Mineral Point weekly tribune. (Mineral Point, Wis.) 1859-1868, 1864-07-06
What ii Commercial Organ Says-The Gold
Tanie-Its CagselesSneSs and Falsity.

From the New York shipping List, June 70.
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 IL has
assumed. 1t is well known that many of the
operators who sold ''short' previous to
the adoption of the gold bill, have been per-
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 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, deslrous
TO take advantage of the supposed high
prices. went to W all street 10 sell. They found
that only two brokers we're disposed TO
operate in the precious metal at all. They
called upon one of these He was buying
gold in small amounts at 2l0, and selling 1t
at 2I6 What was the price of gold at that
establishment Our travellers announced
that thew had gold TO sell. How much :.
Two hundred and eight 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 2lo,
hut could not pay it for that amount. lie
was sure that gold couldn't keep up, that
II would certainly be- below 300 tomorrow,
and in fact, this good natured tradesman
preferred. rather than buy the gold, 10 re-
commend his customers 10 his nelghbor. 90
| the two gentlemen went TO the other broker
| He was also buying at 2lO, and seIIng al
| 2I6, and was as little anxious TO buy large
| sum at his own price as his nelghoor mao
/ been. He knew that gold would be below
! POO tomorrow Well, If it was TO fall, the
| TWO gentlemen would like to sell Tow on the
best terms they could get 'What world he
give = lie didn't know lie would prefer
not TO buy it at ALL As there was no third
| broker for the gentlemen to be commended
to, they were merely bowed out, and LEFT
| Wall street somewhat enlightened as TO what
was not the price of gold.
| 4 more unnecessary excitement than thai
| which has succeeded the passage of this bill
| csr scarcely be conceived, hence it follow,
| that il must be short lived. While we have
not favored gold legislation, we believe tina
CONGRESS honestly thought that there wer,
,ood reasons for the passage OF the cod Oil
Ed we therefore trust that 1t VIII not o
f-;(,btane,1 hy the demand of any committee
or committees. into any concessions froh
,rbs- Il oonceiyes to be its full duty IN tn
rrsn,;ses There is no doubt that the Gol
| IN was intended as public beneft
,aoassarx let il be so modified as TO 1nsur
that result-but concede nothing more-a
least not until the bill shall have oeen Ialrl