Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1864-07-07
What a Commercial Organ Says-The Geld
Panic-ItS CauSeIessness and Falsity

From the New York Shipping List June %.
The more we learn with regard to the mat.
ter, the more firmly do we become convinced
| that the great excitement in gold and the
extreme prices which have been quoted
during the past few days, have had no reliable
basis, but have been simply the result of
dodge resorted to by certain Of the "ring'
with view of frightening Congress into
| a recession from the position which it has
assumed. 1t is well known that many of the
operators" who sold "short" previous to
| forming the circle of the ring trying to pro
cure gold to fill their contracts and all sorts
of unreliable quotations have been freely
| circulated for effect. A daily contemporary
| relates a practical incident which goes to
| show that since the bill become a law, the
| gold quotations have been wholly nominal
| and had no reliable basis. On Wednesday,
when the excitement was at its height,
two gentlemen, the Messrs. Blankman,
holders of a large amount of gold, DESTROYS
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 PIG. What was the price of gold at that
|
that they had gold to sell. "How much ?"
"Two hundred and eighty thousand dollars"
They 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 210,
but could not pay it for that amount. He
"was sure that gold couldn't keep up, that
it would certainly be below 200 tomorrow"
and in fact, this good natured tradesman
preferred, rather than buy the gold, to re-
commend his customers to his neighbor So
the two gentlemen went to the other broker
He was also buying at 2lO, and selling at
2l6, and was as little anxious to buy large
sum at hissown price as his neighbor had
been, He knew that gold would be below
a 2OO Tomorrow" Well, if it was to fall the
: two gentlemen would like to sell cow on the
= pest terms they could get. "What would he
e give :" y" lie didn't know He would prefer
r not TO BUY 1t at all" As there was no third
r oioher Tor the gentlemen to be commended
e TO, tney were merely bowed out, and left
e wan street somewhat enlightened as to what
! was not the price of gold.
O A more unnecessary excitement than that
: which has succeeded the passage of this hill
can scarcely be conceived, hence il follows
that it must be short lived. While we have
v not favored gold legislation, we believe thai
:, | Congress honestly thought that there were
GOOD reasons for the passage of the Gold bill
and we therefore trust that it will not b.
frightened by the demand of any committee
or committees, into any concessions from
If what it conceives to be its full duty In tn
e premises. There is no doubt that the Col
bill was intended as public benefit.
necessary, let it be so modified as to lnsur
, that result-but concede nothing more-a
l. least not until the bill shall have been fairl
tried-and its merits and dement's have be