Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1862-10-30
The Rise in Gold.

~ - unnecessary 10 enter deeply into
financial speculations to account for the
rapid depreciation Of Government paper.
The truth is now universally recognized
that the advance in gold is depreciation
Of our legal tender notes. This advance
in gold Is not caused by its Scarcity
There is larger am cunt Of gold and
silver in the country to-day than ever O.
fore. We are not exporting much coin,
and the product Of the California mines
alone within in the past nine month, las
been over Sl4 900, 900. Our immcns O
expectations o. breadstuffs and provisions
will make the balance Of trade between
us and Europe largely in our favor. I'm
the possession of real wealth-in coin
and which is readily convertible into
caSh-we are in better position now
than at any p?evious period The debt
which has already been incurred in the
prosecution Of the war is not yet 50 en-
ormous as 10 justify the sending down Of
prices in Government paper to such fear
fully low rates as they have now reached.
Neither have our armies met with sudden
and unexpected ieverscs. On the con-
trary, our military operations within the
past month have been uniformly success
ful. Maryland has been cleared of invad.
crs, Washington is SAFE, the army Of the
Potomac strong and confident while in
Southwest the rebels have been beaten
back from the banks Of the Ohio to the
northern bounllies of Tennessee. Mis-.
aouri is driving the invaders southwark,
and the new recruits rapidly going for
ward will soon give US an immense aimy
which will be well equipped as any that
has ever been organized.
So far, then, as he immediate present
Is concerned, our military operation wear
a more cheerful aspect than at any time
during the war. Yet gold is going up
and Government paper down. In the
midst of success aud victory the rise Of
the one and the fall Of the other contin-
ucs. The vaults Of the banks are full Of
gold; it is steadily pouing in from every
mining district--from Oregon, from Cal
i(o!nia, from Nevada; the balance Of trade
is with Us, and the country teemiug with
wealth. but the deliberate verdict Of our
capitalists is, WANT or CONFIDENCE ~ THE
GovEHNMENT. Thi, Is the common sense
explanation Of the recent advance in gold.
Arising from whatever cau,e- " neither
well or i'll fyundel-this want of conf
Geucc is the reason Of our legal tender
notes being worth Uut seventy i've cents
instead of one hundIed.
This want Of confidence is not a panic
that will soon sub>ile, but the effect Of a
deliberate calculation made by intelligent
and sagacious business men upon the
probable results Of a distinctly announc-
ed governmental policy. /: is their .julg-
ment upon our chances of success in the
contest providedt TIE present policy Of the
Government be adhered to, and the pres
eat controlling political party be contin-
ned in office.
This Judgment is entitled to grave con
sideration because it is not based by par
tisan,hip, but IS the cool, intelligent con-
clusion Of business men, who have been
governed solely 10y interest in making
their calculations, ana were consequently
under the most binding Obligations to
impartiality.
/ Their want of confidence in our ulti-
mate success i, justified by the control
which abolitionism has obtained in tn
Administration. 1t is justified by the
emancipation proclamation of the Prcsi,
dent, which has reduced the probabilities
of an honorable settlement aud restora,
ton Of the Government within so narrow
a compass that all The late successes and
apparent gain, bring US no nearer the
cansummation so deyoutly to be wished.
The want Of confidence is justified by
the character Of the present Congress,
whose weakness and dishonesty are de-
scribcd by the most able leader Of the
Republican party (Thnrlow Weedl as
follows:
at has deal of buncomb Of foolish
talk Of absurd generalization Of windy
defamation and vipid bluster Of pha-
risaical pretence and assertion of super
ior wisdom. 1t has been severely afflicted
with the intrmity OF not knowing whatits
legitimate business was, or knowing, to
be incapable of attending to it, 1t has
been eloquent in its denunciations of job
bing, but it forgot how to censure a
Senator lor charging nVc per cent. COM
mission upon contracts obtained for IL
constituent"
1t is natural for business men to be
afraid OF such a Congress, to look with
distrust and alarm upon the prospects Of
a Government engaged in Il civil war Of
fearful magnitude, and controlled ly
those who are thus truthiully described
by one of their own party leaders.
Let the facts be known. 1t Is imbccil-
ity and dishonesty OF the Abolition party,
and ,herluinous and unconstitonal meas.
measures, that is rendering worthless the
credict OF the Government, and literally
grinding the lille out OF the nation CHi-
cogo I,mes.