Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1863-10-23

.
Gold ross lass wsvs ~ s4sE s1U&sWe last
night at l4eR .ESshangs suss 70 le4, clos.
ing At l68Wl6S4. The advance ingDld b
therefore abost s pr csnt for thsWssk.-
No intelligence Of military, naval or politl
cal disaster has been rcesived to justify u.
Within ten days the Sub Treasury has die
bursed nearly three millions Of gold in pay.
mcnt Of interest on the 7.30 notes. the whole
Of which has been absorbed. Within few
days speculation has been more active than
il was. But il ID notorious that there ifc as
least a. many speculatoSs for the fall a for
the rise, and hence the advance cannot b
traced to mere speculation. a. Was the case
in January last. We are thus driven 10 the
conclusion that gold rose last week, q il had
risen for three or four previous weeks, In spite
OF very strenuous efForts-madc from pat
riotic point Of view--to keep II down; from
the single reason that tho supply was less
than the demand. The wants of the riier.
camille community for duties average quar-.
ter Of . million aday. In addition to this,
the excess Of our imports over our exports
has got 10 be paid in gold. Or the othef
hand, the supply from California Is snail
including the amounts shipped dissct 70 Eng.
land. which are REPRESENTED b. bills drawn
u
demand for duties, to say nothing Of the de-
mand for export. The other source Of eup.
ply--ths Treasury departmcnt-is locked,
except ut certain liked periods. SonD niue
millions OF dollars in gold arc now lying Idle
in the Sui. Treasury ut this pont-encugh
10 supply the wants Of the merchants for ..
considerable period. But II seems Il tan't
bs got out. It was proposed at the Treasury
Department, and at one timo II was under.
stood that u was determined tO antici.
pate the payment Of tho November coupons
on tlssso ~ bonds Bus Il asms that de-,
tirisncy Vi clerical feros was psadsd in bar
oi this sensible arrangement, and Il fell
through. Thus the Government Of the United
States figures as one Of the chief causes and
agents Ot the depreciation of its own currency.
Il is, however, due to truth to say that the
real cause Of the advance IN gold lies drcpet
than the policy Of Governmo. or the tempo.
rary requirements Of commcrcc. Paper
money has created general prosperity which
stimulates cxtravagance and large expend'.
lures in every quarter. Though there has
been an advance in all imported goods iNlly
equal TO the increased customs duty ahd the
premium on gold, there never has been . PEI
Rod IN ouI history ut which the consumption
OF these goods IVES as large as il is at present.
All the great importers aud all the great re.
tail dealers tell the same story. They never
did SO good business rs this scason. All
classes of goods, and especially the most
costly kinds, sell ~instan,ly. The consc.
quence To- the creation OF an sindobtsdness to
foreign countries, which in one point Of view,
is really alarming. Last year ws were en-
ablcd TO pay our debts to Europe by hres
exports Of food, VIII ch was then high in
price. This year the European harvcsts ass
good, and the price eof cereals is such that
they can only bv shipped from here at a loss.
A certain proportion OF our foreign liabilities
il being liquidated BY shipments Of sccuri.
ties, ESPECIALLY $40 bonds. But shipment
Or n.lllon Of bonds per week is very large,
and a few such weeks would saturate tho
European markets. The only remaining ar.
ticle which We have TO ship Is gold md
though Of this there il in the country an
ample supply for tho wants Of ,hs trade, If
it were brought freely to market and placed
at the disposition Of importers, yet II Il be
withheld and hoardcd, as is the invariablc
rule on an advancing market, scarcity Of
coin ens;'es. and the result is that the preni.
urn adavitccs day by day. This advance
does not spring from a want Of confidence
in the national cause or the national cnrren-
cy. II may be cotempotanebgs with Veto:
rics or peace propositions. 1t grows out Of
the fact that certain quantity Of . specific
gold-is required TO pay balances
and duties. and that there IL not that guam
tity in market for sale. The true cure Tor
thus stats 0( ta4era ~ 1nsxl ~ u 4