Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1863-08-27
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BACKS. - The Philadelphis Bulletin
says Sergeant Fraser. arecently re.
turned prisoner from Richmond. con-
firms the previous statements about the
"preenback" excitement at the rebel
capital. He says that every few days
man with 3 hesyy beard, who looked
jus. like an old politician. would come
over with q basket containing several
hundred dollars worth of quarter dol.
lars and gold pieces. for The purpose oi
exchanging them for "greenbacks." -
or eighteen dollars in specie for TWEEN
| ty dollar "greenback." He asked the
man, one morning. why il was that be
desired to buy "greenbaeks" at such a
high rate, as IL was about the same
price they brought in the North
"oh." said be, "Jsff's going up. you
know. pretty soon, but." added he.
"you musn't mind what I say. I'm
one Of the commissioners" Not a
loaf Of bread or the most tri]ing thing
could be purchased without payment
being demanded in "greenbsck" cur.
rency. The excitement about "green-
backs" which the Richmond Enquirer
referred to few days since. he says,
does not begin to describe the reality.
Nothing but "greenbacks." "green-
backs" is the cry. If anything else is
offered in payment to the peddlsrs,
small shop-keepers, and others with
whom they had chance to deal.
In this connection. we copy from q
contemporary the following financial in
formation from Richmond. tending
still further to confirm the accounts
OF the "greenback" furore in Vlr-
ginis:
"Gold was nominslly quoted at
s1s SOC s14. which means that from
Sls so to s14 in Confederate bills
would buy one dollsr in gold. Green.
backs were being bought up privately
BY the bankers, the price being from
81 75 to $40 in Southern funds, for 81
of Federal currency. The authorities
do not allow the United States currency
to be passed in trade for any greater
value than bills Of the same denomina.
ton Of their own; hence the Yankee
prisoners are doing a thriving business
BY selling their money to the brokers,
as they can get as much for one dollar
Of one kind as the other. The secret
Of this is believed to be pure specula-
tion on the part of the rebel Govern.
ment. The rebel official 6nanciers, By
fixing q value upon Federal currency,
which il within from twenty-five TO
thirty per cent. Of the value OF gold.
only equal to their own trash, which is
worth from twelve hundred to fifteen
hundred per cent. less than gold,
virtually threw it out Of the market,
as dollar Of the one is as good to tn e
general dealer in staples and luxuries
as the other. The deterioration being
SO officially fixed, it throws open the
door to private and secret speculations,
Of which the agents OF the rebel Gov
ernment are not slow to avail them.
selves. They well know that the worth |
Of greenbacks is constantly increasing. |
and soon will be equal to coin. while
their own is decreasing, and will
shortly be down to a par with the old
Continental script of rs: hence by
making the exchange even at these
seemingly exorbitant prices. they are
making 40 immediate per centage OF
rom forty to sixty cents on each dol
ar. trusting to the future for still fur
Lher rise."