Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-05-04

ProUpecao Ol . Money Panic.
The Detroit Union, the representative Of
the working nsn's interests in that city,
thus diacourssth upon the present aspects
Of fnaneisl Affairs
THAT We ere to have . period Of busis
mesa depression and fnascial distress is
clear 70 every close observer Of the times
and OF cause and effect. Il was believed a
year ago that we should be in the midst of
IL by this time, but in consequence Of the
enormous imitation Of our currency, and the
prevailed for the last few years in conse>
qucnce OF II, We are now experier cirg n
business depression that before the war
would have been sure TO have carried with
It a financial crash. There is not a ray of
light breaking in that goes to encourage any
Improvement for a long time 10 como in
business matters, yet meantime the heavy
burthen OF taxation settles with more and
more weight upon us, showing that sooner
or later the crash must come. Money.
plenty - Il now 10, h not nearly a. much
IN circulation ~ . year since, because there
10 not busi.sss 70 cause il 10 circulate, and
yet the anomaly u presented Of lie being
hard to obtain on easy terms. Collections.
ere made only with nsch di@cslty and ex>
ssnaion Of time b ssksd Il not granted,
much eftenes than q any time IN years.
In speaking Of he present cendisies Of
financial affairs, the Chicago advocate re-
marks - follows:"
"rhs essential idea Of freedom 10 the
hight to ones own labor; and the pcrpetu>
alton OF the present order Of Affairs takes.
as Ne have repeatedly seen. the entire pro-
ducts Of the national labor for the pay ment
of the demands upon Il. The rsmedy We
propose Is simple. II offers On escape from
the pecuniary straits In which the nation
hnds itself at the close Of the war: il il
honest; i will avoid al ugly questions Of
reputation which ere sure 70 arise Il "a,
psople are - be taxed out Of I'll their earn.
ings for the benefit Of sapitalisss; Il will
give such su iopslss b Ill legitimate snter~
prices thee the peoGrooe Of the natien, grand
% il has bsen, win b nethine IN conpari>
son with the new iadussrial sosreies which
Will b, every whesss awakened. Let Gem
eress abolish the present banking systeu.
establish an Independent bureau for the
ma"Agement Of the national money. lie,
aa'hor'zs the issue Of grsenbscke. Let
80. 49, ~ .ns MONEY Of the country, paw off
sns feasra' bonds. rs they become du.
WIN snis national currency, giving 10 the
holder Of The currency at any t;-s u..,.-
certain regulations, the priyilsv. - ~.
versiag Il into bonds bearing ins.,s..
ever three per CONT Such = syss.m In ~" ~
in the control Of the people, aud The hanl
crs who, herctoSses, have regulated tho
amount OF currency, and therefore regulated
business, exciting ar depressing il TO sui,
their own aim, will find their ruiaous occur
patton gone. Il will abolish taxes-the
pretensss for swindling tariff laws and oil
ether sggrsssions Of monopoly. Let US
have this system aud oil fear Of panic, Of
bankruptcy, will disappear. The national
debt will cease to be weight Il will adj
just the rate Of interest upon capital, and
W frea labsr Tie weight that aow en-
slaves Il"
4 @Elolse 1niss. - obsss Dsyd. Of K.okuh
county, sorsally sl1ls . hsrse from enc Of
his nsiehbees asd brought il to Aesecy
City, end tso1o1 q r. q waseh cad seyen
A.Mc.. ~ -~-L ~ ! st----S. -. ="