, 1862-10-16
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THURSDAY. OCTOBER >1e, 1862.

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THURSDAY. OCTOBER ~1e, 1862.
TaE F1ncE - eoLD.
1he immense and rapid appreciation Of
gold, OF 70 speak more correctly, the de-
pnecaana0 in the value Of OUT currency, has
caused much anxiety among a1l thinking
men. Where ia this thing to end, and how
are We to escape financial ruin? are ques-
lions everybody is asking, or silently Gu
deevosipg 10 pett1e.
Whatever may be the results, the causes
which have been potent in producing this
state Of things are plain, and easy Of con-.
prehension BY Ill classes Of readers. When
The Treasury note bill WIS passed, and
Congress omitted to enact law taxing the
Issues Of the banks in order to make room
tor those Of the Government, again
and again, as these columns will
testify, We predicted precisely what is now
occurring. to the alarm and dismay of the
country. The immense expenditures Of
the Government in carrying on the war
have given Treasury notes vide circula-
tion. Being legal tender, the hanks are
relying wholly upon them for redemptions,
and hence practically there is scarcely any
limit to the amount Of paper money that
can be put in circulation. Could the ex-
act facts be known, the volume Of currency
now In circulation would probably be
nearly if not quite twice as large As it was
ever before in the history Of the country:
For several months past this abundance
ofcu1rency and appreciation Of stocks and
gold, has had an exciting effect upon Wall
street.-The great money centre oftheAmsrii-
can continent So rapid has been the rise and
so Immense 1he fortunes that have been
made within even few weeks, that the
conservative operators, or what are techni-
cally termed Bears" have entirely disap.
pca1ed from the street. AL have become
q Bulls and acting upon each other, they
have really become almost literally crazy.
The TACT that the government has
received gold on deposit to be
paid in like funds at four per cent
interest has given fearful impetus to this
spirit Of speculation. These certificates
have formed the basis tor call loans, they
have been daily bought and sold in the
street. Money could be had On stocks IN
any amount, and hence speculation has run
rampant The transactions Of yesterday
arc specimen. Gold opened at 34I per
cent premium at the first board, and sunk
10 81 after the adjournment, and at the
second closed at 39s115. To say that they of
Wall street are gamblers, ALL, is simply to
speak tie literal truth.
While there is real cause for IN appreci-
alton in the price Of stocks and gold. no
sane man believes there is any reason ia
The quotations now rife in Wall street Not
only have 1hc New York sharpers become
crazy, but men a1l over the country are
specializing in stocks and gold By tele-
graph. We should not dare to state how
many we believe there are in Chicago thus
daily operating. What wonder is it when
tie whole country have gone mad, and all
are operating for q rise that stocks and gold
appreciate. How can il be otherwise?
When or where this speculative mania
is TO end VIC retend not to predict. Tie
larger q soap bubble is blown the weaker
it becomes, and the more certain it is soon
to burst, and that this specializing bubble
will burst and involve tens Of thousands in
ruin is as ce1tain Us the result Of any laB
in the material universe. Let the banks
Of New York and capitalists now sweep
ing a1ong with the current call in their de-
mand loans; let Mcclellan cross the Poto-
mac and. emulating the example Of our
brave Western boys, give certain promise
that the rebellion is to be crushed out by
tte first of.1annary, and gold will go down
rs last as the speculators have forced it
up. Let it be known that the army is to
go into winter quarters on tho north, or
even Oh the south side Of the Potomac,
and gold will 60 up to fifty per cent. pre-
nlium in a single week.
After all, the most important question
tor every real patriot to settle IS what amid
all This financial rhrenzy is the real condi-
ton Of tue credit Of the government
That the people have entire confidence in
its stability is proved, as We believe, beyond
cay1!. by the rate at which it bor:
rows gold and the other fact that bankers
and people keep their reserve funds in
Treasury Notcs. The credit Of the GOV.
c1umcnt is therefore plainly better than any
individual or corporate credit in the ma
ton. Old Treasury Notes were to-day
worth in New York 303 premium over
any bank Issues, and for the premium
On $40 and other government securities
we refer to our dispatches on the fourth
page No man, therefore, can for a mo-
ment doubt the soundness Of the Govern
1nent credit. Whatever anxiety, prudent
patriots may have for the financial sanity
OF their fellow citizens, there appears to us
to be no real cause for alarm lest the
means should not be within the
reach Of the government to effectuallv
crush out tue rebellion, it the people are
only satisfied that those means will be well
and energetically used Let the constitu-
ton be once established ovar this entire
land and treason receive the punishment it
deserves, and the finances OF the country
Will very soon regulate themselves and
business again move along in its accus.
toned channels.
wHAa THEY WILL THINE.
The New York Journals, moved thereto
ly the enterprise which regards lie as
good us the truth, SO that it sells the papers
indulged, q few weeks ago, in great dca:
Of romancing in relation to the North Car