The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-02-26
The Mise OF Gold and the Decline or
Patriotism.

Ths Mise Of Gold and enc Decline OF
Patriotism.
The Wall street spectators gave another
strong puff at the bellows yesterday, and forced
gold up to ITS. To-day the newspapers which
these spectators control will indulge in few
more remarks upon our deprecated currency.
We sincerely hope that the people will not
allow themselves to be deluded by such nom
sense. The paper money Of the nation has not
deprecated single cent since yesterday or
since last month. The rise in gold is the re-
suit OF speculation, not of the depreciation Of
government paper. There is not the slightest
necessity for the people to be frightened CON-
pletly out of their wits because the quotation,
..Gold at 49," stares them in the face. The case
is bad enough, but not 50 bad as it seems. No
body wants to use any gold, except few Inn
porters and few persons who are obligedto
transmit money to Europe. Why, then, should
the country trouble itself about this high pre-
MUM upon the precious metalf
. Why? Because the prices Of every article
Of daily consumption and domestic use may
adjust themselves to this rise in gold
if 1t be long sustained. Wall street
CANDLES, and the people suffer. Bulls
and bears play with gola on the street, and the
people are robbed, OF their comforts and iuxu-
ries at home. Gold goes up, and so does the
price Of spool of cotton or pound Of coffee
| or yard of muslin. Gold goes up and the
value Of the poor mans wages is reduced
over fifty per cent, if he Il obliged to spend
| those wages Immediately Thus the poor are
Heeced by these Wall street gold gam
blers. These spectators traffic in the
honor of their country. They reap the
benefits of the miseries Of their fellow citizens.
They grow fat by feeding upon the vitals Of the
nation. Their patriotism is in an inverse ratio
to their profits. The smaller their souls the
| larger are their gains. The more rumors Of
defeat and disaster they can trump up the
higher they can force gold. What does it mat
ter to them if the country be ruineG The
greater the ruin the greater the premium
upon gold. Why should they work and
pray for the success of our arms and
the salvation of the Union! Success would de
crease their profits and reduce their i'll gotten
wealth The spectators in gold are our very
worst enemies. The rebels fight because their
leaders are ambitious. The abolitionsts aid
the rebels because they are fanatics. The specu-
lators have stronger and baser motive for in
juring our cause than either rebels or aboi-
tionists. Gold is more powerful than ambition
or fanaticism. Wall street assails the Union in
! order to make money.
1t is idle to pirate to us about the effect Of tie
over issues Of paper money-the imitation of the
currency. There is no imitation Of the currency.
dollars in United States bills from oil the bamks
| and brokers In this city to-day. A week or
two ago the government was unable to obtain
three millions Of dollars worth of its own notes.
| The country can absorb at least = Thousand
millions of paper currency In the West Tie
people hail the sight Of q government note q
blessing. They have been kwindled by wild
cat banks for years. They have very little
local currency worth ten cents on tie do
lar. Only q couple of years ago TIC
notes of hand Of responsible parties used to cir
culate as money liz the West, and we have seen
these notes fairly covered with the endor.c
meuts they bad received as they were passed nom
hand to hand. Government money superscdcs
this trash, and is gladly welcomed. The pre-
MUM on gold is caused by no over issue OF
paper money. 1t is caused by speculation, like
the premium upon silver and the premium npon
| nickel cents. Silver coin is At q discount IN
Canada, and it would be equally plentiful her
| did not spectators keep it from the people
Nickel cents are furnished in immense qunii
ties by the United States minis at par for Uni
ted States money. What, then, causes the pre-
MUM upon nickel Ask tie spectators who
buy up these cents in order to compel retail
dealers either to pay twenty per cent prem uTn
for nickel or to issue shinpiasters for al value
below half dime With plenty OF silver in tic
country-for comparatively none has been
ported, and none can be except at loss-and
with plenty of nickel cents issued from tie
minis, we are without small change. Why,
Because the "old clo' "shops in Chatham stree
and the Bowery are deserted by their owner
who have turned money gamblers, and hoars!
small change for the premium. For the same
reason gold II at l73, and prices proportionass
~ high.
| There Ii noticeable difference between the
speculations in gold and these in silver snd
nickel-vis: that gold is really almost unneceS-
sary in ordinary business transactions The
government needs some gold to pay tins int
rest on its bonds, and importers need some
gold to pay their duties; but beyond this in
significant demand gold is in fact drug out
side Of Wall street. Even in Wall street the
gold sold is never delivered and never wanted.
A certificate that so much gold is deposited in
such place is transferred from the seller 10
the buyer, who disposes Of 1t again at al ad-
vance, If he can. II ell the gold purchased in
Wall street in week was carted from broker
to broker at the close Of each days sales. oil
the drays in the city would be in reqnisition