The New York herald., 1864-10-14
There was considerable excitement in the gold room,
AMI the course OF speculation gave tho premum an up
ward tendency Quotations from hour to hour were

230 r. A.......... 2OS
me causes OF this advance easy OF explanation.
The speculative community regard the financial policy OF
the administration as tending directly towards steady
uaton OF the currency, which will keep gold more or
less constantly in the ascendant until such time Con-
gress provides remedy for the existing evil. Nearly
ell merchAnts well the spectators of the
country strongly favor OF rise IN the gold pre-
mum; for nt Is 10 their temporary interest to get
higher currency prices for their stocks Of goods
than wsro reccltly even now ebtains.
BIZ and hence many OF them are using thete
available capital to promote that rise. They thus study
to their selsh interests at the expense the
entire people, and having closely identified themselves
with The "b,hls" of the gold Market they are equally
responsible with them for the public injury inflicted
They have tasted the fruits OF inf ion and they dread
the collapse of the bubble They secretly rejoice over
the wretched policy OF the Treasury and the in.
competency of its Secretary and the paper mcnsy
that teens into circulation tho better they are
pleased. The road to ruin is easily trod, but ju
dcious contraction is hard to practice, and fall
10 gold, instead OF being regarded with satisfaction by
all regarded by the shyloo Of trade and speculation
with feeling, exactly the They have priuci
pies but these governed By the pocket and they look
further than the time being, apparently forgetting to
ask themselves what it will pront them they gain
bushe OF grcenoacks greenbacks lose their value 1t
i, to the interest Of commercial we'll as the
whole people to sustain the vaiue OF the cur
rency. and they indeed short sighted who would
combine to deprecate it simply because just they
suffer loss the property they hold and that il
is easier to make money q rising than falling market.
Thoy must remember that what is generally esteemed a
rising MARKET is fact, falling market So FAR asthe
currency concerned and that what they gain 10 paper
money they lose in gold
The currency evil quite within the control Of the
government Snd TO our laundering legislation may
attribute the Unsatisfactory state Of the national
finances and the depreciation Of the paper dollar to
less than half its value In specie. No worse
policy could have been pSrsued than that which
has flooded the country with than hundred and
eighty millions Of Treasury notes, and than
ftythree millions Of national bank notes, when, just be-
fore the outbreak OF the war, hundred and forysi
millions OF State bank notes and about much more in
gold served all the purposes OF trase in the States
which currency circuates Loans hong bouds
o. their market price, and only SO much currency
as the necessities OF the country demanded during
the suspension, would have placed Us ina very
different position TO that which we now occppy
and cur national debt would have been ous.third
less. Put, with the large issues Of currency which
have taken place. the advance Of the gold premium was
Inevitable and in proportion TO the extent OF the depre
citation Of the currency the required
pordngy great The late decline in the former let the
country with large surplus Of legal paper
tered and boarded all the country for the greater
the decline of prices the less the amount of morey
needed, as matter OF course
Although after allowing FOR he large volume OF cur
anoat, the present premium gold Is far in
Of what it is iegilimately entitled to be,
the condition OF affairs, present and prospective,
IL sncn that considerable latitude must be allowed
typorullr caprice and the OF specration which
latter preponderaes in favor Of rise in all countries
during long war, pending the liberalization Of the
suit, for the that IL anything expected to 30
higher any time numbers Always be ,ound who
anxious 10 discount ihpfqtqre. Nr.
Considerable dssats tsfasson prevails among OF the
members and others Interested in the new gold room
The subscription TO this :or year two hundred dol
lars, ard the inteution originally expressed Of charg
ing spectators desiring TO witness the proceed
ugs fwihout the privilege OF operating, except
through broker) one hundred has not been
carried into effect Tie public IS therefore, admitted
free ioto the circle outside or the rlng" number OF
Influential dealers GOLD and foreign exchange who
members have with the proprctors OF the
room, and suggested general meeting cf the former
They claim that the public shonld be excluded and the
room conducted the prncipeof the Stock Exchange,
as originally promised. We are however, OF
opinion that certain portion o. the gold room
should be set spart for the public, the admission
being Free and that oil attempts 10 make an IRE
sponsbie association for dealing in gold exclusive
tend work injury and favor speculative Combinations
against the public credit, Memocrsnip ought asS 10 be
open 10 oil payment Of the prescribed fee which
there good for masog half high that
charged.
There has been good deal Of talk to-day atsut The
new forty million ayetwenty loan the bids for which
20 be opened after tomorrow and the favorable
indications Of being actively bid for impaired irmer
tone 10 securities than they have had
since its announcement made.
There was an Increased dennnd for loans from the
Stock Exchange 10 day. which freely met ~
per cent In the discount line there Is cnapgs 10 the
feeling which makes commercial paper security
exceedingly drfcnlt to negotiate The rates on what
little Is accepted quoted al from nine to fifteen per
cent but none Other than names considered frst class
are touched at any prices unless by few note sbavers
who 20 upon the neheni-pcr sbent' policy. tt
In foreign exchange thsrc FRY few transactions to
relieve the prevailing duineSs. Bankers sixty days
bills are quoted at 1osx 100 for sterling, or 1924
Ito for three dnys Merchants bills are offered at
one por cent less 10 g'd Or the Equivalent IN cur
rcncy. Francs reported at from 5.ll TO 13. Al
but strictly 6rst class names regarded with
dis,rust and in view Of the probability or rurthor ad
10 tho Bank OF Ensiands discount and fur
ther failures In Consequence continued caution s likely
10 be observed for time 10 come uuds which rates
will be likely 70 tend downward little A hard winter
10 looked for In Great Britain Ia Auancia and
circles even H. the eatened panic s avsrted and the
same prospect more or loss threatens this country
The business d the srsTreasury today was az FOL.
Eecs lpu frog cas,cns ns.......,..s,,...,.. $4,000
fOfsl feceips.,. 2le 45e
Baiapce ..........s... % 3ss,26s
subscripiIons 10 government loan ........ 10000
The condition Of the banks OF The three principal
commercial csiss Of the us'on is exhibited 10 the