New Oregon plaindealer. (New Oregon, Iowa) 1859-1866, 1862-10-31
THE FINANCIAL VORTEX.

New York World.
THE FINANCIAL VORTEX.
Gold is selling to day at 1so1-4 and
bankers sixty day sterling bills at las.
Last year at the corresponding date
gold was at par and exchange was 1O7.
In other words, leagle tender notes to
day are worth Only seventy cents, and
about thirty seven per cent, additional
tax, compared with last year, is imposed
on imports Of tea, coffee, and all foreign
These figures tell in plain terms to
every business man that the financial
system and commerce of the country
are in 8 crisis of no ordinary magni-
tude, fraught with ruin to many who
are now rich, and bringing hunger and
suffering to those dependent on their
daily bread.
The iaborer who received year ago
one dollar for his days labor, converta
hle into gold, receives to-day a paper
dollar worth only sixty nine and three
fourth cents in specie or real money !;
or, in other words, he is now, by the
financial policy of Mr.. Chase, compelled
to give six days labor Tor the price Of
four days.-N Y. World.
The present deplorable financial con-
dition Of the country is an example Of
recklessness with which the present
administration has hurried the nation
to the brink of ruin, and shows plainly y
that this revolution, now commenced,
could not in any event be much longer
delayed, The first financial step taken
by the administration was to drain the
country of the gold and silver coin.
This was easily done in the earlier
months of the war, when gold and sill
yer only commanded a premium of one
or two percent. The agents of the
administration, therefore, under the
direction of the Secretary Of the Treas
ury bought up immense quantities of
gold and silver, and sent it to Europe
to buy arms and munitions of war.
Much oft was squandered in liquidat-
ing Fremont's foolish contracts for
guns that would not 60 off, and fer
such tom-fooleries as Cummings straw
hats, boyJ sizes. The next financial
step of the administration was to issue
hundreds of millions of paper money.
This of itself would have been q wise
measure. No one could have or desire
a better currency than bank-notes thus
issued on the faith Of the United States
But the third financial step of the ad-
ministration was to descend to the, lit
tie, petty busines of issuing notes for
five cents, ten cents, and twenty-five
cents No sooner was it known that
the administration was about to take
this step than paper money began at
once to decline, and it has continued to
fall steadily day by day ever since
until now dollar in paper money, or q
one dollar note, is only worth sixty
seven cents. Take one-dollar note to
a broker, you can only get sixty seven
cents for it. Take IS note to bro.
ker, you can only get 1885 for it
For $40 note you can only get $6.70
and for a hundred dollars in banknotes
you can only get SGT. Take a one
dollar note and 60 to your grocer's, you
can only buy with it what you could
buy with 81 cents two years ago. Your
grocer wlltell you that for ten-dollarr
note he can only buy what he got fr
$6.70 two years ago. Your wife will
tell you that she paid 96 cents to-day
in postage currency for dozen spools
of cotton, or 8 cents spool, that year
ago she got for 48 cents q dozen, or IS
cents spool and she pays 25 cents a
yard for muslin that she used to buy
for IL cents. The laboring man who
gets $40 in paper money for his weeks
work receives in reality only $50.