The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-07-05

The Gold Panic-Its CauseIessness and
EaIsilw

The Gold PRnic-Its CauseIessness and
FRIsity.
The New York Shipping List affords the public
an opportunity to gain an inside view of the gold
speculation in Wall street. The List is a com
mercial journal Of standing -
The more we learn with regard to the matter.
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 the view of frightening
Congress into recession from the position which
it has assumed. IL is we'll known that many of
the operators" who sold "short" previous to the
adoption of the Gold bill, have been performing
the circle OF the ring, trying to procure gold TO
fill their contracts, and all sorts of unreliable
quotations have been freely circulated for effect.
daily contemporary relates practical Incl
dent, which goes to show that, since the bill be-
came a law, the gold quotations have been wholly
nominal, aud had no reliable basis. On Wednes-
day, when the excitement was at its height, "two
gentlemen, the Messrs. Blankman, holders of a
large amount OF gold, desrous 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 buy
ing gold in Email amounts at 2lO, and selling it
at 2l6.
Whst was the price Of gold at that establish
ment2 Our travellers announced that they had
gold To sell. "EOw much - "rWo hundred
ard 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 tie house admittel th II
he was pay iDg 2lO, but could not pay IL for that
amount He "was sure that gold cOuldn't keen
up, that II would certainly be as low as 200 to-
morrow and in fact, this go)d-natured trades
man preferred, rather than buy the gold 10
recommend his customers To his neghb0r. SO che
two e, nllen EN- went 10 the other broker.
He was also buying at 2lO and selling a. 2l6,
anu was rs little anxious to buy large sum at
his own price as his ne ghb0r had been. He
"lntw that gOlu would be below go TO- NOR.
row. We'll If It was to fall the two gentl .men
would like 10 ell now ON the best terms they
ulG get. "WhAtWould he give :" "He diin't
know. lie wOu,d prefer not tO buy il az all"
A. IL ere was no third broker for the gentlemen
TO bc CONNER ded to, they were merely bowed
out, and len Wall shcet somewhat enlightened
as 10 v hat was not the price of gold
n more unnecessary excitement than that
which has succeeded he passage Of this oil can
scarcely be conceived; hence IL follows that IL
must be sbori-ved. While we have not favored
gold leLis at on we believe thtt Congress
hOLtstly thought thit there were good reason
iol the passH Of the Go d bill and we therefore
husI that It will not b. flight ned by the de-
and OF any committee or committees into any
conc, ssions from what i conc i've, TO he It's full
cut H. the pr mi'es. There is no doubt that the
Cold bill wa Intended ~ q pub c benefit
II p'css,ary, let IL he 50 modified rs 10 insure
that result-but concede thing more-at least
not until the bill shall have been fairly tried and
its merits and dement's have become self-evident
We may add that IL has come to our knowledge
that gentleman yesterday endeayored 20 sell
100000 in gold, and could get no bid at over 200
per cent.-and we believe the majority were under
that figure. IL Is evident that 2l0 TO 22O 623O
have been paid only for little driblets.