Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1866-01-22


All hisIor, shows that Commercial revul-
siees tresA closely upon the heels of war,
snA.y~ve greatly fear that our people will
not learn wisdom BY the lessons Of the past
The iopestations into New York alone dur
Ing he Last week Of December amounted 10
evse te,oSo,05o, gold valuation; 10 say
nothing Of Boston, Philadelphia, baltimore,
&c. Ii the six months Of the current fis-
cal year which have expired, they have ex
ccsded $4,000, 900, and for the whole
year ending both Of June next, will be not
less than $s5O,oo0, 900. This is just after
the country has gone through and exhaust
ing four years war, costing 90. 900, 900. 600 +!
What unless this spendthrift tendency is
checked, Is to prevent the collapse predicted
by Secretary McCulloch II must come
perhaps before the two years Of expansion
he allows-and when it does, there will be
such . general crash as the commercial world
has never yet SEEM Harper's Weekly sounds
some seasonable warnings, but VIC doubt il
thy will be any more regarded than those
which forctold the crisis of 1857, so many
times before it came. Speaking ofthat try
ing tune TO the whole commercial commu
nifty, the Weekly says:
There is something striking and whole
some in the rcmniscence Now, as then
importers cannot order goods fast enough
from Europe, steams cannot convey them
in quantities sufficient, jobbers cannot keep
stock enough on hand, dealers are worked
to death to supply customers, and the pub
lie pockets are crammcd with paper evidenc-
es Of debt, legal tenders, national bank
notes, seven thirties, debt certificates. gold
notes, all OF them possessing purchasing
power, and enabling the holder to pay fiji
ty six cents yard for cotton cloth: one dol
lar pair for stockings, and five dollars
yard for Lyons silks. low long can this
thing last?
The Secretary Of the Treasury-an old
banker and scientific financicr warn us that
within two years we shall have general
collapse. We shrug our shoulders, and go
on buying foreign goods. French import
ers say, Would you have us stop import
ing when We can sell every case Of goods at
profit Of ten per cent - Jobbers laugh
At contracting their business SO long as
dealers strip their store bare as often as
they fill it. Dealers cannot be expected to
let their stocks run down so long as trade
remains so brisk And the gay old public,
with its pockets fun Of money in forty five
different shapes-spcnds what it has in it's
old frec-handed way. II it could but be
persuaded 70 retrcnch it's expenditure to
see that when you extract two from four,
the remainder, in spite fal! the metaphys
les and fancy financiering in the world, Is
not six, but two, the catastrophe might be
avcrted. But do people believe Cassandra
any more now than in the old Trojan days?
Wise men--the rare few who will be found
floating after the storm-wil set their
houses in order The Secretary may or
may not succeed in contracting the curren-
cy. II he does, he will cause the collapse,
as Mr. Chase caused the Wall street collapse
Of 1864. If he does not, it will come with
out him. That it must come, no thought
full person can doubt, in view Of what is
patent to oil. But meanwhile, old John
Public will order'ncw opera cloaks ftr Mrs.
p. and the Misses p putting his fifty cent
Havana, will hcratc iccntious presses for
unsettling public confidence, and throwing
Obstacles in the way Of a restoration Of the
will DO the most astonishcd when n hurri-
cane arises some fine morning, and sweeps
him from the financial surface.