

FINANCES OF THE UNITED STATES. 



PRICES OF FIFTY-FIVE ARTICLES IN THE NEW YOEK "MARKET. 



407 



This comprises most articles of importance, 

 and shows that the rise has been universal. 

 Each article was affected, as well those of 

 which the supply has been cut off by the war 

 as those of which the supply has been increas- 

 ed by the war, like western farm products, 

 which, losing their accustomed markets down 

 the Mississippi, came East in greater than their 

 usual abundance. If we compare the average 

 aggregates with the premium on gold, and the 

 quantity of paper outstanding at different dates, 

 we shall have results as follows : 



It thus appears that gold under a specu- 

 lative action in February, 1863, rose too rap- 

 idly, and that the same speculative action was 

 imparted to goods, causing their rapid conver- 

 sion into paper money, which was invested 

 in the gold interest bearing stocks of the Gov- 

 ernment. There was a reaction from that spec- 

 ulation, and as usual in such cases, the prices 

 fell below their natural level, gold touching 25 

 in July, a fall of 4V per cent., while goods fell 

 but 26 per cent. The recovery from that point 

 was more rapid in goods than in gold, because 

 the supply upon the market diminished faster. 

 Consequently at the close of the year, 1863, the 

 rise in goods was 110 per cent, over the value 

 of January, 1862, while gold was only 52 per 

 cent. The following table shows the closing 

 quotations for gold on every business day of 

 the year, also the price of bankers' sterling for 

 every steamer day throughout the year : 



