The Montana post. [volume] (Virginia City, Montana Territory [i.e. Mont.]) 1864-1869, 1866-12-29
pOWNwARB TENDENCY OF THE
PREMIUM ON GOLD.

The perusal of the tables which con-
tain the figures that show the fiuctua-
lions in the value Of coin during the past
FIVE years, is as instructive as the history
Of the battles that took place during the
recent gigantic struggle for the mainten-
ance of the Federal Union. The pre-
MUM on gold was an accurate barome-
terby means of which the rise and fall
in the public mind OF confidence or de-
spair regarding the life of the nation
we're daily, and even hourly, indicated.
In the States the eyes of all were fixed
upon this standard. If the loyal armies
won a victory, it was said in common
language, I" Gold has gone down :" if
disaster befell them the message read,
Gold has gone up" The people soon
knew by the enhanced prices of food,
clothing and other necessaries that the
war had reached their households. A
creenback dollar, which, viewed from
one point of view, is intrinsically worth
as much as a dollar in coin, deteriorated
until at one period nearly sixty-seven per
cent of its value had been lost. The
grand crisis was met, and the cause of
liberty was triumphant. From the de-
csive moment until the present, gold
has had downward tendency, and al
though spectators have attempted in
every way to prevent the decline, the
premium to-day is only thirty-four per
cent, Merchandise has been affected by
it, and general panic in prices has .oc-
caslonally convulsed the markets We
must expect these results until the re-
sumption of specie payments, an event
which sanguine persons are continually
seeing through the vista of a few months.
The residents of the Territories are most
deeply interested in this question of the
currency. By common consent gold dust
has been the unit of value, and green
backs have been worth a varying guam
lity of the precious metal. Merchants
and traders have realized large profits in
addition to those made in the regular
course of business, by selling the gold |
and obtaining premium. The con-
umer has not been benefited by this |
state of affairs because the cost of arti-
ceS in dust has not corresponded to their
value in legal tender notes in the States.
Ihe low prices during the past season
nave been caused by the importation of
excessive quantities of goods. The in
creased amount of greenbacks in circu-
Ia'lon in the community has also had a
healthy effect. Everybody must prepare
'oF What may be styled the appreciation
u the national currency. The paper
aoItar that is taken to-day as an equiva-
ten' TO elghty-fve cents in gold dust may
Oe received as ninety cents tomorrow.
although a few individuals may be in
JUEea by this result, the welfare of the
majority will be promoted. The dimi-
,U'ion OF the premium will not deter
'1e miner or prospector, and every gulch
ouO NIL will be examined by hundreds.
'Ae So-caIled root of all evil will'be
'A'tacted from the yielding gravel or
'"'clous quartz with as much energy
~ was ever displayed by man. We do
NV anticipate sudden, but certain
,'l In gold, and consider that gradual
H'''eht is the best for the interests of
a''uucer and buyer; the temporary re-
S''' mat may be felt in certain regions
a 1'' oe suppressed. The bonds of the
''ernment should not be sold for their
m .''n' low rates in Europe, but until
premium becomes merely nominal
'U'R must hbo Tie fact.