Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1866-04-02

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- ~ viaAsa ~ sssaesy ~. tirs te !,
~ n = pssdistsA will ssAsss aeais = The
lBanstlsa = spssis payossta Thsps"
ulaisae bsesss ~ ~, wsrs ~ 1ass.
hsu6s e sessssiss uss u he credit sys
e., vhiCA sxasndsd through svssy branch
Z kaas end busiaess. The dsalruetien o.
sn1dsoes involves in common ruia mot {
- theee who ~ 10 eound basis on which
, s>aad, ~ Wy sfssu many who believed
Asnselvss sslvsst, end theught NY wsrs
|pias . ~ busiasss. III Wss ~ effect
4 - injsdiasss as&s sytsn.
0ns u he stsikiae rssulls = ~ late re-
bsllisa Il the almese sseal ssaihilasien 81
- cid credit systsm. Il b tsos, cur cur
.snsy hes besa inflated tevssA ~ former
pssesdsst yst Tie cssdIt .aystsa did not
6eurish under il. The sssalA b, business
- ben dsos On sasss basis then under
The old system Of givisg Ieeg crsaiss. %
eur business men could ssn evss their cap. |
ital three o. four times = olosa = under |
the old plan. and = . result, actual wealth
accumulated more rapidly. By The close
edhsssnes 70 the me sesdit" rule, which
~ most generally sdsplsd during the war.
or people have come 70 believe that Il 10
bstAse fsr them 70 pay - they 80, than to
have debt hanging over them. Thus il
~ bsesms The almost universal practice Of
peging lor what 10 beaght In this way
panies are avoided. Hence W argue, that
should specie payments resume Tomorrow,
there would be no considerable panic in the
eo0asseial snd monetary world.
Things nay b somewhat different ct the
South. owing 70 the greed Of many 70 make
lasgs sales Of goods there, and in their
hssts, gave unlimited credit without refer
soes - the probabilities Of payment. The
desire 70 buy cotton at any price, caused the
traders 70 forget the caution necessary for q
saSs business, Ind the result may be crash
In tbst region. It. effects, however. will
net b very extensive in the North, as our
traders have been very cautious in their ven
tusss, and the people less disposed to to buy
o. credit than they formerly were.
For our part, W believe that the annivcr.
81 prevalence Of the credit system,as 1t ex>
lsasd before he war, will not soon again
rule in this country. II will DO better for
III eoncsrned If il does not Under the svs>
~ adoptsd during the war. Of paying .
" COVE cannot ses how the return 70 spe
de payments can effect the great mass o.
ths people, o. cause any widespread panic
h the country. Financially our people ar'
In . fae healthier condition. than when cred
Il va to be had for asking, and our trader
stfovs 10 sell goods to every applicant, with
out reference TO the ability or honesty o
he customer. We should regret exceed
ingly 10 return Of the inflated credit sys
tenn which ruled the country prior to tn
last financial crash but we do NJ see how
rsturn 70 specie payments, ct this time, cal
b made 70 cause panic in the money maj
bet, or prove ruinous 70 the marcantils bus
insss Of the nation.
where are the 1ebellleus states
President johnson takes the ground cha
che rebellion Was not successful. That b.
their own aets the Southern States did no
take themselves out Of the Union and
therefore when men Of unquestionablc 10y
atty present Themselves, properly elected
they should be admitted, each for himself
The Radicals when they cay keep them on
until they give sufic!ent guarantees ofloy
atty, virtually say that the rebellion va
sueesss!ul, or that il is not yet closed.
A soon - one member Of state 10 ID
mittsd, tas state 10 restored in . part Of il
relations 70 The Union and when oil are id
nittsd, Il 10 restored in oil ofits relations.
Henry Ward Beecher says restore ther
ell q once. President johnson says restor
them - fast % they elect loyal men. Thi
Wa President Lincoln's policy, and to op
pess this Sane policy when he Was At tn
hsed Of the government, was to be called
traitor, rebel sympathizer aud variou
ether complimentary names. II this polio
b not adopted, when will the Union be re.
tersdf Instead Of leach house, being tn
judge Of the election, qualification, etc, q
IL own members, the Senate must judge 70
the House and the House for the Senate
Oossistent. rsry(s) They can only be I'd
nitted on joint resolution Of Congress
when and upon what conditions they are t
pass such . resolution seems to be uncer
tain.
We will not attempt to ascertain the ef
feet Of 81 h course upon our institutions
acourse which the ordinary intelligence o
thinking men condemn At once as tending I,
dsspotic Capitalization.
PASSING AwAY.-The Republican part,
seems 70 b. passing away despite the effort
Of some Of tho most radical, who fail I,
semprehsnd the fact that it does not NEE
thspssssnt status and exigsncies Of the coun
Try. The issues Of the war have overthrow
some Of the cherished ideas Of the Demo
cratic party, and We are willing to ascep
The result; yet We still cling to its time
enduring principles % being the foundation
q Republican Government That the con
oideeats, reasoning men Of oil parties mua
eventually rally around President johnson
policy cannot be doubted. The principa
tueA Il which seems to be that "a rstovs,
Vaiea i eoasistsRt Nth local state sersr
s1sey. setiss sitAia its prescribed spAer.
saS ssbsrjissts to tie supreme gossrnses
rAs Uaiss."
We ars not surprised to see the advocate
- eentralisation, Or in other words the Rae
ieals opposing this. We profess TO b tn
friends Of the principles Of the man
and when the time comes sfor "co