Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1866-01-16

Flnaacla1.
NEw LoAn BiLL.- The New York Essn
ing Post. speaking u the new loan bill
which has been submitted BY Secrs
tary AcCulloch TO Congress, says:
The new loan bill is the chief topic Of dis.
cussion in Wall street. The unnecessarily
vide discretion which it grants to the Sec'y
Of the Treasury and the authorization VI
foreign loan, have caused considerable ~
prchensiVn that experiments viii DC made
To control the price Vi gold and tie rate of
forcisn exchange, by methods that will pro
duce succession Of spaslnodic movements
uf ternate contraction and expansion -
These appreliensions have disturbed gcner-
81 confidence. and the Bea,s have not been
slow to avail themselves Of the opportunity
to dcpress the quotations BY heavy short
sales.
Gold has declined to lower point than it
has reached since June last. Among the
reasons assigned fur this heavy sudden fall
are the ANTICIPATION Of contraction and the
consequent risinclination Of those who
have been lending on gold to continue to
furnish the usual accommoda ion. The con-
sequence has been that needy holders have
had to sell.
The New York Herald makes the follow
ing comments upon Mr.. Mor.ill's bill:
1T virtually confcrs upon the Secretary
Of the Treasury power to negotiate tor
egn loan, or y succession Of foreign loans,
to any amount necessary to pay whateve'
may be required for the payment Of the 4
,sting and malnred Indebtedness, and the
current expenses o. The Government w.
are tempted 10 inquire what necessity there
is for resortng to foreign loan for this
purpose, and why pay the interest on =
part Of our debt therei Is the Treasury
going to establish branches oil over tue
ancc companyy Why look to Europe st
all, when the bill is osi ensibly to enable the
Secretary OF the Treasury to fund United
States notes, Treasury notes. temporary
loans, clearing house certificates, certlti
Gates Of Indebtedness, and the floating debt
OF every description ? There are none Of
these securities he'd in Europe. But it
may be that the bill contcmpl.tcs general
funl,r Of bonds as well rs other secu; lilies
into this new stock, and that the PROPOSE
ton to pay the interest abroad in the coin
or currency Of the country where it Is paid,
is intended rs an inducement 10 make the
holders OF 3 2O's come forward and convert
them; for the new bill authorizes the Sec
rotary to exchange anv bo,ds authorized
by this act for any other bonds OF the Um-
ted States The wide discretionary power
which the bill gives to the Secretary in
choosing the length Of time inside OF forty
years Tor which the bonds shall run, Is
well as their denominations above $50 and
the amounts in which they are TO be issued
is dangerous one. in view Of possible
changes which may occur in the incumbcn
cy Of The Treasury. He may dispose Of tie
same at any time TO any am'unt ut the ma
kct price Tor coin Of the Tn ted States, for
eign coin u exchange, Treasury notes, IA
tiDnal bank currency or any obligations Of
The q vernment. The bill thus gives I'M
limited authority to fund or to borrow
whcn,oever the Secretary Of the Treasury
sees fit. This hill is too general in its
scope to be considered skillul piece Of
leg station. l. is virtually a transfer Of the
control Of the finances from Congress to
one man. and, although Mr.. McCulloch has
tn confidence Of the soplc, such unlimited
power being placed in his hands might lead
t" needless alarms and panics, and, in the
event Ol,eriain contingencies, to disastrous
results 20 the Treasury itself, as well as the
entire business of the country The bill,
however, will probably be me lifted ,ef,rc
i is acted upon. and, ncanwh L., there is
every reason TO SUPPOSE that he views Of
Mr. McCui.orh are conservative AMI gov
crncd hy the interests at the nation
LOST CorPoHs TO BE PAID.-The Treasury
Department has been of late anne we'd by
| applications from persons having lost cou-
pons, and, in consequence, ask the Depart
mcnt TO suspend payment on the same, IN |
transmit them to their lcg,ti,,,tc owners
Recognizing The fact that coupons are tx
changed as money, and that if st len and
in possession OF innocent parties such hol
'l'rs would lie the losers. the department
has decided that in no event will they refuse
to cash coupons presented it for payment.
MONEY MAKKEr.-The Chicago Times on
Mondays issue says:
The money market has been unusually
| string, mt during the entire week, ard at
the close there are no signs Of ~ prove
ment. The loanable capital Of the banks is
almost entirely absorbed and they can on
~ lend as ml,urILg paper IS taken up
There is scarcely any accumulation Of city
deposits, but me, camille paper is being gen.
orally paid and withdrawn, and the balances
Of the country banks arc not bcirg draw n
| down 50 close as usual. The demand for
money comes NANNY from the packers Of
and Operators in hogs and hog products.
and some idea Of its pressing character may
be inferred from t.,c TACT that, taking one
day with another, nearly $5OO,000 are re-
quircd daily in the movement Of 1ogs re
ccIvcd at this point. This strin.ency
will he If short durali n, however.
because the amount OF hcgs AMI
provisions being sent east. or held here on
eastern account, wi. soon brin a large sup
ilv oi currency from the east, and produce
most agreeable reaction in our local tinan
IS. The effects Of flow OF currency from
the east will be first apparent in the coun-
try, and there arc already perceptiblc imp
toms that the finance Of our country fri, nds
are becoming mo,e satisfactory. The mer
chants report that collections are b in,
made with core readiness, a, d during the
past few days Of the present week the com.
try bankers ave drawn to less extent thar,
| usual, and their balances have TIN led great.
ly to Ease up matters here. When the
pockets OF the farmers are once well lined,
money ill soon become as easy here rs the
necessities Of business require.
The live stock business hrs been the only
plank between the west and bankruptcy
this season, and We rejoice 70 see prices
holding up SO well. The west was largely
in debt 10 the east few months ago, in
consequence Of the high price VIC have been
compelled 10 pay Tor merchandise Of all dc
scriptions, and her live stock was the only
resource available fer the discharge Of this
Indebtedness. Another y, ar's business will
place the west as largely in debt at the
close Of 1866 as at the opening, and VIC very
much fear hat the price Of live stock anoth
er S, ason will not be equal to that Of this
winter, and that it will not prove sufficient
to balance the ledger. Everything points
to low priced pr0dLce-to = very marked
r, ductiOn in the rates now commanded by