Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1878-12-26
Gold and F,2sGfsl;;;;:: 81


Greenhaeks are now at par with gold
The fraction of penny entirely Iisap
peared ten days ago. and all fear Of
rush upon the treasury by holders Of
gr eenbacks, on the first day Ct Janu-
AIRY, must have been aIlayed ere this
Without doubt, there will be slight
demand for gold in exchange for pa
per, for the novelty Of the thing with
few must be satisfied The premium
on gold began in January, 1862, an
sedating the legal tender act one month.
The gold premium first made itself
felt on state bank paper and continued
to rise with slight fluctuations till the
close Of the war. During the war it
rose 10 an enormous figure. The New
York Herald in commenting upon re
sumption, and the danger TO the nation
and its fnanciers in the critical period
of 1854, says:
Now, when the volcano Of public
passions and fears has burnt out and
become extinct and gold has finally
.uak to par. it is curious to inspect a
record Of the fluctuations in the price
Of gold fer the sixteen years during
which it has been at a premium, and
especially tbs rapid ard violent fac
tuations in critical stages cf the sivil
war. AS physician judges Of the
condition of patient by marking the
varying rapidity of his pulse, 50 the
naslonal hopes sn& fears and tie vsry-
ing prospects af SUCCESS and dsfaAt
during the civil var sc registered in
the sudden fluctuations Of the gold
premium which we're the consequences
Of military events. The premium
reached it's high point in July, 1864,
whom gold was rated one day at the
ssupeRdous price Of 285, making the
value of the grsenback dol!9r only
thirty five cents. That vas the dark
est period Of nationa! gloom, the ire
mendous crisis hen citizens and the
government itself came nearest to des-
pairing Of the Republic. In thoss
dark days steam was kept up on y goY-
ernment vessel in tho Washington Navy
Yard on which the President and Cab
met would have embarked with the
public aohives had the rebels under
Early forced their way into the pital.
Lee, sorcly pressed b. Grant at Peters
burg, had sent Early around into Mary
land, and it was owing TO msre luck
and accident that Washington w2s not
captured and the government put to
fight. Grant had despatched the
Sixth corps Of tho Army Of the Peto-
mae to Washington, and by a FORUM
ate coincidence General Emory, with
the Nineteenth corps, which had been
ordered from New Orleans after the
failure Of the Red River expedition,
had just arrived at Hampton Roads,
and, without debarking. 1t was sent up
the Potomac to follow the SixtA But
even that timely assistance would have
proved unavsiling if Early had not
quailed in the very pinch of the crisis
On the morning of the 11th Of July
his van was close up TO the fortiGca-
lions covering the northern approach
to Washington, and in the afternoon
the Confederate infantry had come up
and was arrayed in front of Fort Ste
yens. The works were slightly de-
Tended, and Early might easily have
made dash into Washington and dri-
ven ont the government if his yigor
had been equal to his opportunity.
The capture Of Washington and flight
of che government would have led to
the imme date recognition Of the Con
federcy by France and England, and
the var FOR the Union would have been
a failure. On so slender thread hung
the destiny of great nation 1t was
in that trying time that gold reached
its highest price Of 2S5, and the
greonback dollar was worth only thirty
five cents. From tho calm waters in
which we now find ourselves, with gold
at par, it is interesting and, even at
this distance, almost exciting, to look
back upon the dangers We have pass
ed