A History of the Greenbacks, With Special Reference to the Economic Consequences of Their Issue: 1862-65
A History of the Greenbacks, With Special Reference to the Economic Consequences of Their Issue: 1862-65
Wesley Clair Mitchell
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As for speculation, there seems to be more danger of exaggerating than of minimizing its importance as an inde- pendent factor in the gold market No doubt, as has been suggested, the formation of highly organized markets, where engagements were entered into to receive or deliver large amounts of gold within stipulated times, gave opportunity for artificial manipulation. No doubt, also, many of the false rumors so industriously circulated were concocted by operators with special intent to affect... the premium.^ But it must be remembered that there were two parties in the mar- ket, and the arts of *' bulls'' were set off against the arts of 1 See Part n, chap, ii, aeo. vi, aboye. 'The moet notable instanoe of this eharaeter was the frandnlent prodamation of President Lincoln, taken by unknown persons to the offices of all the New York papers except the Trilmne aboat 8:80 o'clock on the morning of May 18, 1864. It stated that Grant's campaign was virtually at an end ; that the Red River expedition was a failure, that 400,000 additional men would be raised by draft if the state quotas were not filled by June 15, and that Hay 26 would be observed as a day of fasting and prayer.
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