Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1864-07-07
A TIMELY INSIDE VIEW.
The Gold Panic--Its CauseIess.
ness and Falsity.

The N. Y. Shipping List, of the 25th,
affords the public an opportunity to gain ON
inside view of the gold speculation in Wall
street. The List is a commercial journal Of
standing:
The more We learn with regard to the
matter, the more firmly do we become con,
vinced that the great excitement in gold
and the extreme prices which have been
quoted during The last few days, have had
no reliable basis but have been simply the
result of dodge resorted to by certain of
tho ring" with the view of frightening
Congress into recession from the position
which il has assumed. 1t is we'll known
that many of the operators" who sold
short" previous to tn, adoption Of the gold
bill, have been performing the circle Of the
ring trying to procure gold to FIJI their con-
tracts, and all sort of unreliable quotations
have been freely circulated for effect. A
daily cotemporary relates practical incident
which goes to show that since the bill be-
came law, the gold quotations have been
wholly nominal, and had no reliable basis
On Wednesday, when the excitement was
at its height, 1.-TWO gentlemen, tho Messrs.
Blankman, holders of large amount of
gold, desirous to take advantage Of the sup
posed high prices, went to Wall street to
sell. They found that only two brokers
wero 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 it at 2l6 What was the
price Of gold at that establishment? Our
travellers announced that they had gold to
sell. "How much ?" Two hundred and
eighty thousand dollars" "They would
have to SEQ the head OF the house." and
were shown to bis private room. Informed
of the state of the case, the head of the
house admitted that he was paying 2l0 but
could not pay it for thatamount. IIe twas
sure that gold couldn't keep up, that il
would cetainly be below 200 tomorrow, >
and in fact, this good natured tradesmar
preferred rather than buy the gold, to re
commend his customers to his neighbor. -
SO the two gentlemen went to the othel
broker. He was also buying at 2l0, anc
buy large sum at his own price as h.,
ueiehhor had been. He knew that golc
would be below 200 to morrow" Well, i
it was to fall, the two gentlemen would like
to sell now on the best terms they coulC
get. "What would he give~ "He didn
know. He would prefer not to buy it all. )
As there was no third broker for the gentle
men to be commended to, they were merely
bowed out, and left Wall street somewhat
enlightened as to what was not the price O.
gold.
A more unnecessary excitement than tha
which has succeeded the passage OF thi
bill can scarcely be conceived, hence it fol
lows that it must be short lived While WI
have not favored gold legislation, we believ
that Congress honestly thought that thor
were good reasons for the passage of til
Gold bill, and we therefore trust that il vii
not be frightened by the demand Of AN,
committee, or committees, into any con
cessions from what it conceives to be it
full duty in the premises. There is n,
doubt that the Gold bill was intended Us
public benefit. IF necessary, let it be 81
modified as to insure that result-but con
cedo nothing more---at least not until tn,
bill shall have been fairly tried, and it
merits and demerits have become self eyi
dent. We may add that it has come t.
onr knowledge that a gentleman yesterda.
endeavored to sell 100000 in gold, ant
could get no bid at over 200 per cent--nn'
we believe the majority were under tha
figure. 1t is evident that 2lO to 220G023
have been paid only for little driblets.