The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1864-03-29

#HQiuFf afs0Nffat AfflfftfaH4
sasiauaa 81 81. q ll.ai &c would By
ceiling ttts ga mffe ihe pFee q
gold an4 ssmslatc s. calr,lcn ID Obs
wsfket TIE eeuiiea san ssys ibai
uncertainty 3 re FFtai clsmeai 81
.tetaai59a Mhen yoa cone 70 thal
s.ad n sFete alton ilsai las ,he char
&c etstig q gambling ysu may legiti-
ma eig SAY ihaf . i the uncertainty
nhea stmatHss die fprculaaen.--
Wa lhis SD snrrtase iAe elrmen O.
use ffa.uiv ! cmtsnd, slr stal Il
aaaid a.mnisb 3 apl ihal Is The
agg tzai ion sf gtli boarded up sou
stimulate speculation ID he article,
and make ii4s pnoc q our egrfenty
dependent upon lhe gold n.ofopsllsgs
ia New York. viii illustrate Il in
MS humble way. sappose loere are
one HUNDRED thousand bales 81 cotton
ia New Yofk-nol enough % supply
tie aemand-and i4ence speculation
commences ard ,hoss gentleman pho
gamble IL Wall street, 6ading bat =
limited supply in the market, unequal
"a tho drman1. take hold u the article
and speculate Ia Il. What is The re-.
suli Il goes up, and far beyond it
real value. Now suppose some man,
while the speculation IS raging. inn
ports gfy lhousand bales, and holds
Il ia the market. According 10 the
gentlenan's theory the holding Of tins
large amount would enhance the price
and Increase lie speculation 10 the
cotton already lhrown upon The mar.
kel for sale.
Would Ina, be the tifec,f No, sir.
Because, cotton being above is real
value, the market would be controlled
by the holder OF this fifty thousand
bales, because the supply and demand
are just so much nearer equalized. -
II is known to the speculater that he
can throw II upon the market at any
time, and the market becomes steady
under The influence, whether the cot
ton is sold or not. Ii it is present,
ready TO be thrown upon the market,
the unrest and diSquietude disappear,
and the market gradually settles TO a
state OF quieiude.. When the man
who has fifty thousand bales puts such
a portion OF il upon the market as the
demand calls for, what is the effect
1 Cotton falls, and comes down approx
imaiely TO ITS real value. The same
effect would be produced on the gamb-
ling in gold by holding, with the pow
err Of sale, the surplus gold in our
Treasury. Suppose that not pound
Of that cotton is sold, but is merely
held in the market; as said before,
il checks speculation.
Now suppose the owner Of the fifty
thousand bales should be enjoined
from selling what would be the ef-
feet Spectators would take advan.
tage Of the fact, gambling would be-
gin again, and the market would 60
up. Apply the same principal TO
gold. We will say the demand is not
equal to the supply, and that this, in
connection with other things, such as
condition Of the country and the ex-
pansion OF our currency, has brought
/, the price of gold up, SO to speak
Now, the Spectator knows there Is an
accommodating fund In the Treasury,
which cannot be used and the more
you throw in 10 the Treasury, and
thus diminish the supply, the more
dishou ST and reckless the Spectator
becomes. Hence they 90 "kiting in
gold because they see this large
amount is locked up in the Treasury
and cannot be used. Now give the
Secretary power to bring this upon
tile market. and what will be the ef-
feet? The same as in the case Of cot
ton; and down will go the price Of
gold. Spectators do not know that
il is to be thrown upon the market ;
but as there Is a power to put il on
the market, speculation in gold will
be regarded as unsafe, and il is meas
urably checked.
Again, the gentleman says, admit
ing that this may exercise some inhu-
ence on the price of gold, yet that in
fuence will be temporary, and not
permanent, and that We must legislaie
for a permanent depreciation of the
price Of gold. Now, never saw a
force put in motion which would not
expcnd itself. That Is in accordance
with the laws OF motion. Ii the Sec
rotary Of the Treasury should see iii
10 put 100000, or more, of'gold OF
the market. | do not pretend it would
have a permanent effect on ihe specu-
lalion in gold, but it would have q
temporary one, and the Secretary
having the power from time TO time tC
produce this temporary elect upon
, speculation, it becomes finally per
manent effect. One shower OF rain
does not have Pharmaceutical upor
. the parched earth; bat shower after
shower brings forth tie bouniiinl har
vest.
Now, sir, | must take issue viii
the gentleman from Massachusetts
: upon another point made by him, and
do SO with great Difference, as th'
gentleman is evidently business mar
ami sagacious merchant. lie says
that this bill win not materially indu.
ence the price Of gold because ~,
: price Of gold is governed by The price