The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1864-07-02
A Commercial Organ on the Gold
Panic.

The more we learn with regard to the
matter, the more firmly do we become con-
WINGED 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 by certain
Of the ring with the view Of frightening
Congress into Il recession from the position
which it has assumed. 1t 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. A daily cotemporary relates prac-
tical incident which goes TO show that since
the bill became law. the gold quotations
have been wholly nominal, and had no re-
liable basis. On Wednesday, when the ex.
element was at its height, "twogentiemen,
the Messrs. Blackman, holders of a large
amount of gold, DESTROYS to take advan-
tage 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 buying gold in small
| amounts at 2lO. and selling it Mt 2i6. What
was the price of gold at that establishment?
Our travellers announced that they had
gold to sell. How much?' 1.-TWO hum
dred and eighty thousand dollars.''-
"They would have to see the head Of
the house,. and were shown to his pri-
vate room. Informed of the state Of the
case. the head of the house admitted
that he was paying 2lO, but could not
pay it for that amount. He twas sure
that gold couldn't Keep up, that it would
certainly be below 200 to- morrow
and, in fact, this good natured tradesman
preferred, rather than buy the gold, to re-
commend his customers to his neighbOr.-
So the two gentlemen went to the other
broker. He was also buying at 2IO, and
selling at PIG, and was as little anxious to
buy a large sum at his own price as his
neighbor had been. He "knew that gold
would be below 200 Tomorrow" Well. if
It was to fall, the two gentlemen would
like to sell now on the best terms they
could get. What would give?" "He
didn't Know. He would prefer not to buy
II at ALL" AS there was no third broker
for the gentlemen to be commended to
they were merely bowed out, and left Wall
street somewhat enlightened as to what
was not the price Of gold.
!. A more unnecessary excitement than
that which has succeeded the passage Of
follows that it must he short lived. While
we have not favored gold legislation, we
Delleve that Congress honestly thought
that there were good reasons for the pas
sage OF the gold bill, and we therefore trust
that it will not be frightened by the demand
AAy SOAAuAtAco, VI committees, into a0Y
concessions from what it conceiyes to be its
full duty in the premises. There is no
doubt that the gold bill was intended as a
puDLc benefit. If necessary. let it be 50
modified as to insure that result-but con-
cede nothing more-at least not until the
DILL shall have been fairly tried, and it's
merits and dement's have become self-eyi-
dent. We may add that it has come TO our
knowledge that gentleman, yesterday.
endeavored to sell 800, 900 in gold. and He
could get no bid at over 200 per cent.-end
we believe the majority were under that
figure. 1t is evident that 20 to 22OGnoaO
have been paid only for little firihlafs ~
Y. Shipping List, 18Th.
The private Secretary Of Howell Cobb.
said to Governor Andrew johnson. OF
tennessee, before the war commenced =
we people of the South will not submit
70 DC governed by man who has come up
from the ranks of the people, as Abe Lin
coin has," The New York World is ami
mated py something Of the same snobbish
spirit when 1t sneers at President Lincoln
as q vulgar rail splitter" and Andy john
son as "a boorish tailor There is moth
ing that gals the spirit Of your modern
democrat, your genuine sympathizing,
reason loving, peace sort, like men who
s rise rom the ranks Of the people to high
DC petted and feasted idols of these taw-
dry aristocrats if they owned a few planta-
tons stocked with negroes.
An attempt was made on Wednesdav lao
70 launch the ocean monitor Puritan at
New YORK, but she stuck to the WAYS and
the attempt failed. Another effort will lie