Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-10-30


Tax effect Of ths financial system ur on
Western interests 10 NEST plainly portrayed
p ,hs following sxtlact from Governor Ssy-
,nour's Chicago speech:
While you are gs.tisg forward ysur
crops this currency 10 forced int this Sec
ton by the high rate Of interest paid for it.
During the winter il aocumulatss ia vast
volumes .in the great cities Of the East.
There 10 no want Of it there for any fair
purp,sss. II thoss banks we're here this
money could b lent for useful objects. But
those Who bold u in New York, auxieus to
GET sons interest, invite speculative move
been 70 hurtful 70 business and to morals.
been gathered in the stvrshousss 81 out
cities are bought up. the price Of food 10
raised against our labersrs, expectation 10
stopped. and great misery % eftsn esassd
IN The hsmss Of these Whe live BY their
daily toll. lie who wiil carefully look into
the evils growing out Of the violence done
to oil fairness and al wise statssmanship. |
gill see that il has been curse alike 70 the |
East and the West. IChssrs When you
70 to your local banker 10 get the bills to |
buy up the products Of yeur State he 10 |
Obliged to 60 TO the East end borrow those |
blls in that section, and then - charge you |
further usury, % that ysu pay interest to
two banksrs therefore the discount upon
your paper il o. such rutnous rates. Or,
70 state It in o,hsr terms, llliasis pays in
tsssst 70 Massachusetts upon what should
be its own money the Wsst 10 tributary to
the East for = Giro ila,ion which rightfully
belongs to the West. Applause. The
men in power who did this thing. and your
own Representatives who consented TO the
aw. nov Ask your approval Of their con
duct. IL II lsa good thing to have more
than $40 81 currency to each person in
khnis Island Why il not |, 4 70 4 thinr
10 have an .qnd valurns In your owa
states Is 1t right that Maasachu.st;s
shorld have 81 10 croh cltiz n, whie Hit
neia has bat g., and Micisa AID wiscon-
sin but s.
The picture is not overdrawn. But
h'fhsrtp our farmer have been getting such
high prices FIR their grain Trey never
Thought OF cared about these things No
tha grain IL down aud the margins f.,
profit .inpst IS ,ilowed "a, they " IA begin
u loos into tn causes which bring these
vary low prices about. Tho financial .ys-
lem tass will aad p be gnawing big holes
In their grain sacks. And wha, Of it |,
WI they grin and bear il, Will they lose
their msrsins and ssll ,hs.r grain At or be-
low cost OF producing rA,hsr than forsgo
voting the Republic 80 ticket, Will they
contiaas "a. stand IL their own light aud
rsfiss TO zee the truth, Win they 70 on
statii " thor ssrs With radical lingo, and
ses their effects wasting A~ay' These are
qnssuons they must answer. The conse-
qusns.s arc thsir eva, lei them take their
choice.
Tho Cri-is Coming.
The Nav Yssk Herald Of Mondlv last
has the foIlo"ing
" The strinxsncv ia the money market
VAS very great daring the weak, and seven
per cent In gold was freely bid for loans b.
The tnsicrty OF borrowers on stock cclIs,s
rails. and in many instances an eighth Of one
per cent, commission was paid in addition
10 the legal ratio. This condition Of sff,irs
VAS lArxsly due to artificial causes, but
without natural influences operating in tho
sans direction the former would have ex>
erted little effect Of = disturbing character. |
The ioanabls resources Of the banks had
previously been greatly reduced by the
drain OF currency TO the West, and for the |
last ten days tho Sob Trsastry has been
absorbing nearly 100000 in grssnbacks
per diem in exchange for the coin il has
sold. The money market Was therefore un. !
usually sensitive to the withdnWsl Or . few
milliona cfgrsenbacks from the banks, and
combination, composed o. unssrupulous |
spectators, WAS not wanting to take advan.
sAss Of the opportunity, and report SAYS The |
latter are aided by . number Of equally UNI |
scapulous bank officers. The indications |
are that the worst Of this strinysu has not |
yet been felt, I've millions and half more |
Erssubacks hsving. il 10 undsra>ssd, besn |
withdraw from the banks yeatssdsv.
Bank onssrs are indispossd 70 suesosch
upon their reserves. - they Sbafn Vould
create distrust Of their ewo saftey aud %
lead . run upon thsW dspoaits. Z csn.in.
rsney which q the pysesat cgillc6l iunetsrs
would DO ffausht With Efsst taugse to the |
interests not oalv Of Van seroo1. but the |
country at large. They also eivv - reason
tor not dcviating from The established rule |
that the Western money markets ere very |
stringent aud that the demands Of the poek |
crop will sson create . fresh demand for |
msnsy. aud that the drain Of currency
Seu'hward 70 move the cotton crop 10 ONLY |
just beginning to be felt"
Let the wise read these thines With their
eyes open, and attend carefully aud ca1.i-
susly TO their business transactions. It'll
no alarm merely Ter effect trumpsd up for
Pur2oss, bu. there are real causes for it
causes too plain I, require pointing eat, and
unless soms,hingis done t. remove it then
stand from under. May Of our best Fl
nsncia men have predicted the coming of
panic or three years ret, and the prcba-
blay cstas fuihlment Of their prophecies
isnow imminent
The Army.
"ths regular army is provided bv Con.
srss', sac cut cegsmal portion or nis
ss'sied 10 my command. With this
s'aAsi 10 % am required TO protest rho
rMlrohds, the Missouri River, the various
sage routes, amounting in tas arer,eats
20 over sisat Thousand miles Of tr.veled
road. besides the incidental protection ~
tens Of Thousands Of miles Of froutisr al. 4.
temsnts'
We find the above in letter r.c...,,
Addressed by General Sherman 10 q cen.
..smea resident at Chsynne, Wyoming
Tsr''s''y, Who has published il, with The
writer's permission, in the Sear of that
n IL i. L,