The New York herald., 1864-09-27

gSd within reach OF operators has been borrowed snd
some osthe lenders calling in their loans In sxpecta
aen OF q reaction, which they fear may endanger the
gold lent But opinions, OF course, dner widely a. 70
the future courss OF the markss. The shor sales will
60 soms exteut sustain and therefore variable but
act sinking, market 10 looked for during the next
week tws, afscr which shs market win
bs likely 10 settle down 20 prs,uum or
IRON Afry TO- sxty.. Ths stock market wiz
whpshiss isss with gold, End iss dpatuations
sfi be depsudsns top esas extent the operations
G ths isbearA" who have control Of the market Nearly
al the leading members OF taeregaar Beard Of Brokers
besn assisting the fall Of stocks the last two
usnths and with she exception or three housss
which taking OF particular shares arc held
By tAem unless custcmers Hence the pre-
ient panic is likely to create less havoc in the
street than that OF last spring, when brokers
AZ well a. customers loaded with stock
Tue loss ocoasoned by heavy decline like the present
falls lightly on investors who rely upon their dividends
regardless o. the market value OF securities. This panic
has been less OF shock all that OF April
Tor the stated Even the clique Cleveland and
itts5urg sold out OF rs stock when they how
the tide was running and the stock a evel
With the rest There are no bull ctques surviving wor
thy OF mention but there IS strong disposition TO profit
10y the fall and speoulaiors outside OF The street
will rush In when appearances satisfy them
thss the market has touched bottom. The fact that
railway Shares have been recently selling at half their
original value, and that they failed advance tho
depreciation OF tne currency since June asi while
ohandso and produce Of all descriptions did so.
sdsrsi TO be sufficient why they should have
remained comparatively steady under decline gold,
and that they have fallen why they should advance
VS. regard this fall in gold however, consequent
collapse OF the bubble OF speculation, as great
HonAl benefit, the first fruits Of which We
are already experiencing general decline in
prices 10 the natural consequence OF the appreciation Of
the paper dollar from less tasn forty than ty
cents gold value. Tue Wholesale trade Of the country
has been almost at standsti for some weeks and
Il borders on q panic. In the produce market 70 day
thsre further fall Of from fy to seventyhve cents
barrel in -four Of fifteen per bushe wheat,
making decline OF City cents within week. Of two
dollars per barrel in pork, Of two cents per
Qoudd in lard, and OF three per gallon
IA whiskey. II rumored that prominent house
ths produce trade had failed but be this as II may, it
spetecty obvious that ali the spectators for pre-
vious the gold panic considerably weakened by IL
Tho due.o their strength at present employed
holding to their stocks in warehouse. and other
wsa sustaining the narkM BY purchasing much
as they can OF whatever IN their particular line s
thrown upon the market 10 OF the legitimate de-
mand. These have been doing their utmost
during the past three four months to stimulate
exorbitant prices and enrich themselves at the
cost OF the entire people. The rup, comparative
pste OF such spectators would be public benefit for
they worked little less injury the community in
their way than the bull clques gold, and they
eQuaiy 90 be condemned. The latter been far
weakened by the decline Of the gold premSm that they
unable to resist lis natural tendency, which is still
downward although the Of short sales before
ferred to may 1t TO be temporarily arrested
TO greater less extent. But this must be
soon followed by considerable further descent;
present premium Is far hey ond that which
justified either by the national debt the OF
the currency anoat We have before had occasion 20
remark that the premium ought not 10 exceed sixty
eight this the liberal estimate that be
made IL is indeed much higher than the premium OF
gold should have any time attained, considering the
constantly increasing resources OF the naticn
But the mismsnagemsnt 70 which finances have been
sub ecled from the beginning Of the has had the
elect OF disturbing the true relation which would have
otherwise existed between the currency and gold.
The reckless buadering OF Mr.. Chase, sanctioned by
Congress- would have been productive OF similar disaster
under like circumstances in any country in the world.
England during her long suspension Of specie payments
from 1921 1921 inferior in her TO
&hs country at the present period and ys BY the skill
compared with Bank OF England notes, never al
lowed attain premium OF more than forty one per
cent while the average depreciation OF the notesas the
following table OF their relative values between 1903 and
1919 viii shov-vas only about half that