, 1863-04-10

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shall not give names nor exact incidents, but |
in this little sketch the knowing ones may
recognize facts, and the non-spcculators may |
sec how things and men can be done in New |
York.
Gold, the standard currency, one dollar Of
which represents one hundred cents in other
coin and equivalent to q note for same amount |
Issued by specie paying bank only, Was, in
the language Of the brokers, "se1ling for
$1.70."
That is, all paper money was deprecated.
Tue golden dollar Was only dollar still. but
1t required q paper dollar and 10-loo Of an
otherpaper dollar to purchase the golden one.
Without going into detail We will only aay,
that this rate Of things WAS brought shout
mninly By spcculators, who, aware that ccr-
tain amount OF gold must be called for by
importers, contriyed to hold, and influence
others to hold, the metal at great premium.
In an Office on Wall street ut 10 o'clock in
the forenoon Of tho day Of March, sat
two men, who held conversation as follows:
SHOW much have you in the safe?'
"Ncar1y sC0, ,ooo."
"Did you buy any yesterday OF any &C.
counts'
"Ho, only few drible.s of thirty odd dol
! lars ut tiuc.'
"What about the Jew in-street who
| lad $4,000.
''He has been in every day, and andous1y
asked for you, and also kept closely posted rs
to the rate.''
ssHe holds On to his?''
| s'Oht yes, satisfied that 1t will touch two
dollars.'
'sWo must make him sell, and bring down
some Of his friends"
| SIN what Wny?"
"1ieten. am going to create the greatest
panic that Wall street has ever seen, and out
Of it make fifty thousand. This day thero
must be sale Of gold. ehall sell It. Ny
accomplices understand the p1aa, and aro to
buy. You remain here, and take all the gold
that Is offered at 1.55 and less. Tomorrow
gold will rally again, but for today, Wall
street shall 60 Wild with terror. No one will
suspect that We are partners in this matter.
Do Jou put on bold face, and pretend not to
believe any of the stories, Say that yot T1ll
take the risk. When the sellers arc once
pretty well frightened, you need not be afraid
that they will heed your advice. They viii
sell If you will buy, despite ali your argu
ment."
At 12 M, 4 man stepped upon the suction
block ut the Exchange
Gentlemen" said he, 'tI do not believe
in this depreciation Of Treasury notes. If the
Government is not good, what is good: There
must be u change grand reyulsion--and ]
an not going to be caught. Gold has reached
the fabulous asking price Of l7o, and no huy
ers. I offer for sale sl0,0 0op at 1917 :.
"Take it," shouted twenty voices at once
: but one was singled out BY the auctioneer
J | and the name called.
, II offer *1o, 900 at 1867
stake 1T" and tho name which tho aue
tionecr called as purchaser was recorded.
"{ otter $4,000 moro at 1.541f."
. "Take it, Us before.
The walls Of the Exchange could not COZ
Q tain the throng which, when the electric chor
i ! was tonchcd outside, rushed to the entrance
d AL was disnay anu Wild despair. Jews an
j. so-called Christians 3ostled each other, an
q uttered common imprecations. Hatlcss me
d. rushed about the streets. The agony Of th
: dupcs 1t was terrible to witness. For day
= and weeks they had been huoyed up BY th
:, hope Of q greater fall Of Government sccus
+ ties and further depreciation Of grcenbacks.
= AL this time the accomplice Of the Au
d tioneer remained quiet and cool in the oh
n awaiting the call Of customers. Present
~ there, was q rueh toward it. Some Of II
:. ccntv had cndcayored to sell their gold b
- r.. - .bn,,Id In nfftred fyen 5nTer. that The