Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-10-29

-, Rsci,,,r OF state Land cfee,
p.ANDERsoN. OF Dubuque SoahV.
For Treasurer.
nroAaTY. Of wsodbuiy.Coany
For Auditor.
4. DUNLAvEy. u Davis C'snv.
"a w,LiiAnsoN. Of warren County.
sCesxressienal.
rpe, n.mbsr Of Congress District.
vvw. e. s.EFFlN0WE l.L.
For C,rcaii Judee.
WV. r. DRANNAN.
THE FINANCIAL PRONPECr.
No one can deny that dark and threat
saing clouds are rolling up along the hori-
usn. Those whs remember the STERN they
faced and fought Or fell before about ten
yssrs ago must see that there il reason for |
alarm must see that il 10 high tine to look |
I, thor outstanding anairs.
The following msnsy article from the |
Chicago Tmss u Tuesday l. worth ths |
mes. careful attention On the part Of every |
business man. The evil day % lsng prsphs-
ssd may,nst b II hand, but there can b.
- harm 10 exercising good deal Of eau.
tisn. Read the following:
Ia, s.rngsusy Of The New York msnsy
mnks, has bssn pspslarly accounted for
upon the theory thea ssabisatisa Of Wall
street brokers had borsswsd legal tenders
from - ne Of the banks, sealed them up in
packages, and used then - eollatsssls fer
similar leans At ether basks. repeating The
operation until soms $1,000. 900 Of legal
tenders we're licked up. TIE weekly state
msnt Of the associated banks Of New York,
- Saturday. shsw that this hes net been
the esss. The weekly baak statement 10 %
fe.lews:
Laans. $40. s'9sss Decrease. - o;5.o9a
specie s.a,s,se, Increase - aus sss
Cifcsiation.- s<.ia9 $50 Dscrease. 1880
Dspos.is. -. $685. s,5 Decrease. -. s.s.5. sa9
Legal tsndsrs sc.Tli .s3k Decrease. l,ol3Ae3
Tais shows that the decrease in loans
has been 81 900, 900, and the decrease in
lcgsltenders ls.s than t2.o00,O0O. ia
oomoinNtion Of spectators had bssn fern.
si 10 uga,sn up the inc icy market. there
would nave been . largo increase in loans,
and tas fac. that tie loans havo decreased
conplsts!y dies pAtss the theory that the
s.r.nKsacy has heel caused BY any such
mosas lis unlusstisnably true that the
Nss forx money masket has been made
stnnSentby tho absence Of suHci,n. money
with which to uAnsAo. the b siness OF the
coustry, and tnis is further shown bv the
'Aot that the noaey market has become
more and more stringent, in the face OF .
decline an the gold premium, which mas
materially Increased It's nominal purchasing
power Of tho currency, and a sweeping de
onns N the value Of nearly all the slap 4
commodities for which il Is used in ex
change Tbs dsclins in gold and ths re
ducs'on IN other values has been SO grsa
that SO in grsenbscks will now 70 furthe
aud transact more business than &23 shor
time ago, aud yet money becomes NOR,
scarce aud stringent every day. Can any
one account for this upon any ether grounds
than that the general volume Of the cur
rsncy 10 insufficient FIR the commercial
wants Of the eouutryi II the supply had
been equal 10 the dsmands Of coumsres,
the decline in the gold premium and III.
suospiag reduction in ths value Of oil the
staple commodities. would have induced On
easy cendi,iss Of Affairs, aui would have
bssa attended BY great freedom IN the no
EQUATION Of loans, and By . red on IL
shs current rates Of interest. Instead o
this. ueusy has become stringent, the ne
gotlalion Of loaus rendered more i II cult
and shs rates Of interest have advanced.
The same cause.-The iuadequscy Of the
currency-hAs been the cause Of the DO
sangsment aad decline IN the grain "a, ksss
We knew that interested parties have At
tempted 10 make Il appear that the reason
grain would not move, and tho cause Of &C
cumulat;on ct the great points Of delivery,
has been . combination Of spectators 10
maintain prices At such point that ship,
Psrs could not have msrgin between here
aud New York in other words, maintain
relatively higher prices in the West than in
the East l, 10 sufficient TO s,y. in reply 70
this statement, that the Chicago wheat
market has steadily declined frsm 81 80 10
>vl.lb, in order to get 90 far bslew Now
York quotations that shippers could be in
doesd to ship the property out. But after
this great decline, there 10 still No margin
for shippers, the New York markets having
declined - fast - The wsstsrn markets.
Asney IN the country 10 20 scarce that the
currency paid cut Tor grain 10 absorbed in
local susinssss and dsss net aud il way
back again 70 the great centres 81 trade, the
e,sousss@snte eaasisg. therefore, asoAscity
q mensy Ct these great esatsss, which in
svitaely carries prices deWnward. Under
such an in6usnss. pricss Of wheat we're
forced dswn, il THE market 81 yesterday 10
sSs in geld. which d much lever than the
price Il often commanded before the wsv-
The farmsrs. ~ these prices ere secsivin,
- much less fos their produce than thsJ
sxpsetsd 70 yoesivs. end should have 70
csivsd, that they cannet patseaias the eouu
Try osrshsnss q pay The debts they hav,
previously contracted under them. Ant
the country merchant can neither pay hi
paper maturing With the wAelssalsr. o
WAhe new purchase. Aud the wholesal,
merchant. With bic Assss lsedsd viii
goods which he sansst cell, ana HE ssf
full Of aotss which 10 cannot collect. j,
fesced 70 fell back upon The banks . ase,s
hin in meeting bic Own naturing paper, 81
though he knows that every dollar hs Dor
rows il increasing the stringsacy Of IN
loan market, and aggravating ths cause
Of his s0barrassment. AID hsavsl
only knows where be 10 to obtain III,
money with which . satisfy the claim
Of the banks whom they mature Al
this is occasioned BY the insufieisncy 0
the currency for the legitimate commercia
wants OF the country. And while wheat i,
down to So cents in gold. other ccmmodi-
tics 10 proportion. and values st:ll sinking
And while the farmers ars being rendered
bankrupt. the merchants threatened with
rum, ana the whole country placed in peril
81 vide spread revision, which no, hing
olt an inerea cd issue Of currency can
avert. the chief orssn Of Gen. asans, whose
pcs,ion enables il in al mseAsvs 70 know
ana speak the mind Of the chisf, declares
shAt there shall be no increased issue Of
currency. but, on the contrary. the currsn :
ey being alrsady redundant BY At least
t.oo,o0O.o 900, it should bs contracted in
volume. The formers and business men
are losing BY thoisands and millions.
shroug Oh the shriokags in values and do.
preston in trade, aud hopiog aad praying
.se more currency to again place the wheels
:. eommssce in motion. But the organs Of
vrant And contraction say s.net . single
ue,.af ws propose to try oae expert ment
2. 'appsssiasing' the purchasing never Of
the eSrrsncy." Well its purchssin, no,s,
= app!sciasius. Il 10 worth Tan csnts on
see sewer geld l34) e. day, while, ! short
VINE sec. vas worth but about IS cents
lgsld l&s). Wheat 10 down to Ais In
easFsesy. o. s. cents in gold. Hev dc "a,
taRmen Ike the Effects Of The sseppnee;e
Sisaf" The saiss Of cur msrcbauts H. AZ.
Aim1nhiDD and Ahnsr a..na..