The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1864-10-11
THE GATE CITY
TUESDAY. OCT. IL.
Betting Against tn. Government

BE tttUg Against the GOvernme ns'
The past week has beer one of intense
excitement in Chicago. The fall In gold
and the consequent sweeping away oil
"margius - The draft in Cook county
the continued military successes of the
Union armies; the. suspension of pay
ment of three banks, aud the run on sew.
eral others BY depositors the heavy de-
cline 10 the prices of grain and cattle. dry
gods and groceries, all occurring during
the closing days Of Septic mber, made the
week one long to be remembered.
1t Is strange spectacle to see 6nan-
cial convulsion grow out of the increasing
strength aud solvency of the Govern
ment The fall in gold is simply a rise
10 the value of ereenhacks Gold renaips
stationary, but the purchasing power OF
the legal tenders is enhancing. N .,ionaI
currency which five weeks ago was worth
but thirty eight cents in coin, is now
worth fifty five cents. The splendid vic
tories achieved over the rebellion by Far
ragut, sherman, Sheridan aud Grant,
have wonderfully strengthened he popu-
lar faith 10 the speedy downfall of the
slaveholders revolt. And the so.callcd
decline IN gold and silver is the visible
manifestation of this confidence on the
part of the people. All the Federal ere
dts are advancing. Bonds advance in
gold value In the same ratio as legal
tenders. But most other stocks have
declined
Why, then, is it, that banks are break
ing. and merchants are crippled or fail
ing +? Because they had not faith in the
stability and solvency of their Govern
ment. Some wise y men thought that
gold was going to 800 before winter ;;
some (Copperheads said 400. and oper-
sted on that hypotht sis. When gold was
200 many merchants bought goods large
ly, predicated on that figure, and many
produce dealers we're seized with o mania
for buying ahead, and BANKERS made adj
vaDces on margins, in many instances,
that have proven too narrow.
"Selling short is no more nor less
than gambling. 1t is an unsafe and ille-
girinate mode of doing business. 1t is
betting on the future price Of oommo-
dity, aud when dealers put up all they are
worth on "margiu," in this risky way,
they ought not to be astonished il they
wake up some fine morning to find that
they have lost their stakes.
The present embarrassment of our
bankers and merchants grows out of the
cheering prospects of the speedy over
throw of the rebellion. Men would per-
sist in betting against "UucIe Sam" in
spite Of all oar warnings. Time and again
We sdmonished our commercial readers
not 10 venture into speculations of any
kind predicated on farther rise in gold,
or disaster TO the National arms. Our
faith in the ultimate triumph Of the Re-
public over al! its foes, never ceasej, hot
ever daIk Or dubious the signs Of the
times. Men will learn by bitter experience
that 1t is losing game to bet against the
Gogernmeut-to do business Oh lie theory
thai jeff. Davis is going TO win, and that
the great American Republic is destined
to succumb - the assault of traitors.
Those who have thus miscalcula,ed and
suffer in consequence have the consola-
ton that their l,ss rs their country's gain /;
that as gold tumbes, greenbacks rise, and
the financial strength of the nation IN
creases = Chicago Tribune.