism into sci.
ence by somewhat expensive process
exploded, no fancy too chimerical, to lind
acceptance and do mischief. The vague
notion prevails that America, shooting
ahead Of the timid inar ce OF the Old
World, has strirmphantly dispensed with q
specie currency, though The green back
pay specie, from which it maniteetly de-
rives its whole value. Strange theories,
tending IN the same direction, began to
grow ont of the fact that, from causes Of
which very simple account may be given,
real property did notat FIRST rise in price
like other articles Of commerce. The high
est financial authorities, if ! am rightly in
formed, were convinced hat the huctua-
tions in the value of the, paper currency
were caused merely by tcuf1ict between
the currents ofnational and local notes, the
variations OF which 10 ust have appeared to
them 20 coincide cnrionsly with those of
military and political events. The Presi-
den. himself is generally supposed to be
the author ofthe plan for issuing descriP-
ton Of stock not liable 70 seizure for debt,
which would produce some moral as we'll
az economical phenomena Of an interesting
kind. The buried arguments Of our pro-
tectionists have risen again in the New
World and the Americans, fear, are in
the minority ho do not believe that by
forcing capital and industry from the more
remunerative to the less remunerative en-
ployment, patriotic legislator may in.
crease the national wealth. If misgivings
arise, there is q ready appeal to the bound
less resources Of the country, as though
untitled land and unwroueht minerals, the
possible elements Of future cpulence, could
satisfy the i'm mmediate demands Of the pub
lie creditor; as though they were any more
than natural powers, as valueless in them.
selves as water or air, and dependent for
es ~ AZ T.
dux OF emigfRpt labor (which unSound
economical measures, by raising the cost
Of living, will exclude) and the opening of
internal lines OF communication. Ia the
last resort, the American reminds the OBJ
jectOr that America is a new country,
though by what new laws of economy and
finance it is governed he would probably
be a, loss to say. Adam Smith and the
great European economists. are little read
what is read in their place iorbesr to de-
| scribe. s}e. Il,
These are disagreeable reflections. But
! public liabilities, Claims for compensation
Included. must be approaching three taou-
ing spirit, which is nov 80 high ihat, dur
I ing the three months passed in this coun-
1 try, hardly ever heard murnlr, even
! from those who were most severely anc un-
fjustly taxed, will sink when the excite
ment Of the war 10 At an END, while y con-
1
ests, each trying to shiftttse bar,tn. to the
other, will too probably ensue. Al present
| the patriotism of the nation, its marvellous
industry, the irnmensity-of its real wealth,
its intelligent fidelity to the government Of
it's choice, and readiness to osupport all hon.
est endeavors for the pubic good, would
most likely enable . really strong man to
return to a sounder system, and avert inn
minent disaster. But, unless strong man
soon appears, all that can be said I fear, is
that the Americans will bear financial
catastrophe better, and recover from it
more speedily than any other nation.
~ A st. Louis dispatch to the the Chi
cago Evening Journal says:
II. L. Smith, q lawyer, formerly of1owa,
has been sentenced by the Military Com
mission here to six montha) imprisonment
in the penitsntiary, charged with attempt
ing to bribe Captain McCinre, having
large number Of prisoners in charge, by
Offering him two thousand dollars or .
commission on his profits e q spostitute
nnAre Snoith,a familv are now in Iowa