North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1868-11-11

From the Chicago Times. Nov. 6.
The predictions of good times after the
election, which were so lavishly made a
few days ago, and undoubtedly induced i.
good many silly people to cast their votes
for the radical candidates, do not seem to
be verified. Money in, New York APP
pears to be more stringent than ever, and
confidence is more seriously and generally
impaired than it was before. Values of
all kinds are unsettled and dropping, and
government bonds arc to day &c 10 wer in
London than they were on yesterday, and
are from 3 to 4c lower in New York. We
ere not so silly as to believe all this has
been occasioned Ivy the election of Gen.
Grant, although we do bslieve that the
degree by the election Of Mr.. Seymour
This depression is not due to politics at
all, but to the operation of causes which
have been at work in the markets for some
time. The volume Of the currency is not
large enough to transact the business OF
the country, and, no matter how the cleo
tions might have resulted, this same de.
preston was innevitablc. In the case of
Mr.. Seymour's election, an increase in the
volume Of the circulation Of about $780,
600, 900 would have been certain, ard this
fact might have so far restored confidence
as to have prevented it altogether. The
| worst pinch comes now, instead of few
days before the election, because the heavy
capitalists Of the country, interested in
| Grants election, exerted all their influence
to sustain the markets and gloss over ex-
listing difficulties, until after the election
was over. This sustaining influence is
now withdrawn, and of course the mar
kets drag. The election of Gen. Grant or
| the election of Mr.. Seymour, only so far
as it was believed one favored the expan-
! sion and the other the contraction of the
currency, could have exercised no possible
influence upon the business interests of
the country, and to this extent, and to
this alone, has the election of Gen. Grant
contributed to the existing panic in New
York. The scarcity of money has been
the real cause, we mean the scarcity OF
money everywhere, and if the present de.
! rangement in business serves to open til.
eyes Of the people and of congress
to the true condition and purpose Of the
currency, it will not have been entirely
without compcnsating benefits. The cur
rency with which the crop Of 1867 was
moved was not entirsly sufficient and all
cur business men will remember the diff.
culties which attended it. But we started
in to move the crop of 1865, with SGl,-
100000 less currency than we had when
the crop Of 1867 began to move. AS a
natural consequence, everything was
strained to its utmost tension before the
last of September, and the ST., 100000 Of
additional contraction, which took place
during October, was load which the
country could not carry. and everythin.
broke down under it. If the volume oil
the currency had been sufficient for the
commercial necessities of the country, the
whole election campaign, from the nomi
nations at the conventions to the declara.
ton of the verdict at the ballot box, would
not have created perceptible ripple in
business matters. People may talk non.
sense if it suits them, and attempt to
account for this panic by the withdrawal
of Sl5,OOO,O0O by speculation in New
York. Such an explanation is all moon.
shine, and, besides, the treasury disburscd
some Sl2,0O0,0OO in redemption of three
per cents. to relieve the strain. So that
at the outside, difference of but $4,000.
600 could have been made in the volume
of the circulating medium in New York
But whether So 100000 or SIS 900, 600, il
the volume OF the currency is so small
that the combination Of half score OF
spectators in Wall street can bring the
whole country to the verge of crisis,
and business everywhere to q stand,-i
the volume of the currency is so small
that this whole country. with all its great
interests, is completely at the mercy of q
| <ro w c1J 81 b1
volume of the currency is entirely toe
small. Upon this point there can be nc
argument. But there are some people
who cannot yet see that we need an in
crease in the volume of the currency. 10
these gentlemen we will say, they will
have their eyes opened very widely before
very long.
New YORK, Nov. THE general mar
| kct is much Gnieter to-day, but opinions
prevail that there will be great excitement
| before the close Of the Board. The heavy
failure in the st. Paul stocks was caused
| by the failure of prominent operator to
respond to the puts he had sold, thus placing
parties who had purchased the stock for
delivery to him ''long'' instead of "short.' -
This failure had an unfavorable effect on
Northwestern shares, which were hammer
ed down in sympathy with St. Paul, al
though there was no connection in the
management of the former to warrant the
break. A majority of the holders of North
western stocks have great confidence in
the property, and are not sellers. With a
five per cent. cash dividend in December,
at present prices, they are the cheapest
stocks in the market.
The money strinsency has caused all the
brokers to decline buying on margins. and
the market had only the sports, who were
covering, and of investors, who took the
opportunity of buying and paying for large
amounts of the shares so severely handled
by the bears.
The publication of Washington dis.
patch announcing the intention of Secre-
tary McCulloch to re issue uncancelled
greenbacks redeemed at the Treasury, has
created fearful sensation in Wall street
to-day, and the whole market feels its cf-
fects. In the earlier portion Of the morn
ing, at the beginning Of the street transac-
tons, there was considerable hesitation as
to what the result of this step would be :;
but soon after doubts began to give way be.
fore eagcrness to purchase. and prices rose
steadily until, at the opening board, they
had improved an average of about two or
three per. cent.
The feeling is that this step on the part
of McCulloch will immediately relieve
the money market, by closing one great
drain to the currency, viz: the sale of
Government treasury bonds or gold, for
the purpose of getting money to meet the
daily expenses Of the Government.
- -
REMARKABLE CASE OF PETRIFlCATIoy.-
About six years ago, Mr.. Amos Drou sh-
ton died in Waunn cauntu In th;s c+a4a