, 1875-08-13

practical qs1cbtinns, and, before VIC commence
tho city upon tho 7inats' Chenp-
John l,aeis, 1t will be we'll to know how 1t Ia
10 DO tlono nntl wliero wo nre coming ont at
LIo cn,l OF the ycar, and what kind Of look
inn city va s|,n3l llnyc rs the result.
THE CHICAGO TRIBUNE ON THE uPH
AND DOWNS UF GOLD.
+, We gasS two rrasois for tho belief that 1t
xaa the gn1d, an1 not the gEccnhacist that ju1ntod
s,,ou III wildly In tho Gold aoo whom thb fai'u1o Of
DUNCAN, snanaAs k Co. Wan announced and !nF
rn1prNE hns not given fasfactory answcr to eathcF
No rrprnt those reAsons oailing ths attention Of THE
TntnuNE thereto:
Pirst-1t mt greenbacke, aud It wAs gold that
In relation to tho priea Of al standard
art4ces l!ks grain. irou, and manufactured goods, In
New York on tho day nsme'l. |
6tron-tt was not greenbaets, Ard II Wis gold. that
named.
Tbs Ettrtts IN scareher after light, and. II TnE
Tn,nuNE Will show low Il that gold atood drm
and infnlNb1c. wtr1a its poxsr lit purchase u ~
articles e,iarnly And uniformly changed, No shall
ae e4nonle.iss considerable debt OF Obligation 70 that
nexnp,per. IN ths tust Of tic pahc1 dollar green.
bsck wona rtrchsao t'lrs much Iron. corn, Whoat
Or silyor an BEFORE snd yet the greanboe4 ehanEed
H'tu Tux Tn1pusx explain s-7srfs Hants tInd.} Err
press.
Tho rouson that gold i" stood firm whom
thced rnivato bankers failed waa simply tlla4
gold is the worlds currency, and tho failure
Of D., S, l. Co., did not disturb tho whole
world, It has also an intrinsic ralue Of ita
own. II Is not a note or promise to
pny wealth, but is actual wealth. 1t ia not
shadow, but n substance. 1t docs not depend
like uote on the so1yenoy, good faith, hon.
or, or honesty OF my maker for valuo OF pay
toe.,t, because it ia Payment itself. It is not
only the standard OF value, but actual value.
But tho Erpress still sticks to tho ridio,l-
lous iden that It was gold which became
frightened on tho eth Of July, on tho an
nauucement of tho failure Of tho private
banhine.house Of DUNCAN, suEnnAs l. Co.,
and lost value ard auctuctel up and down
for several hourH, and it assumes TINT groen-
backs stood firm during tho temporary panic,
md Tint wheat and corn were unaffected IN
prico because they were bought and sold in
the rrcenback currency
Wo hardly know how to argue with man
who believes such nbsurdities. Whom he is
resolved to pin his faith to dalusion, how
can his notions bo changed by any process OF
reason But We s1snll try oneo more:
!. The Associated Press dispatch from Now
York, July 81, reported AZ follows:
New yoax, July 27.-:rhs fai1uru Of DUNCAN, snEn-
Il Co. cEpatod grsat o1cnnont In tic Gold -hoon,
vhcre Lie rsicc advanced rapidly from 112a to llsA
ax subsequently declined 10 1l3H. Still iaser thcrs
wes rslly to ll4S, and reAelon 10 LA. Tho iaas
aalca ware At ll&J1.
This dispatch, divostod of its Gold-Roon
slang mad translated into plain English, viii
| renl:
A. tbs opening OF tho Board t112.t Of grcenhaots
ye.a given exchange for 800 OF gold. Tho amount
offered rarily advanced to s!lG} nf Groenbaeks for
800 of Rol and subsequently declined 10 $1l3H. sul
lator thora vas rally to SilAx. and reaction to Snt
Tho laat saloa Of greenhaeks 1t 3&k for oo OF
| gohi. =,
Thia ia 1tarally what occurred that day. It
| docs socm to us that any man with aense
| enough TO ooIno in whom it rains can see that
it was the papor acrip called groenbaoke
| which fluetuAted in value On tAnt occasion
2. On turning TO the Chicago market ro.
norts in TIE TRIBUNE Of TINT day VIC find
that wheat, 50 far from maintaining a steady
price, as tho Erfress nppcarH to think it did
Auctuated oa violently "a the grcenbaoks
The quotations state that wheat opened .
81. .1G4 in greonbncks per buahol, advanced Il
al,17, thon foil to 81.1s5, thon shot up II
s1.1ss, and closod ut $1.17a,-all for Angus
deliveries Thin alsows THAT whsat was per
turbcd about as much Is greonbacks. Th
advance in price was eaused by the dac1enoo'
purchasing power ct tho currency. Thor
ves more paper acrip paid for tho wheat, bu
the gold va1ua Of thA scrip had proporaonate
ly declined.
VIC hnd that tho price Of oorn ais
fluctuatod greatly On that day. Il sol
for 7oa conts per bushcl in greenbaekI
and ti,on rose 10 71}, also to 7333, and closed I
71a. Oats also fluctuated up and down tw
on th1ce conts per bnshel.
| But it must 10 borne in mind Tint th
. quotations Of grim ere always under tho II
| tluanca OF two disturbing cAusas: First, Il
, European gold price thereof, which is d
, tornined by dcmnna and supply, ssate of d
> woather, eropa etc. second, grain is doa
/ in and quoted in groenbanka, and thdr go
, valuo is ever changing and nuctuating. Th1
= are ginning or losing purchasing power
d valua overy doy. Boing always Ut aiseou
q md not redaemed by tho Government, tho
+ fluctuations 40 therefore unavoidab]
y arconbacks are oaly worth what the Ne
Q York gold brokers will give for tha'
a Their price IL matter Of b
g gain; they arc bought and sold
r. public vendno or auction in thu 0oid-nonn.
" so many groonbaeks for 500 OF gold; sou
% times moro, somotimea loas. Tlbs nttaznoc
j.; while wo vrito, the telegraph quotes them
% selling at ?l1s4 to $l1s} for 500 Of 90
u vA{ah mako them worth about % per cant
% ti1r face In real money. What they Inay
l. worth tomorrow or the day altar 10 one
Is wisa enough to fogotall. Some othoF BAN
., or apeoulator may fail, and down they Il
p. 60 again in panic as they did vhen the
s, tennes. Of DuNoAn, 6uxnssAN i Co. earne
J; light. TO have q national currency 1t anel
:, discount, and subject to such perpesual
be and downs In value, b not only disgrace
Of tho milton, but infIiots lncdoulable injury