Sioux City register. [volume] (Sioux City, Iowa) 1858-1871, 1867-02-02
CAUSE OF DULL TIMES.

A noticeable strirgency in the money mar
ket in the east, aud a propor'ionate falling
off in the price and amour, OF sales Of mcr-
shandiss and produce, il being attributed
BY the radical press to any cause which will
avert the responsible from the rump con-
gress aud its acts. The true and ouly causes
OF the financial disturbance, which has al
ready resulted in tho failure Of many leading
houses in New Yoik aud other cities, is The
determination Of The black repu' lics n party
to destroy the equality and rights of the
southern states, and revolu,ion;zo the gov.
eminent BY impeaching and deposing the
President This determination ou the part
Of the jacobins has v eakene the COZ fide nee
If the people in the value Of our securities,
and produced q feeling Of distrust ia com
mcrcisl circles which thrcatens-and if the
policy Of the radicals is not changed-w'll
result in the most disastrous consequences
The same causes are bringing back upon
our market large proportion Of our securi-
ties held in Europe, forcing them to SALE
and thereby seriously depressing their value
Another, but less potent cause, is the pol
icy Of the Secretary of me Treasury to con-
tract the volume Of paper money, nd speed
lily return to a specie basis. a sudden trans
ition Of this kind would undoubtedly be fol.
lowed by severe aud general prustration Of
business, and is novemen, to be dc preca.
ted and opposed BY every one who does no,
wish 10 have rep at.d the cen mrrcial dis.
tress and financial ruin Of 1873, and 1857
The effect Of such policy is we'll stated in
the following from the Cincinnati Gazette,
except tina, that paper enormously dguifes
the Sec:v.ary with lie lille Of "thc govern
ment:"
at is always to be remarked that the pre-
vailing strineency is not the real caus. of
the s.agnati"n in business. On the c ,ntrary
tie latter is the main cause Of the iorm> r
and something more th,n al easy money
market is necessary 10 give a n,w star, to
trade. Those who have money are afraid to
invest it because OF the unsettled coalition
Of finances, and the con -r11en. uncertainty
in regard to the future Of business The
volume of money is large enough. but its
flow las been int rrup,ed Give the country
settled financial p" icy, ae troy the d scre
,'onary power which has been used to paral.
yzs indas'ry-or which had this effect, wla:-
ever may have been the intenten-and we
shall have q resumption Of business and a
restoration OF confidence sufficient 10 secure
an easy money market The re la,ive supply
OF currency is at this time twenty -Fve per
cent, c'eatcr than it was 10 January, 1866.
While :,e volume has really not been m ate
rally reduced, prices of commodities have
declined thirty per cent. on an average, thus
decreasing the purchasing power Of the pa
per dollars 20 that extent, tia quantity Of
paper dollars in circulation being in the
meantime maintained. 1t is not real scar
city OF money, therefore, that has 2aralyzed
business; but the proposition to adopt
policy, on the part of the Government,
which, If carried cut, would bring upon the
country sweeping Commercial! disasters-
:this ha, frightened tho people and taken The
lite out Of business and while it has accom-
plished this much evil it Las not brou -bt the
country any nearer specie payments. Rev
"lu;lons occurring Oh a paper basis can
never bring about resunp.i on of specie
redemptions, while the necessities of TIE 20.
vernment are large aud pressing, as at pre-
sent Ii will. under the mos. favorable cir
cumstances require time 10 get back TO q
solid basis, and every attempt t. jump the
obstacles found in the way only delays pro-
Fress. England, after its great war, tried to
90 what is being attempted in this country.
The result was disastrous The Industrial
interests Of the people were broken down,
ard specie payments were postponed several
years. In our case it would seem that his
tory is repeating it.eli. This ia because those
in authority are not d;sp ,sed to profit by the
experience Of other nations But the laws
OF hLance which defeated the movement in
E"glaud arc in full force STILL aud if run
against will dash TO pieces both theories and
theorists, as they did over half century ago