The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-01-28
Speculation in GOld-Our Finances.

ican
We have spoken Of the speculation in
gold. That the uninitiAtod amongst our
readers may learn the naodus opeTanli In
the case, we shall quote briefly from =
communication on the subjec lately ad-
dressed to the New York Evening Post
The writer says:
ave know that the stoekgAmblsrs Of
Wall street. with the assistance Of the
banks, can raise or deprsss the price Of
fancy or sound stocks and Of gold. In
the Evening Posts money article Of yes
terdAy il is stated chat one house re-
Gently, at q single meeting Of the Board
Of Brokers, sold q million Of dollars In
gOld-'shOrt.' or course the house had
no gold TO sell-only bet that gold
would be cheaper in thirty days. The
purchaser bet it would rise, II did,
and the loser paid the difference. The
seller purchased ii in the open mar
ket and paid for il with the moneylho
received from the purchaser, who bor-
rowed the same from his bank, probably
depositing, or putting up, fvc per cent, as
security on his bet, the bank lending the
money and holding the stakes Hun
dreds of similar transactions are Of daily
occurrence, and makes gold active In
fact, gold has become a fancy stock.
If the banks would lend as many mil
lious on flour "s they have on gold, the
flour spectators would put the price Of
-four TO twenty or thirty dollars per bar
rel. Paper money would get. the credit
(or curses) Of the increase of prices ;
but speculations would be the cause.
"Wo know a speculstor in gold who,
with $4,000 in paper money, purchased,
with the aid of his bank, 100000 in
gold, at thirty one, and sold il at forty
one per cent premium, realising in few
days $4,000 profit lie is in again, and
confident that gold will be Sl.75. If it
should be, would Government notes be
worth only twenty-five cents on the dol
lar If so, the same logic would teach
us that il gold should sell next month
for one hundred per cent. premium, the
Treasury or paper money would be
worthless; yet it is highly probable it
would purchase pork, -four, horse, or a
house, on as reasonable terms as now
The views we have quoted will, VIC
think, tend much TO rcassure many who
think they see in the gambling or specu-
lation in gold, so prevalent just now, the
possible ruin of the country; matter
all should un deceive themselves about as
quickly as possible. The country is
strong, despite what has already been
expended to put down the rebellion, and
as q still further evidence OF what we
have of promise in the future we cannot
just now, we imagine, do better than
quote from a sound and trustworthy au-
thority in the prenises-Hallett g. Co. g
Circular Of Finance, Banking, &C, for
the 14th, published In New York. Speak
ing of the vast resources Of this country,
it says:
"0f the extent Of these resources the
vast sums raised and expended for the
past year are full proof. The increased
means CT the country are by moth
ing more strikingly illustrated than
by the ease with which loans TO
an enormous amount are raised. -
At the close Of Mr. BuchAnAn's 8 admins.
trAtion fully twelve per cent. was paid
for loan OF a few millions, which was
with the greatest difficulty obtained.
During the past year loans have been
made to the Government, in the form of
deposits at the Sub Treasures, TO the
amount Of Sl00,000OOO, without exciting
attention or remark. The amount OF
those that have been made, In one form
or another, will equal $1,60O0OO daily
in addition to the Treasury notes, which
constitute another loan of $3.50, ,0OO, 600
Certificates of indebtedness Giake up an
other SlOo,0000CO. All these loans are
made without any embarrassment what.
ever, may be increased 20 any limit ioIiG.
faith in The Government is maintained. The
people have still an abundance of all that
is required for the prosecution Of the
war--food. munitions OF ali kinds
clothing and men. All can still be had
in the GREATEST abundance for money, or
for the faith Of the Government, so long
as this is mistaken.
awe have thus gone through two years
Of the greatest war Of modern times and
still have An abundance Of all that il
necessary 10 the hig hest degree of physi-
cal comfort. Such a state Of things rep
reSents our highest ideal Of the condition
Of the people, as il realizes all the Ad
vAntsges that Government or social Or
der can secure. II is, unquestionably, in
great measure due TO the natural wealth
Of the country, especially in the cheap.
ness and abundance with which food can
be raised. The State Of Illinois raised
probably, 100000, 900 bushels Of Corn Al
a cost not exceeding ten cents per bushel
This State stands as type for thr
whole, though probably the best adapted
10 the production Of food. In no part OF
Europe, as in the West, can crops be
raised for a succession Of years with
little other culture but dropping the seed
II is the natural wealth Of the soil We
are now drawing upon. We may for a
long time 10 come treble the draft with.
out exhausting the source.
after food, the next great source oil
wealth is minerals, especially iron and
coal. These exist ia abundance, with
an accessibility which no nation or con
tinent can show. Our coal is not only
more widely and abundAntly distributed
than elsewhere, but il lies so near The
surface that The mining Of il is the sim.
plest and easiest process imaginable. We
have thus in the greatest profusion The
two great agencies Of modern civilization
/ aud powJr because with them we render
. natural laws our servants, aAd step Al
! once 10 plain whose horizon is as broad
: iS nature itself But this is not all. W,
| rival all other countries 10 the prodne.