The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1864-04-22

ton of gold and its cause and effect we
republish from the Boston Adrertisy,
one Of the ablost and most candid pa
pers in the country. The subject is
one Of immense importance andistroat-
ed with skill and ability:
THE MISCHIEF.
Gold huctuated for two days April
IA and Is, between limits higher than
had been known in the financial his
tory Of the country, we believe until
the present week. The huctuation, too,
was beyond the experience Of any sim
gle day even in the great breakdown
of March 1863 On Thursday morning
April 18th, it seemed that the rate
might rs well go to 200 as to reach the
point where it then was; in the after
noon it receded far below its starting
point. Yesterday, April 18th, it was
more steady; but on both days rag
ing fever has been the characteristic of
the market
1t is common to ascribe such aresult
as this to the operations of Spectators.
TO say that it is the Spectators who
are thus bandying the credit Of the ma
ton in their exciting game, is an easy
explanation, and one which gratitics
the natural desire for scapegoat on
whom to cast burden Of Ills. Doubt
less there is speculation enough and
more than enough. II would be some
thing extraordinary ii with speculation
of the widest sort rampant in every
other place where men buy or sell
there were none in the gold mart, or il
it failed to add its share to the general
imitation Of nominal prices there as
elsewhere But in such extraordinary
phenomena rs those Of this week We
do not see the results of speculation
merely or chiefly, if by speculation We
understand, as is generally understood
combined efforts to raise or depress the
quotations to facilitate gambling bar
gains The movements appear to Us
to be of a far more genuine sort. They
are the natural indications of state O
feverish excitement, not to say panic
occasoned by profound uncertaint,
ms to the immediate future and an ap
prehension that it may bring forth un
favorable changes We have thes
sudden jumps in the quotations Of gold
because men are asking themselye
whether il may not 50 still higher thai
now, and because there is the serambl
which such a prospect must necessaIi
" occasion; we have the sudden falls
because these movements, made in ap
prehension of rise, overshoot them
selves and are followed by the reaction
and we have, taking one week with an
other, a tolerably steady gain on tn
average, because nothing shows itse
as vet to diminish the doubt as to wha
is to rcome, but, on the other han(
much to increase it,
THE REMEDY.
We come back then to the poir
which it has so often been necessar
for us to urge. II is for Congress an
for Congress alone to apply cure
such frightful disorders as those whic
now rack the finances Of the countr.
II does not answer to look forward
victory, and hope that that win brin
ms happy relief like The relaxation
prices after the fall of Nicksburg ia
year The evil has been left too lor
and is too deeply seated to be effect
ally wrought upon by any such pallii
tive. The greatest victory which ca
be pointed out on the map by the mo
confident strategist sitting in his hbr
~ or office, would still leave the gre
causes OF the present state OF affairs a
lively at work; would leave us still q
ficient in revenue and stil mcreasii
an already redundant and depreciat'
currency 1t is to these causes tn
Congress must apply itself while it
Yet time, and with AL the more ear
estness since it has so long aud
inadIy neglected its duty.
Bills Ike that just introduced to pi
vent speculatons in gold on Ike IL
"to prevent the depreciation of the cl
renee" by taxing the ISSUES Of the Sta
banks out Of existence, are very W
SO far as they 90. II the goyornm'
is prepared to supply the whole cir'
lation of the country, the State ban
can do no less than give way cheeri
~. But such a measure is quite in
eyant TO the present troubles Of
country. Doubtless the State ban
contribute their modest share Of