The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1863-08-14
Mr.. Chase and the Gold Market.

Mr.. Chase and the Gold Market
ts1fr, depressed state Of trade" SAYS the
New York U'orW, and para'yzed enter
.2lise Of our merchants are natural results
from the pap.r-monNv system Of Mr. Chase,
whence arises the sudden aud violent fluc
-iua,ions in the price Of gold which disturb
prices and distract the minds Of the mer-
camille community.
"The following statement Of the fuctu
atoms in he price Of gold in New Work
resembles moro the acc!enia numbers
drawn in a lottery than a record Of the
quotations for the standard Of prices in the
civilized world: In January Of this year
gold was selling at 1882 to 100; in Feh>
ruary at l52! to 1928, in March at l39
to 17I3, in April at 145t to 1873 IN May
at 143J to l54}} z, in Jure At 14O3 to 14SA
in July at 10 to l45, and August com
mencad with quotations ranging from 1884
TO 1899. During the same space OF u'ne
the rates for foreign exchange followed the
fluctuations in god, and sterling sizty-day
bills oscillased between 1876 and ISIS from
January TO date Superadded to these
extremes Of the monthly fluctuations IN
the price Of gold or real money, each day
of the year bears It's record of hourly chan
ges, varying from eight FER cent. down
ward.
SIN what estimation woull the people
hold Secretary Of the Treasury who De
creed system by which the iength Of the
yard measure varied capriciously, battling
all experience and feresieh. from t|irty-sS
ito ,wenty-one inches, and Illus deiraDdi0g
pcrpe,ualy eitLer the buyer or seller Of
merchandise measured by the yard? The
changes in the price e gold, like an uniiX-
ed yard measure, produce precisely the
same result on every transaction for mon
ev. Celia IS the standard for money in
tho civilized world. Although gold :
What European writers term dcmcarfEc3
iLih.s country / ) the unconstitutional L.
gal tender act engineered through Con
gress by Mr.. Chase, vet it does not follow
That its influence on prices has ceased :
Mr.. Chase has given the name of dollar to
pieces Of paper printed by the bank note
companies, but the rates Of foreign excl ge
mark them down al once to their real mar
ket value in gold, and the people Of the
United States do the same By demanding
more Of them for their property and labor.
In California they have gone 50 "a, as to
treat Mr.. Glasses legal tender act with
contemptuous disregard from the begin
ming, quoting green-backs ike railway
stocks, at their current market value in
gold, and making god and silver The only
legal tender money in that state 1t is ev-
ident ffom this settlement Of facts that gold
IS still the regulator Of prices in this coun-
try its price, therefore, IS that which ev>
cry merchant wants TO know before he
Guys or SOUS or makes contracts, just as
he would require 10 know the number of
inches in the ward measure before he wo'd
agree to buy or sell merchandise by the
yard. Mr. Chase has cursed the country
with an unsettled standard for prices
The enterprise and industry of the nation
are vegetating from this cause. Tie ex-
listing dullness of trade aud uneasiness
among intelligent bankers and merchants
arise from uncertainty in regard TO the
course Of tie gold market and the future
of Mr.. Chase's financial policy. Our hon
orable Secretary of the Treasury is the on
" citizen Of tho United States wLo pos
sesses al the know edge requisite TO form
an intelligent opinion on this subject
The people want, weekly, official state
ment from the Treasury Department, aud
also of the proposed means oy which Mr.
Chase intends to provide for the S700. 000,-
900 Of government expenditure for th.
year. The people lave right to know
tns past, present, and proposed movements
OF the Treasury Department. They have
right TO frank and truthful statements in
detail Of the operations and proposed pol,
icy Of their Secretary Of the Treasury.
The pubic DO not know whether gold
viii - 1l5 or $50 next week how then