The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-05-31

The Gold Question.
\ problen Of nonentoes importance
20 the commercial world has been sol
we'd within the last ten days, viz that
the ruling rates for gold are governed
bv the actual commercial value Of that
commodity, and hinge only partially
upop military movements, IN 40 far that
defelts may have sn influence 70 mate
rialiy neszance the rate, vicfoTiss cannof
rafsrsalig bring 4 DOM. This viii have
the effect to reyolutsonize trade by re-
moving that constant fear IF decline
which has al along been the spectre
that would not down at the bidding Of
holders OF large stocks Of goods grain
and other staples liable 70 be affected
BY gold fluctuations With the con
slant drain OF specie u meet foreign
balances against us. the stock IL being
RAPIDLY thinned out, and Sc yet there Is
no abatement IN the depicting process.
--Dsfroit TribsnS
We do not folly agree with our De
troit contemporary, though there Is much
in the view it takes. Victories viii ma
terially reduce the price Of gold; they
have done 50 heretofore, and they viii
do 50 again; but we must not expect it
10 decline until those victories have
been made decisive. Pending cam
paign, be the prospect Of ultimate sue
cess bright a. It may, gold viii be fe-
verish, and IL tendency viii be upward,
as at the present time.
Nor l. it the commercial vslue Of
gold, which gives It 3 premium Of s.
per cent; there is no demand Cor the
article justifying such fgures The
amount purchased in the country, for
actual use, either for expectation or for
the payment Of duties, does not exceed
100000 per week; while the amount
sold Zach dtg, in New York alone, il ct
least sl0OO0,000
The fact ia, when there is panic, in
ANYTHING, spectators win take adgsr-
tase OF il, and win make it doubly dis
trsssine; and this, the public must 40
cept as fixed for Oh time As long as
human nature remains as it is, stock
dealers viii be stock dealers, and no
laws to limit their operations viii avail
anything Other remedies must be
looked to and what are they?
We have now in the United States
Treasury, gold enough TO meet the July
interest on our national debt, and also
a surplus Of from s25,09OO00, to S30,-
100000; and it behooves US to ask if this
cannot be made available 10 reduce the
price Of gold Il cannot be done by
sales, at prices below those asked by
spectators; that has been tried, and
found wanting; then what can be
done?
Our greenbscks are circulated, under
premise Of redemption, in specie, at the
rate Of onsd9llar Of the latter, for one
dollsrof the former; and whenever We
have the mon<s in the Treasury with
which 70 redeem, our treasury notes
will stand at par. But it IL not expect
ed that the Government viii wait till
there Is an accumulation in It's vaults,
equal 10 the whole value Of our curren-
cy; that would be an sbsurdity. But
specie payments will, and must be re-
sumed gradually; and we think they
could be resumed now.
We will have, on the first of July,
$30,000O00 to commence on, and
weekly accumulation of at least half a
million, over and above all demands for
interest on the national debt, so that no
difficulty would be experienced in
redeeniing s5o,OO0,000 of greenbaclCs,
within a yea', which could readily be
withdrawn from circulation
But this process should go on gradu-
silly. To throw S3O,O00,OOO Of specie
into New York, in day, would cause
q tremendous sensation, and a sudden
fall in gold; but the prospect of another
six months Of suspension of specie
payments would raise it again, though
perhaps not TO its present figures. On
the other hand, let the Secretary Of the /
Treasury announce that he will redeem
and withdraw from circulation q certain
stipulated sum per week, and convince
the people he can do 80 from the figures
which he can produce at any moment;
and though it be but half O million a /
week, gold must, and wiz fall
Rebel sympsthizers sre indefstigable |
in their efforts to depreciate the ma
tional notes. They let Slip no oc-
casiOn TO urge that they viii never be
redeemed, and that the government
viii repudiste ita obligations; but by
the process we have indicated, or a SIM
liar one, their destinations, and efforts
would be completely eounteracted.
We know that the Secretary of the
Treasury Is desirous Of return TO
specie payments, the moment il can be
done; and we believe final success on
the part of Sen Grant will be the sig
nal OF a commencement of the measure.
A Clear BIZ Of BraggadOeIa.
The Richmond Examiner Of the 18th
"Wednesday lsst--prints the follow