Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1863-03-21
The Financial Question Makes
Gold so Hight

"A correspondent III the New 1Ork Ercntng
Post of January 18th, says: a17,
1t is asserted that the Government PAPER
money is deprecated. Copperheads declare
it is worthless. What are the real facts? It
is undeniably true that our paper money Is
not at par in London and Paris, and will not
purchase as much foreign fabrics or conlmodi.
ties as before the suspension of specie pay
ments. This has the effect of additional tar.
if and is fairly disputed point whether it is
disastrous or beneficial to the best interests of
the country. oH#
Has the issue Of Treasury notes really in.
Aated prices Let us briefly examine Has
the value of real estate in farms b.en en-
hanced! No! Government paper dollars
will purchase more valuable farm today
than the same amount Of gold would before
the war commenced. The same is true of
Broadway stores. or Of houses and lots Oh tho
Fifth avenue, or of real estate in any part Of
the city Of Brooklyn, or Of any city or town
in the country, except Washington. which
has been ruined (9 by emancipating thu
slaves and the issuing OF grernbacks. That
is, there has been in that city considerable,
advance in real estate, which, if the popular
doctrine is true, must be disastrous. Real Is.
tate is the basis of value, and is of more vah,u
than all other property.
Pork, or hogs, ono of the great staple CON.
moditits, is as cheap as in 1853 or 1859.
The same is true of beef. Hay is cheaper
now than the average at this season Of th,.
year for the last ten years. The hay crop of
the Northern States is said to be Of greater
value than the cotton crop of tho Southern
States. ...ns
We learn from the prices current in tho
Ercning Post Of yesterday, that $4,000 bar.
rtls Of extra State flour sold at Sc 25aS6 So
per barrel. h.f yfe. N7ia
In fact all the products of the farm are a.
cheap as usual, aud as cheap AZ eau bs at.
fordrd.
Farmers tools and implements. horses. car.
riages, furniture, etc, are no dearer now than
before the war. Railroad stocks have ad.
vancsd in price, it is true. The holders will
scarcely acknowledges this to be misfortune.
In looking over the liz. we notice only tire.
or four stocks that sell at par
We know that the stock galnLlrrs Of Wall
street, with the assistance Of the banks, car
raise or deprrss the price Of fancy or sound
stocks, and Of gold. In the Ercx;xx PoM
money articles Of yesterday it is stated that
one house recently, at single meeting Of the
Board Of Brokers, sold million Of dollars in
go!d-" short" OF course the house had M
gold to sell-only bet that gold would Ls
cheaper in thirty days. The purchaser bst it
would rise. 1t did, aud the loser paid tho
difference. Tho seller purchased il in the
open market, and paid for il with the money
he received from tho purchaser, who b0srowud
the same fror, bis bank, probably deposiains
or putting up five per cent. as security on his
bet, the bank lending the money and holding
the stakes.
Hundreds Of similar transactions nr of
daily occurrence. aud make gold active /"
In fact, gold has become a fancy stock.
Ii thu banks would lend as many millions
on -four as they have Oh gold, the -four spec.
ulator would put the price Of -four to twenty
or thirty dollars per barrel. Paper money
would get the credit Tor curses) Of the ill.,
erase Of price-but spectators would bs thu
cause. ...t.. +.
We know a speculator who. with $4,000
in paper money. purchased, with the aid Of
his bank. 100000 in gold at thirty-one and
sold it at forty-one per cent. premium, reaiix.
ing in few days $4,000 profit. He is in
again, and confdel.t that gold will be 81 7j.
If it should be, would Government notes b.
worth only twenty-five cents on the dollar
If so. the same logic would teach us that il
gold should sell next month for ono hundred
per cent premium. the Treasury Or paper mon.
ey would bs wdDhless yet it Is highly
probable it would purchase pork. -four,
horse or a house on as reasonable terms ~
now.
1t appears to us that the subjsct Of paper
money il unfairly discussed. TO the very graat
detrilneut of the national finances as
1t is an i,disputable fact that tho material
interests Of the country were never more
prosperous than at present. and VIZ believe
i,rtl,rv issue of Government paper money 10