The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-06-24

UPecalatisn-TAs Price ef Geld.
Congress recently gave the world the mea
sure Of ito wisdom by passing bill to prevent
fueiumion In the price of gold and exchange.
From the moment that this bill became law
and went into effect there were the most re-
seen. The law, intended to fix and hold gold
at its natural relation with the national cur
rency, set it loose at once from every possible
relation, and no one knew whore 1t was. Gold
was worth amy price broker chose to put
upon his bulletin, aud of course had no price,
When a man started from Trinity church he
did not know what gold might get to before he
should reach Pearl street, and was afraid to
might fall fat II any accident should sud-
denly nullify and destroy the centre Of gravity,
the confusion In the world Of articles flying
hither and thither and fragments Of matter
going In unaccustomed directions would not
be greater than wasehe confusion made by the
Gold Oil in Wall street
And this sudden change was entirely
due to that very speculation which the
bill aimed to destroy. Brought to dis
tinct and practical test, the price Of gold
had really suffered no change. On yester-
day two gentlemen, the Messrs. Blankman,
holders Of large amount Of gold, desi-
rous to take advantage Of the supposed high
prices, went to Wall street to sell. They
found that only two brokers were disposed to
operate in the precious metal at all. They
called upon one of these. He was buying
gold in small amounts at 210 and selling it at
ZIG. What was the price Of gold at that
establishment! Our travellers announced
that they had gold to sell. Chow muchT
1.-TWO hundred and eighty thousand dollars"
"Tbey would have to see the head Of the
house, and were shown to his private room.
Informed of the state OF the case, the head OF
the house admitted that he was paying 2l0,
but could not pay 1t for that amount Hc
"was sure that gold couldn't keep up, that it
would certainly be below two hundred to-
morrow" and, in fact, this good natured
tradesman preferred, rather than buy the gold,
to recommend his customers to his neigbbor.
So TIE two gentlemen went to the other broker.
He also was buying at 2lO and selling at ZIG,
and was as little anxious to buy large sum
ct his own price as his neighbor had been. He
'knew that gold would be below two hundred
tomorrow" Well, if It was to fall, the two
gentlemen would like to sell now on the best
terms they could get. "What would he. give ~
He "didn't know. He would prefer not to
buy it at ALL" AS there was no third broker for
the gentlemen to be commended to, they were
merely bowed out, and left Wall street some
what enlightened as to what is not the price Of
gold.
II speculation Is to be stopped some other
plan must be tried; but perhaps it would be
better for Mr.. Chase to admit that. he cannot
stop it; to admit that speculation is so inevta-
Bile part of trade that the blow that will kill
it will kill trade too. Gold Is, In this market,
and more especially under present circum-
stances, as much commodity as cotton or
sugar; something that Is sold In the shops,
and that we want and must have for given pur-
poses, just an we want and must have those
articles. II must, therefore, be subject to the
same laws; and who would dream of legisla
ton to prevent speculation In general
trade? Gold is even one Of the crops
Of tho country. Mr.. Welles has permitted
the rebels to land their gold, in the shape
Of cotton in London, for three years past, with
comparatively little trouble, and Mr.. Chase
ought to permit US to export one Of our crops
with at least as little embarrassment az the
rebels can export theirs.
1t ia to be hoped that this experience will
teach the wise men at Washington that the
laws OF trade are too real and imperative
to be suspended at their pleasure. Galileo,
when required under pain of punishment by
a council of cardinals to recant his astronomi-
cal theories, and to declare that the impious
doctrine that the easth revolved around the
sun was not true, did SO. Yet, looking fondly
upon his diagrams, he said, as he rose from his
knees-"But it turns STILL" And Mr.. Chase,
however disagreeable the laws Of trade may
be, and however inconvenient to him, must
see by this time that IL would be wiser to
recognize their existence than 10 declare by
his little gold bills that trade has no laws that
he ought to respect.
THE JAMES RIVER HornLA.-We have re-
ceived tho following note, in reply to eur
structures upon Admiral Lee for the obstruction
of the James river, which we supposed to be
his act:-
~ YIN nrron THE HERALD. SIS
SfR-Thc vessels sunk In James rvw were sunk by
''''' : .''''- GEoReE W. BLUNT.
This relieves Admiral Lee, and gives us
General Grants opinion Of that officers Eff
cheney. General Grant evidently supposes
that the James river aeet, with four iron clads
under Admiral Lee, is not sufficient protec-
ton for bis transports, and SO he takes the pro-
lection Of the transports into his own hands
and obstructs tho channel. He feels sone GER
tainty that sunken ship will stop the rebel
rams, bat he evidently does not feel the same
certainty Chat Admiral bee will.