The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-07-20
Wednesday Morning, July 20, 1864.
Faro in Wall Street.

The late currency rates of gold have not
been produced by normal causes. We may
admit some foundation Tor difference between
paper money and gold, but nothing like that
which has prevailed for many months past. Ii
10 not possible, neither Is it necessary 10 ascer
tain precisely how much OF the premium in
currency may rest on real, and how much on
fictitious grounds; but comparison OF the
present rate with that of any previous time
when it was much lower, must lead to one OF
the two conclusions, viz: that 1t Is now very
much above, or was then very much below
what any real grounds may be disposed TO JUS
tify.
In the latter part Of May the quotations
were about $50. On the announcement of Mr..
Chase's resignation, July 2, they rose TO 2S0.
There was no expansion of currency to pro-
duce this; there was no new revolutionary
alarm, no circumstance whatever to injure the
public credit. II any changes of policy In the
Treasury was signifled, it was that of contrac-
ton, not ofexpansion. Our conclusion is, then,
that this rise OF one hundred per cent. on the
par Of gold is pure fiction, and nothing else. Ii
is an effect not brought about or assisted by
any general emotion OF the public mind. 1t
was not participated in by the people. Popu-
lar confidence in the government and in our
military situation was stronger on the I'd Of
July than in the latter part of May.
Reducing the fact TO its actual history and
proportions, this rise In the currency price of
gold was brought about by small knot the
most desperate gamblers that ever sat round
faro table. They might not number above ilfty
men all told. OF these fifty, probably not fiye
possess bona Jfde capital of three thousand
dollars each, and the united capital OF all Is
doubtless below a thousand dollars head
The business that can be conducted on such
limited means must be very small. There is
no necessity OF its being large, to make a QUO
fation. A single ten dollar piece is good as
ten thousand for that purpose The case dwin-
dies then to this--that few bad men In Wall
street are the authors, instigators and support
ers OF all the iDjuriesithat result from the nom-
inal currency price at which they can manage
TO quote gold. To these Is chargeable the enor
nous increase Of the public debt consequent
on the high price Of provisions, and all the
terrors of starvation in the midst of plenty
which stare in the face the laboripg
classes Of our people. II is to them that we
owe the increase OF miners wages and the
double cost of fuel. 1t Is to them that we owe
the double cost of meats, and all the necessa-
ries of life.
And what Is the extent of trade carried on
by them? Do they sell five thousand dollars
day? Or, If they sell an hundred thousand,
is it not by passing the same bag twenty
tiilts nun manu- 10 manu-, iOr no Otner purpose
than TO give the appearance Of large transac-
tons, when In fact there may be no transac-
tions at all? OF the two hundred ana fifty
millions OF coin this day in the country, these
faro dealers have in their hands at any one
time probably not over ten thousand dollars !;
and 1t is with this shadow OF substance that
they contrive to derange the business of the
whole country, and by the help of traitors in
disguise to imperil the life of the nation.
We have seen that it does not matter what
laws are passed or repealed, they manage to
stir up new alarms and to keep alive mis-
chievous agitation. All men of true self-re-
spect have long since abandoned the specuIa-
tion in gold. Persons possessing capital to
lose do not engage in such dangerous risks
A victory on the James, or judicious NOV
In the Treasury, or q war In Europe. may sink
the nominal quotations Of gold hundred per
cent. in twenty-four hours. What class OF
men but those who are accustomed to the des-
perate chances Of the faro table would expose
their property to liability like this Pm. Y.
Evening Post.