The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1863-10-24

)
THE RISE IN GoLD-SoMErHINa ABoryr
THE CAUSE OF IT.-Gold rose last week to
l49t, closing last night 1881. The advance
IN gold IS therefore about per cent. for the
week; No intelligence Of military, naval
or pohtlcaI disaster has been received to
ury has disbursed nearly three millions of
gold In payment of interest on the 7.3O
notes, the whole of which has been Alb.
sorbed. Within q few days Speculation
has been more active than it was. But IL
Is notorious that there are at least as many
spectators for the fall as for the rise. and
hence the advance cannot be traced to
mere speculation, as was the case in Janu-
airy last. We are thus driven to the con-
clusion that gold rose last week, as it had
risen for three or four previous weeks, in
spite OF very strenuous efforts-made from
patriotic point of view--to keep it down,
from the single reason that the supply was
less than the demand. The wants Of the
mercantile community for duties average
quarter of million a day. In addition
to this, the excess of our imports over our
exports has got be paid in gold. On the
small; including the amounts Eshipped
direct to England, which are represented
by bills drawn here, it will not more than
half satisfy the demand for duties, to say
nothing OF the demand for export. The
other source of supply-the Treasury
DEPARTMENTS locked, except at GER
| tain fixed periods. Some nine millions
of dollars in gold are now lying idle in
the Sub Treasury at this point-en enough to
supply the wants of the merchants for q
considerable period. But it seems it can't
be got out. It was proposed at the Treasn-
ry Department, and at one time it was
understood that it was determined to am
| tiClnafp the Tavmopt Of IF tho N0voruhor.
coupons on the 500 bonds. But it seems
that a deficiency of clerical force was
pleaded in bar of this sensible arrangement
and 1t fell through. Thus the Govern
ment Of the United States figures as one Of
the chief causes and agents of the depreci-
due to truth to say that the real cause Of
advance in gold lies deeper than the policy
OF Government or the temporary requires
ments OF commerce. Paper money has
created general prosperity which stimu-
lates extravaganza and large expenditures
an advance in all imported goods fully
equal to the increased customs duty and
the premium on gold, there never has been
a period in our history at which the con.
sumption of these goods was as large as it
is at present, Al the great importers and
story. They never did so good q buinesS
as this season. All classes of goods, and es-
pecially the most costly kinds, sell Instant
~. The consequence is the creation of an
Indebtedness to foreign countries which,
is really alarming. Last year we were
large exports of food, which was then
. high in price. This year the European har-
vests are good, and the price ofgrain is such
that it can only be shipped from here at
q loss. A certain proportion of our foreign
liabilities is being liquidated by shipments
nj Mt 1s,llr L. l.
shipment of million Of bonds per week
is very large, and few such weeks would
saturate the European markets. The only
: remaining article which we have to ship is
gold; and though of this there is in tho
country an ample supply for the wants of
trade, if it were brought freely to market
and placed at the disposition Of importers,
yet if it be withheld and boarded, as is the
invariable rule on the advancing market,
a scarcity of coin ensues, and the result is
that the premium advances day by day
This advance does not spring from a want
OF confidence in the national cause or the
national currency. 1t may be cotempora-
neous with victories or peace propositions.
i 1t grows out of the fact that certain guam
tity Of specific article-gold-is required
to pay balances and duties, and that there
is not that quantity in market for sale. The
true cure for thiss estate of things is q general
reduction of expenditures by the people. If
people will spend the money made out of
the war in foreign luxuries, there is no say
j ing to what point they may not drive the
premium on gold. 1t has been suggested
that the foreign importers are the criminals
In this matter; and in one point Of view
namely, the extreme feverishness and I'M
certain course of the gold market-we cam
not but think that an importer who inn
ports goods which he has not paid for in
advance, runs risk which no pruden
merchant ought to assume. But it is idle
railing at one class of men, when the true
responsibility rests with the community
at large. Importers will import DIS long az
jobbers will buy jobbers will buy as long
as they can find a market among retailers;
and retailers will keep full stocks as long
as the public are ready to take them off Of
their hands at a profit The remedy must
come from the public-thes consumers-or
not at all. Yesterdays sudden, advance
from 147 to 149A was ascribed in the street
to a trick contrived by some smart specula-
tors. 1t is said that some bull operators in
gold bought 8, OOO, 900 and shipped $2, $780,
OOO, with view to alarm the public and
sell the balance at profit. ~ This theory
derives plausibility from the fact that on
Friday last bills were 4@3 per cent lower
than gold, and no good merchant Under the
circumstances would have RENTED gold
when he could buy bills. II this theory
be sound, the parties concerned deserve,
and Tt doub.tsss 1eceiye the ndgnsns
4 IL"
at this crisis in our history, would seek 70
fdepreciate the currency by cheating opera
tons for the sake of petty gain, are the
natural compeers Of smugg1efs and receive
ers Of stolen goods. We presume, how
ever, that their shipments were bona jfoe.
ssralghtlorward business soperations.-N
7. Herald, Oct. 18th. = 7l -
I OFFICERS ABSENT WITHOUT LEAVE To
BE REDUCED TO THE RANKs.-The follow
ing general order by the General-in-C Chief
Implies that it is the desire of the Govern
mont to have the extreme regulations en-
forced on officers absenting themselves
from their commands without leave:
WAR DEPARTMENT, ADJUTANT GENRR-
AIS OFFICE, WASHINGTON, September %.
1S63.-General Order No. 326. 7aegl
The attention of General Courts Martial
is direcfad To Section % of the "a ri for o,