New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-03-11
THE GOLD BILL AGlyN.


power to sell tho surplus gold in his hands. He
stated that the sum now on hand Is over
Sl9, OCO 900, and that ut the present rate Of re-
ccipts, there will be in the Treasury, July j,
SAL i2, G5i in gold. OF this enormous sum,
but S2O, 6i9, 200 will be due and payable on that
date and as the banks Of New-York hold
sd, l75 GOO in gold, more than 100000
will be boarded up on July /, unless the power
TO sell is granted. Meanwhile speculation may
run riot.
If there be anybody in the House who voted
honestly on Tuesday against the Gold Bill, and
who believed that no was thus consulting the
public, and not private, interests, We ask him to
look at the subsequent quotations for gold, and
see what the effect Of his vote was. On Monday
gold closed at l6lJ-about where it had been for
week. On Tuesday, it was known here
privately in the morning that the bill to author
ze the Secretary of the Treasury to sell was to
be killed, and gold opened at 1921, running up
to 1854 in the afternoon as the knowledge
became more generally diffused. Wednesday
morning, when all the world had learned that
Mr. Chase's $40, coo, 900 were TO continue locked
up in the Treasury vaults, and that the field was
clear for speculation, Wall street became the
scene of the widest excitement. Gold opened
at 1861, went up in flash TO l69, and closed at
1911. The "busincss" done-that is, the
amount of gambling-was enormous. The result
was a rise in the nominal value Of gold-or, in
other words, depreciation Of the Government
currency-of Il per cent in two days.
We hold the House solely responsible for this
staggering blow at the public credit. Nothing
had happened since Monday TO affect the gold
market-no disaster, no defeat, no rumor Of
foreign Notwithstanding whatever but the
action of the House, and the operations OF the
gold gamblers based on that action. The
| spasmodic moyements," says the financial ar
ticle of Wednesdays Erening Post, "are sttrib-
uted to the wants Of operators who have sold
short and 10 the strategy OF capitalists, ,rho for
the present command almost ths nhOls Of The Inn
tied supply Of the precious metal rhich is araabie
for immediate delirery" VIII anybody for one
moment pretend to believe that this rise could
have taken place if Mr.. Chase's $4,000, 900
had been unlocked and thrown upon the mar
keti The Capitalists indeed would have
suffered, but the country would have been
richer and the Government stronger. Bat the
House unhappily chooses to legislate for the
spectators, and leaves the country to take care
of itself.
Yesterday, on the rumor that the Senate was
in favor Of authorizing the Secretary to sell,
gold dropped down again to 1854. As before,
there was no reason for the change but expect
cd Legislative action. Is anybody so blind as
not TO see or so foolish a. not to confess, that
the passage of the Gold bill Is dreaded by the
gamblers as the death blow to their nelarious
pursuits
of tho influences by which the market
price of gold is forced up. We call
to the stand to-day witness entitled
TO speak TO that point, Mr.. Henry G.. Stebbins,
President of the Board of Brokers in this city. |
If any man knows what is done in Wall street,
he knows. He j. moreover member of Con
gress, and though a Democrat is an honest
man, and this il what he has recently said on
the floor of the IIonse.
Sir think there aGci- constantly being used
10 influence price Of gold These have been en-
poyoi since the suspension Of specie payment Th"y have
increased from month to month for the past year just In pro-
portion to the growth speculation which to-day exceeds In
volume anything ever before in the history Of ciyna
ton Il has become necessary for the safety Of tins huge sfue
turo Ultimate traffic that the price Of gold should continue
ria. respect the eurroncyi and Sir It will not BE- Po
ued 10 decline. II human ingenuity snd human effort eau
prevent H. Such state Of things mus. give b,h to every
SPECIES Of and every Kind OF artificial process They
will como the OF misrepresentation OF the military
situation Of th- country and exaggerated statements OF any
d,ieas In the hed they viii be IN the shape Of extensive
In the market In he false statements the character and
condition OF tile public debt aud OF the objects and designs OF
IL. Government aud all this ID rendered. moro easily avail
able by ignorance that permitted to prevail the
sources and power Of tho nation
Who will venture to contradict this testi-
mony1 Indeed, it tells no more than most
men know and believe, but it comes from
witness whose intelligence, and whose authority
to speak, no one will question. Hear him also
on the character Of those who have thus con-
spired against the public credit:
81 regard Sir the depreciation Of the currency of the
United State. thirty three to forty per discount
,od a. monsrous crime fearful dsusion regard spy
van az gully Of ime Uho do" anything TO a.it as dprs
iatioa.p
Gentlemen of the House, we prove that you
have done much this week to assist that depre.
citation. How 60 you like the verdict which
,ne of Jour own members passes on your con-
iuct'
We have hsard-we know not how truly