Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1864-07-08
In she Credit OF the Government Inn.
paired?

p6hEeuS
Because our telegraphic reports from
the New York stock markets give the
price of gold at $2.4O many people at
once conclude that those figures are the
real valuation of the article of gold, and
that greenbacks are worth but fraction
over forty cents. If the Branch of the
State Bank in this city should advertise
that it was paying over its counter the
highest market price for gold and one OF
our readers should go there this morn
ing with $4,000 of that article to sell
what would he naturally expect to get
for it? He would very naturally first
consult the New York quotations in our
market reports, which fixes the value OF
a gold dollar at, say, $2.40 in paper cur
rency. His next step would be to ask
the Bank dficers what they were paying
for gold, and if they should reply 1.-TWO
dollars and twenty cents" our friend
would wonder that gold, the great full
crum of the commercial world, the
standard by which all commodities are
valued, should be worth twenty cents
less in Muscatine than in New York.
Suppose our friend concludes to take his
gold to New York and get its full value,
and by the time he reaches Gotham, the
morning papers inform him that gold
has declined 10 per cent. Thinking now
his time to sell, he proceeds to the Stock
Exchange and finds that the spectators
are selling gold for $3.50 in currency, but
paying only $3.50. He would again
very naturally wonder that right there
on "Change" there should be differ
ence of ten cents on the dollar in the
value of uniform currency" He
would recall to mind his early Demo-
cratic teachings, that hard money is
the only true basis of commercial inter-
course, because it is money that never
changes in value. He waits at the
Board until the hour of adjournment,
when gold is announced as selling at
$2.1O. Our friend grows faint-hearted,
and determines that early next day he
will dispose of his stock, and according
ly at business hours presents himself at
the desk of Wall street broker and
asks the rates of gold. He is informed
that they buy at $2.o5 and sell at s.. 10.
He concludes to sell, and while his gold
is being counted out, well-dressed
gentleman appears and asks the price of
gold, and receives our friends figures
He says he desires to sell. The broker
asks: "NVhat amount:' zone hundred
and fifty thousand dollars" Does the
broker seize upon this golden opportu-
nifty? No. He says the amount is too
large. "What will you give for it?"
asks the gentleman in black. Don't
think we want it," is the reply. "Will
you give Sl.9O for it," asks the man in
black. Don't want it," says the bro
ker. Yet the latter is protesting to sell
gold at s2.1O and to pay s2.O5. Now, we
submit, if gold had an actual value of
$2.10 in greenbacks on that morning,
would a Wall street broker refuse to
buy at S1.90? Every man of reflection
will answer, Certainly not!" Yet, we
are informed upon the authority of the
New York Herald and the Shipping
List, excellent among commercial men,
that just such scenes as we have imag
ined above occur every day in that city.
Repeated instances are named by these
papers where individuals have offered
from $4,000 to 100000 in gold for sale,
and were unable to receive any Offer
Gold at $500 is sold only in small drib-
lets, and no man Of sense will attempt
to predict the downfall of our national
credit upon such state of things
Gold is worth what it will sell for, but
when gold fuctuates from the figures
1Oc to 40c on the same day, it is safe to
predict that gold must soon take a fall
When the gold gamblers refuse to take
that article at their own Offer the stick
that has gone up rocket will come
down stripped of all meteoric flashes
Let no man be deceived by the outcry of
our enemies that we are upon the verge
of bankruptcy. We do not expect to
soon see greenbacks upon par with
gold, but we do expect to see it decline
far below $500 and that very soon.
The simple truth is, the "smalls" are
determined, if possible, to effect a repeal
of the gold bill recently passed, and not
having the wherewithal to buy largely,
succeed in buying and selling small
sums at the present quotations.
Let Congress adjourn without disturb
ing the gold bill and we shall see a
decline in fictitious values.
For the Muscatine Journal
Iowa Association at Washington.
WASHINGTON CITY, June 81.
MIR. EDITOR The Iowa Association
here commenced lively summer cam
paign on Saturday evening last. The
weather was excessively hot, but there
was nevertheless good turn out. There
was some earnest discussion upon GER
tain matters of no general interest, but
the members universally expressed a
desire to do all in their powerin the way
of aiding our friends at home roll up a
majority of 1000 for Lincoln and