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The Daily Dispatch: January 13, 1862., [Electronic resource], The great Machine breaking down. (search)
ry to the public credit. The new Treasury notes will pass everywhere as money if their redemption is properly secured by direct taxes, and none of the evils which, in other countries, under less careful systems of finance, have attended heavy issues of paper money, need be apprehended on this occasion. Much anxiety and loss would have been avoided if Congress had adopted this course a month ago, when it was first recommended in this column. The speculation in exchange continues.--Sterling must be quoted 114 a 114½ and gold 3½ a ¾. The government has been disbursing heavily within the past day or two, and people are investing their money in gold and exchange, in consequence of the non action of Congress upon the subject of taxation. Gold is held for much higher premiums by the speculators. The stock market opened vigorously this morning with a large amount of orders from the public; but, as the day advanced the street speculators began to realize profits and the market