Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1864-02-25


+" corner ia gold There is much gold accumulated in
the Subreasury beyond the reach Of the community
to enable parties to buy the small amounts hat Of
fered for sale thereby orestang and producing whit
is termed in the language OF Wall street corner IN gold
understand that to be the why gold
three four cent during week or two past in the
city of New York.
As to my general opinion of the effect to be produced
upon our commercial system, think the gentleman will
be satisfied from what have said that at least i'm.
mediate good will be effected, aud will excuse for de-
clinng at present to express any opinion
| Mr.. COX / ak the gentleman from Massachusetts
whether this large amount OF gold in the subtressury has
been placed there from the payment OF the customs du
ties from depOstes2
Mr.. HOOPER. understand that the accumulation
house. On Saturday last the whole amount paid for
duties in New York was $526,O0O, and OF that sum
$500, 900 was ia gold.
Mr.. cox would ask the gentleman from Massachu.
| sets what effect the amendment which have offered
would have the bill Does he regard that amendment
as prejudciaI to the Government in it's transactions in
gold, or will he favor that amendment
/ Mr. HOOPER / should think the effect of that amend
ment would be prrudcia 1t would BIO giving notice be.
orehand that gold in large amounts is to be offered for
sale and allow combination to be made to control the sale
and keep the gold monopoly in the hands of the veal
thy brokers and spectators. think il would perhaps
facilitate certain other operations far this that it
would be sort of notice to those gentlemen have al
uded to before who propose to follow out the suggestion
of Mr. Lamar and enable them to guard themselves by
the orewarnug it would give them Of the intentions OF the
| Secretary.
Mr. PENDLETON said he regretted very much to be
obliged to differ from the majority of the Committee of
Ways and Means which reported this resolution but the
consideration which he had been able to give to the sub
led him to the conclusion that the result OF the
of the resolution will injurious to the interests of the Trea
sury am looking The said) to the interests of that De-
parment of the Government alone my action npon this
resolution. 1t involves only question of finance, only
question of sound commercial policy The Secretary Of
the Treasury has now power to buy gold whenever he
shall deem 1T necessary. That power given to him
because the law authorizing the issue Of notes and bonds
provided that the interest them should be paid in gold
In order to enable him to redeem that obligation it
thought proper to give him power whenever he should
find il necessary 60 into the market and buy gold lie
has that power to unlimited extent This resolution
proposes to give him power to sell gold to the like extent
that if the resolution shall pass the Secretary of tho
Treasury will have complete power to buy and sell gold
whenever he deems it necessary. call the attention of
gentlemen to the fact that they clothing the Secretary
with power that hs will be uthorized by law
60 into the gold market of the country for what amount
! he peases whenever he shall deem it proper.
There is good purpose to be accomplished by this
resolution except that stated yesterday by the gentleman
from Iowa (Mr. KAssoN) and to day by the gentleman
from Massachusetts, (Mr HooPER) They told us plainly
that the purpose not to relieve the Treasury but
relieve the gold market Of New York The premium
which could be realized from the sale of this gold would
afford relief to the Treasury They do not pretend
They know that if ten millions sold the premium
would scarcely suffice for the expenses Of the Government
for ten hours No interest would be saved to the Trea-
sury for the sale would not operate to the redemption Of
the nerestpayDg debt but would be made for legal ten
der notes, which pay interest whatever They did
WELL therefore frankly to avo the purpose of this reso-
luton; to state clearly What moments reflection would
teach any that not the Treasury of the United States
but the gold market of New York is the object Of solicit
tude here. TO relieve it from srngency is the only good
purpose, if it be good purpose which be subseryed
by the passage of the resolution.
think understand the from which this reso-
luton springs know the parties who urging it for
ward. My honorable colleagues on the Committee of
Ways aud Means will understand that mean rehec-
ton upon them their motives thriE actions If state
ments which entirely credit to be relied on private
interests at the bottom of this movement Persons
using gold in their transactions laid in winters supply
last summer and fall, when the price low. They
have exhausted their supply They compelled to buy
The price is higher than it was then They want
to be lower Not whimper Of Government boarding has
been before heard Suddenly they discover that the
Government has $40 900 of gold in its vaul that it
has boarded that amount that the Government ought not
to hoard; that if $50 100000 $40 100000 shall be-
suddenly brought the market the price viii fall and
they will b. able to buy low rate and forthwith
upon every conceivable pretex they urge the sale Of that
gold irrespective of every other consideration than the
state Of the gold market tomorrow and their interest
We were told yesterday that great srngency existed in
the gold market in New York because of the of
gold in the Treasury there How much? Eighteen mil
lion dollars Of gold have accumulated in the Treasury
and not mistaken the show there are more
than sixty million dollars on deposit in New York
So less than onehird Of the amount subject to draft for
States
claim in the rs place it is neither the duty with
p the scope OF the legitimate operations OF this Govern
men that it shall control even though that control be
erted for the purpose of reevng) the money market of
the country That is not within the sphere of lite praper
functions. It ought not To become eitaor bull or
bear 1t ought not to become SPECTATOR 1t ought
not to seek 10 control the money market instead of allow
ing the laws Of trade to control it, it is trte saying
that the world is governed too much The saying twas
more true than to day. 1t never applied more
truly than to own country
There are $4,000 900 OF gold in the Treasury at New
York There the residue Of 10000 600 there to per-
form the ordinary and Legitimate duties Of gold ia that
market Can it be that the retention Of that amount in
the Treasury for few days. and it will be only for few
days will derange the gold market Of New York that
This great power must 10 order to restore it's normal con
dition, bo given to the Secretary Of the Treasury
Er. MALLORY ! inquire, with the consent Of my
colleague the Committee of Ways and Means whether
body knows what is the desire Of the Secretary Of the
Treasury this subeotf He has not communicated to
that committee to this Congress any information to
the propriety of comforting upon him this additional power
for selling sod in the market Of the country
Mr. PENDLETON. j am not able to answer the qlles
ton propounded by the gentleman FROM Kentucky. II
any al my colleagues on the Committee of Ways and
Means prepared TO give categorical answer az to
pass or whether he has recommended it, will Give
way that they may make the answer,
hf MALLORY, / am very certain that no member Of
the Committee Of Ways and Means authorized to give
categorical answer merely wished to announce the fact
that the Secretary of the Treasury has applied for this
power
Mr.. PENDLEFON. l am prepared to say that even
the result of this bin would DO TO relieve the money
market IN New York If the very object which the gentle
man from Town and the gentleman from Massachusetts,
wish to accomplish the only beneficial object to be
accomplished by it could be attained by it, passage /
should nevertheless be unwilling that the Government OF