Thomas Tooke

A more detailed account of Gold fluctuations related to the event developments

In Uncategorized on June 3, 2012 at 9:14 pm

As Mitchell further wrote:

” The first period shows five well market subdivisions. (1) January to April, 1862, when the hope of ending the war in the spring was high, the premium was small and steady. (2) From April, 1862, to February, 1862, the occurred an almost unbroken advance in the premium connected with the failure of McClellan´s peninsula campaign, the second issue of the greenbacks, the administration´s losses in the autumn elections, Chase´s depressing finance report, Burnside´s defeat at Fredericksburg, and the third legal tender act. (3) From March to August the premium fell, mainly because of Mr Jay Cooke´s success in selling bonds, the victory of Gettysburg, and the capture of Vicksburg and Port Hudson. ”

“(4) From September to July, 1864, the premium rose again because of disappointment over Lee´s escape, lack of military progress, the dilatoriness of Congress in voting taxes, the Treasury´s futile campaign against speculators in gold, and the difficulty in selling bonds. (5) Finally the fall of the fall of the premium from August, 1864, to May, 1865, was brought about by the victories of Grant, Sherman, and Sheridan which put an end to the war. ”

One should then draw his own conclusions about the prospects of a war on the price of Gold.

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