The Placer herald., 1864-07-09

GOLD AT 24G.-The money changers at
the East have been in panic for the past
two weeks, and the markets in state of ex
traordinary excitement. The rapid advance,
ment OF the premium on gold, or to speak
property, the constant depreciation of Score,
tary Chases shnpla>iers, prompted the as.
sembed legislative wisdom at Washington
to pass e law in much haste, to prevent the
speculation in gold, by attaching heavy ben.
allies Tor the making of contracts for gold,
unless the coin was delivered at the date Of
contract This law was TO be the cure.all-
honest importers and merchants, would no
longer be subject to the extorlions OF the
gold blood-leeches Of Wall street, and green,
back shoddy would have grip upon the
windpipe of King Gold that would Law his
majesty out cold. The amount of common
sense and financial ability displayed in the
passage of this law, WAS Immediately eyi.
denced by the fact tina, the gold premium
mounted from 2lO to 2e5-the importers
and merchants were driven from the market,
leaving speculative bulls a clear eld-and
they improved their opportunities by fixing
their own prices. For time, it seems. that
Inc bulls would not sell gold for greenbarks
at all, and The sellers Of s,errg exchange
adopted rule, to which they still adhere, to
sell exchange only for gold.
From this it will be seen the Conoression.
al Gold Law had an effect precisely the re,
verse of what was intended, and instead of
relieving the money market and alaving The
symptoms of a financial panic-but made a
greater strngency, and produced a whirlpool
OF excitement in business circles, that threat.
ened to toppe the whole fabric of oreenbacks
10 the ground.
The holders of gold demanded their own
prices. Congress could not make it a penal
oteDse Tor the owner Of a double eagle hold,
ing on to it as long as lie saw fit; and conse.
quently gold was bull that tossed bis horns
high in triumph in the regions of Wall
street. importers were in extremity-busil
ness men generally in trouble and clamor
Immediately went up for the repeal of the
gold law, and Congress with railroad speed
obliterated the measure from the statutes,
that few days before was expected to lubri
cate the wheels of trade, and make paper
promises 10 pay something akin 10 value to
. genuine. metallic currency.
But although the gold law is repealed the
trouble is not reliev ed. The holders of gold
may not be quite so exactng in their de-
mands, yet the latest quotations Of 246,
shows the continuance OF the panic, aud the
shakiness OF the greenback currency. How
much the res gnalion of Mr.. Chase may have
effected currency matters is hard to say
But whether lie remained at the head of the
Treasury Department or not, the deprecia
ton Of the greenback currency is inevitable.
The proposition is too plain to require argu-
ment, that if the expenses # the govern
ment exceeds its revenues, TO the amount OF
$40O, 100000 per annum-as is authoritive'
ly stated by Mr.. Chase-ils paper promises
to pay must rapidly depreciale in value. and
no Legislation TO restrain the buying and sell
ing OF gold, can save greenbacks and other
government securities from rapid deteiora
ton and final worthlessness.