Daily national Republican., 1863-03-06


among the gold speculstoH, in Wall street,
New York, yesterday, which appeared In the
REPUBLICAN last evening, gave no idea OF the
srtsnf Of the fall in gold, and OF the general
CONSERVATION Il produced. weshowed clearly, |
in our FIRST edition yesterday, that such would
he the fnal result OF the amendment to the tax
bill, which We published, but we did not dream
that 1t would be so sudden, nor so extensive in
a single day. The extracts we make below,
from yesterdays morning and evening New
York journals, give some idea Of the operations
and It's causes.
The first is from paper, to which Mr.. Chase
has not been indebted for editorial favors in the
past. We refer to the Herald. 1t says:
''The amendment to the tax bill adopted by
Congress on Wednesday knocked the premium
upon gold down to 1855, yesterday fall Of
nearly per Cent.-and oCCasiOned greatblaugh
ter among the spectators In Walf street"
1.-The last provision Of that amendmont-that
no money shall be loaned on gold and silver
coin exceeding In amount the par value of the
coin, and that all such loans, If made, shall be
utterly void.
This last provision stops the operations Cf
the gold speculators. II they buy gold now
they must have the ready cash to pay the differ
ence between the par value and the premium;
for no Que can lend them more than the par
value Of the gold. For example, If speculu-
tor goes into Wall street to buy ten thousand
dollars in gold at 1876, he can only borrow ten
thousand dollars on his gold and must have
the six thousand Eve hundred dollars premium
in his pocket. Few men will desire TO Invest
so much money in such a speculation. Before
this amendment passed speculator could Dor
row fifteen thousand dollars on ten thousand
dollars in gold at 167 and would require only
nd hundred In11arE IN ma ha
balance. Here is a difference to the speculator
of Eve thousand dollars on a small affair Of
ten thousand at 167; and the greater the specu-
lation and the higher the premium the more
difference the speculator will have to keep on
hand.
Chow many gold buyers have FIVE, fifty, OF
Eve hundred thousand dollars to invest in this
wayl Echo answers, few"
eve have often warned the gold gambler.
that retribution awaited them. Now they art
slaughtered, and no one pties them. TheJ
have disturbed the markets, inflated prices and
made the whole country suffer, that they might
enrich themselves. Now the country will re-
ioce at their misfortunes and benefit by their
losses. The day Of specie payments Is not far
distant"
The New York Commercial AdUsrtissr, of last
evening, contains the following:
"This has been the most exciting day We
have had in the market, SO far as outside ap.
pearances have shown, that we have had since
1887. William street, in the vicinity Of EX
change place, the headquarters OF tho OUTSIDE
operators, has been crowded so that passag,
along the sldewalks was almost impossible
and difficult even through the carriage way
The Offices OF most of the principal broken
have been thronged, and the conversation
everywhere has been upon the subject Of gold.
The price has huctuated violently. Befor
the session Of the Board, sales were made al
high as 1861, and some have been reported Al
low as ISL. At the Board the sales reported
on the printed list were 81 ,325 900 from l5'
down 70 1871, and nj the present writing (half
past IL o'clock) the rate is about l56 a 1885,.
"sines the above was written, the markc
has been somewhat strengthened by orders Il
purchase on the part Of those who have beel
heretofore large operators, and tho moyemon
has been comparatively steady. There haN
been large sales at 1851 q 1857 since the Board
the price standing at the higher rate at
o'clock"
The Commercial AdVsrtiSer contains sti
another article, entitled an "EbWllitioR IN Wa
srsa," which Is quite racy aud interesting, a
follows.
"Wall street, especially that portion where
Bulls and Bears most do congregate, has bee
in commotion from an early hour this mornin
until the time of going to press! The excite
epecie payments years ago, and the throng @
spectators has been 90 numerous as TO requlr
the vgllant attention of several guardians {
the peace.
"Gold has been falling gradually since III
g6th ultimo when it touched, 172S, under th
effect Of Congressional enSctmenls-the los
and tax bill, &c; aud yesterday II closed at is!
The market opened at that figure this morning
and almost Immediately thereafter fell to l5
This caused the most intense excitement, an
Il.
soon beleaguered by a crowd OF interested pa
ties, some Of the umid anxious TO dispose
their auriferous load, and others deyislng way
aud means by which tho depressed mark
might be inflated. The Bulls at once went
work, and by means common TO the era
worked tho market, until about noon go
touched l57.
Then the fun was at its height. The Sh
locks of the American BouTse continued all the
efforts TO still further initiate the price of bulllo
In their hands II was shuttlecock, and wei
up aud down with persistent regularity. The
wasno time for bona fds operations. The ma
ket was too volatile 70 risk an honest sale ,
purchase. Hence, most Of the transaction
were 'hyers,' thrown out to effect rise In Il
price.
1.-THE looksrs-on were intensely amused, an
those who understood the game watched Il
ups and downs with extreme qualification.
each spectator emerged from tie sanctum
the money gods he would be met by bu
generally Of the ISraelitish persuasion, wi
would Immediately seek to counteract Il
dread announcement OF q fall in the market
"Oners Of fabulous amounts at good hgur
would bo made In the hope that some 0
would be gulled. But those who were wont
wink at the auotioneer'B AN '-a-hAlf, an,
half preserved n rlgidity Of the facial a
'blnkiAl' muscles, and gave no sign Th
kept themselves and their pockets as close
sealed as possible.
''The Jow who had made about $50, 900 in I
bullion business, confessed, with tears In
eyes, that he had losbhn his earnings and "
ruined. Many others, doubtless, Will retire
their couches his evening mourning the loss
their earnings as Of ill-gotten gains.
1.-THE throng was 50 dense that all who soug
to penetrate Il guarded well their pockets, a
had no intention Of paying for their entertal