Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-20

1t is peculiarly interesting to compare this
record with the dates of important victories or
defeats. At times. when great quantities Of paper
were poured out, and prices had not yet djusted
themselye, to the new conditions, the changes
were not attributable TO the fortunes of the war.
Victories AMI defeats at the ballot-box also have
their record here. When the Copperheads pre-
vailed in November, 1862, the price of Confeder-
ate money Immediately advanced one-third. But
most Of the fluctuations were due to military
events. People reasoned that Confederate defeat
meant absolutely worthless paper, bat II the Con-
fedoracy should prevail IT might pay something
some time. As a rule, mere delay and prolonga.
ton of the struggle naturally caused depreciation,
because every person sensible enough to have
money knew that "the faith and resources" of the
tonfederscy were steadily wearing away. The
investment, of Port Hudson and Vicksburg SEN,
gold from $50 to 400; their capture and the battle
of Gettsyhurg from GAO to 900, and the invest
ment Of Charleston lifted the price to 800. When
the [ MON armies were repulsed in September and
October the price dropped to 900, but few vic
tories raised it again 10 $50 in December The
result Of SheImau's raids, which were supposed to
have some larger OF ject, dropped the price FROM
2 600 to 900. As soon Grant assailed Lee in
the w ldeiness, il went up to 1000 again, but
dropped 10 LOO during the weary months wheu
he held in check, while Early appeared be =
tween Baltimore aud Washington. Then Sher-
man penetrated to AtlA nta, and the price went to
2 600, and Fsriagut passed the outer forts at Mo
bile, and il went to g. 300. Presently Grant met
-everc iepuses before Petersburg, and Sherman
paused at Atlanta, and Confederate victories were
gained 10 the Valley aud other quarters, aud for
the last time hoped revive d, and the price dropped
to z 200 Sherman reached Savannah 10 Decem-
bel, and gold reached $3.50. From that time f,r
ward, every month brought Union victories and
new advances IN the price OF gold.
Will some enthusiastic advocate Of fiat money"
be good enough to say how he would like 10 han
die such a currency, with tue county engaged in
a serious aud dounIfdl war? What footing coul'
tIade or industry find when the horse worth $500
one day might he worth 500 the next dav, be-
cause If a tar of election III another country, aud
when the little store of money taken for stock of
goods might lose halt lis vaiue In six weeks. and
become worthless at au, tuner Would labor find
such condition ce-rablef When prices leap
upward, rs iron -, 200 in November 10 s. 900 Ia
March, does labOr ever get corresponding nd
vaace in wages l. not labor sure to be robbed,
hrst aud most OF al, aud next he man VINO has any
fixed income, OF IS tran-acting any active business,
mercantile OF manufacturing Let the greenback
IN n study the record add oee how they would ike
fiat money" 10 actual opeIauOI--how pleasant il
would be 20 pay 5000 for pair Of boots, and s25
for pound OF tea.
We notice that the Kennebec County republi-
cans have reuomir ated Sheriff William II. Libby,
who has proved one of the most efficient officers
who has ever served the County. MIR. Libby is a
republican of the soundest stamp, but in his off
cial capacity has earned the confidence Of meu of
all parties. We predict for him roasing major
iiy.-BaHgor WIG and Courisr.