North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1868-11-18

A1GUSPeo~ - = s~s~'
There is a prevalent opinion in this
country that, at regular periods OF time,
supposed to be about once in ten years
there occurs what is called financial re.
yulsion. On such occasions, prices of al
: kinds fall, rates Of interest are enormous.
" high, business of all kinds droops, and
the enterprise and industry of the coun-
try receive sharp and sudden check.
These revulsions always begin with de-
rangements Of the money markets. Here
Z tofofe they o could n most instance be
traced to banks doing reckless and dis
honest business, and whose failures in
yolved the fortunes of sound banks. The
variety of banking laws, currency, and
moneyed institutions we had in the
country, made it difficult at all times to
estimate the amount of what should be
accounted as money in circulation, and
impossible to tell, with any approach to
accuracy, what number of our banks were
solvent A uniform currency, secured by
government bonds, and for the redemption
Of which the government is responsible, is
a guarantee that bill-holders will be pro-
tected from loss by bank-failures and
that thus one great cause of panic in
money matters, which has operated disas'
Etrcusly is now removed.
Supposing, however, Secretary McCul-
loch, to be right in attributng the present
stringency in the money market to ICON.
'binations of SPECTATORS in Wall street,
who have locked up greenbacks for gam
bling purposes, the fact is proof that
uniform currency, secured, as is that of
; our national banks, 10 not, as many have
supposed, and rs Secretary Chase, in SUBJ
stance, asserted, an insurance against
general financial revulsions. Were it pos
sible to frame banking law so that de-
positors as well as bill'holders should be
secured against loss, this would not be
Z a guarantee against the embarrassments
which occasionally bring financial ruin
upon whole sections of the country.
SO for rs western interests are concern
ed, it is immaterial whether currency has
been Withdrawn from circulation for
q speculative purposes, or whether it has
been absorbed to such on extent by the
growth and development of business, that
there is not now enough to answer the
honest demands Of trade. IF the first, it
is proof that few Wall street spectators,
aided by the scarcity Of currency, can at
any time drive the west into the payment
gof such rates Of interest as they may
choose to demand. If the latter, it is
proof that the circulation of currency
should be cqualized, or that enough more
would be issued to place the business of
the west above the grabbing tricks and
policies of "Wall street gamblers and
New England bankers. Had the agree
ment between Adams and Clay been the
infamous coalition between Puritan and
"blackleg" which Randolph supposed it
to be, it would yet have been innocent and
laudable in comparison with the schemes
of New England and New York to plum
der the western states.
The crash in financial affairs, which
now seems imminent, may not takeua1ace
during the present month, or ev eM the
present winter. The close of navigation
may relax. the heavy demands for advan-
ces now made by our packers, and grain
dealers, and lumbermen but, SO surely as
business will open next spring, there will
be tumbling down in prices which will
fearfully scourge the west, if there is not
an addition to the volume Of currency.
What we want is exactly what Seymour
said we wanted money enough to trans
act the business of the country, and finan-
cial reforms which will bring up the
credit of the government. Judging the
present congress by what it has done, we
shall get, instead of this, contraction of
the currency, and a continuation Of profit
gacy and corruption in expenditure
CHicn0o Times.