The Placer herald., 1862-07-05
THE MONEY MARKET EAST.
New YORK, June 26th.

OIerllHH, excited, lZO5, SOlu, S4dS4; SOlu DlrS
10; Treasury, 3l0as; Pacific mail ll6s; Cali
tornia rs, 81; Oregon half yearly war loan, lO6
We clip at random the above extract from
the telegram reports from the east. 1t came
in the batch, published in the Sacramento
Union of the 3Oth June, ult., but for the sub
ject upon which we propose to speak any
other recent money dispatch would answer
equally as well, as they have for months
past all embraced the same absurdity. Com
merce all over the world has made money
the standard by which we measure and ex-
change property and labor, and gold and
silver is the standard by which all kinds OF
currency having circulation as money is val
ued The Federal Constitution grants 10
Congress the power "to coin money, regulate
the value thereof, ard of foreign coin, etc"
which, when it comes to a judicial lest, is
the only legal currency of the United States,
and of course tie standard of valuation of
property, labor and all other currency. But
let any one, not on the inside and less
shrewd than a banker, examine these tele.
grams of the New York money market, and
we defy him to say, what is the Standard of
valuation. 1t is not gold and silver coin,
for gold bars are as it would then seem,
worth ten per cent more than the coined
money, which is absurd may more-gold
coin is quoted in tina, event, as worth from
TO 4 more than itself Sterling
which is solvent European currency--ap
pears as worth 20 ll2 cents more than the
standard currency, which cannot therefore
be gold and silver coin.
1t is possible for the stock of the Pacific
Mail Steamship Company to be worth dollar
against dollar, more than Federal roin-if it
is paying large dividends it is possible for
California rs, dollar against dollar of the
face, to he 81 cents Of the same coin, but the
circ instances must be anomalous that causes
dollar of the Oregon half yearly war loan
to be worth lO6 cents of gold nd silver coin
! 1t is therefore plain that something else than
what t law recognizes is understood by
these kilograms, As the standard of valuation.
What it is, we confess ourselves ignorant of,
nor does it matter, since cur object is TO en-
quire the reason for it. Something seems to
have disturbed the money market on he
26lh Of June-Sterling was excited, and
Treasury note. paying and 3 10th interest
fell from 8 s to 5 Sths premium. 1t was
the day news was received of the retrograde
movement of Fremont. and the rumors Of a
change at the head of the War Department.
| Wall street is the pulse of Administrati IN
fortunes, it is up or down, with the glory of
Lincoln-there is no more certain test, and
to conceal from the public the true state of
this test, is the secret of this change of the
apparent standard of currency. We say
"apparent" because twist and turn it as they
will, conceal it as they may, gold and silver
will in fact be that standard.
These government issues of paper are
thrown upon the market, and by statute Of
Congress (not law, we say,) made legal ten,
der, and the equal Of gold and silver. 1t
must not appear that they are worth less than
coin, so they have for months been quoted
at a Premium of from 2 to cents, but
to what sort of currency to day compare
it, when fixing this premiuml evidently to
some issue Of paper, more worthless than it
is-and if gold bars are worth 10 cents on
the dollar more than these notes, an the
notes worth 5 cents on the dollar more than
this standard, then it follows, that the notes
as compared to bars are at discount of Is
cents, and centainly, as compared to Federal
coin, the discount will be still greater. II is
a very pretty little dodge, but it is possible
after studying the suLje t, for plain man
to see the cheat. When the currency is un'
sound, it is a fat time for the shrewd money
man, and honest, plodding old labor pays
the fiddler. This is all done during the rule
of party which has Wanted itself rs the
friend, par excellence, of the laborng white
man. He shall not he spoken of as the mud
sill Of socety--the foundation upon which
nations rest-oh no! not by no means; the
Republican party loves him, and will vindi,
cate him from such horrid aspersion. Oh
Humbug, how mighty!
EARLY.-We issue our paper one day ear
er this week, in order that "alI hands" may
enjoy the 4th.
1REAsURE.-The amount of treasure ship.
ped from San Francisco eastward, on Tues
day last, was 81 ,267 ,l6O SO.
TAKING 1T CooL.-The S. f. Herald, says
the news of the passage of the Pacific Rail
road bill did not excite the citizens of the
Bay half as much as would an ordinary dog
fight.
The AUBURN GREYs, left town yesterday
for Forest Hill, to participate in the cele
bration Of the Fourth at that pace-or at