Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1863-12-05
SATURDAY MORNING, DEC. 5, 1863.
A Fraud Upon the People.

NAIUkUAI MUkNlNU, DEC. y, lOO0'
A Fraud Upon the People.
1t is a mistaken idea entertained by
many Of our people that the present
high prices which almost every descrip-
ton of merchandise command is attrib-
utable to scarcity in the Eastern mar
kets. This belief has been forced upon
consumers to draw attention from the
real cause. 1t is doubtless true thatthe
prices of a very few articles are infiu-
enced by the suspension Of trade with
the South, but that this will or does ap'
ply to articles Of real necessity is only
maintained by those whose interests arc
advanced by the incubation of such a
bdhef The true cause is to be found
n the stock jobbing propensity evinccd
by the San Francisco Wholesale mer.
chants, who appear to have buried all
rivalry in grand scheme to extort
ruinous prices for every essential arti-
Gle of consumption used by the people
of this coast. Since the appearance of
our paper currency an opportunity has
afforded, which was eagerly seized upon,
by which the dealer could, with an ap-
parent show of justice, double the pro-
fits which he formerly made; and this
WAS simply done by requiring pay in
coin for articles bought with green
backs in the East. This fact, however,
has been studiously kept form the un-
initiated, and tho mere offer to pay in
lawful currency except at depreciation
equal to the premium on gold was met
with the threat OF the debtors name
figuring in the "black-list." 1t is q
clear instance in which might made
right. The people were kept in the
dark, and compelled to pay tribute to
capital, which, added to the high rates
of taxation, was sufficient to fill the
poorer classes it'll apprehensions of
poverty and distress.
The hardships resulting from this
system are felt no less keenly here than
in California. When our people have
demurred at this alarming absorption
of their means, they have been met
with the reply that San Francisco mer-
chants require payments in coin, and
q interior dealers cannot control their
action, and are obliged to submit, their
hands are washed Of all participation in
the fraud. However plausible this ar
gument may appear at first sight, twill
not bear the test of close scrutiny. The
premium on gold, placed at fair aver
age, has been equal to, say, 48 per cent.
Allowing that importations from East
ern markets shouldrequire six months
time in making the passage around
i" The Horn," it will be perceived that
that after allowing tho usual interest Of
two per cent. per month on the capital
thus employed, which will amount to
but twelve per cent. to be added to the
actual cost, there will remain thirty-six
pr cent in favor Of the consumer. In
surance and additional freight would
reduce these figures but little-not to
exceed ten or twelve per cent. at the
most liberal estimate. This is plain
truth, and our business men cannot
shia the whole blame upon their San
Francisco neighbors, as long as they
encourage and aid them in their nefar-
ions affecting" operations.
'Weare'p pleased to observe, however,
by our San Francisco exchanges, that
the schemes of the s. F. Chamber
ofCommerce, are likely to fail, and that
Q movement is now on foot to make
the Government currency tho base of
Ill monetary transactions. There can
be no reasonable doubt of the success
At the movement, when the people un-
derstand the matter in its true light.
With the aid Of few men of capital
sua'infhence the path will present no
insurmountable difficulties, and we
maRoon6dently expect that before long
arecnbaoks win DO the medium of ex-
change and gold the commodity. When
this is accomplished, one Of the most
oneuous burdens incident to the war
Willie lifted from the shoulders Of the
people this coast.