Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-07-07
THE REPEAL OF THE GOLD BILL.

The telegraphic dspatch, received by
the morning papers, al@ounces the repeal
of the, Gold Bill. This ,,etion of Congress
following the passage of the Bill so quick
ly that copy of the law as passed has
not yet reached us, it is omewhat sur
prising to our citizens. This repeal was
prophesied by the San Francis B"lIet'"
on Tuesday. As the financial articles OF
that paper are ably written, and as there
are but few of our citizens who are likely
to have seen the article in question, we
publish an extract from it, touching upon
the operation of the Law and the reasons
for the probability of its appeal:
Gold steadily rose in the New York mar
ket as the probabilities grew that Congress
would pass bill regulating its sale, and
when the bill was passed through and signed,
it shot up like rocket. All that time Grant
was thrusting Lee into more difficult posi-
tons and making surer the success OF the
campaign. For two or three weeks past
army movements have not been reported
very July 10 puOllS, OuN "AAAaS -
every reason to believe that Grant is all the
while gaining, Lee all the while loosing, still
up goes gold. Clearly war news have moth
ING to do with it-a decisive victory might
knock it down some, but the repeal OF the
Gold bill BY Congress would be more likely
10 make it tumble. This Gold bill which re-
coiled with such force on those who fired 1t has
not reached us yet-the Geographic summary
of il that came through two weeks ago SAID
that it interdicted the sale or purchase OF
gold unless accompanied by delivery on the
same day, and expressly required the con-
tractor for sale and delivery to be in actual
possession" Now if it happened that at the
time of the passage of the bill most OF the
gold for sale in New York was in the hands
Of men who had no engagements to deliver 1t
TO close old bargains ana who could afford 10
hold it, and especially il the number OF such
holders were small, there could scarcely be
any limit to the price that it might be held
at-especially if the holders should combine
not TO sell it at less than some eXtravagant
figure, it would be only the necessities of
some gold holder that could for an boar de-
preciate it. Outside Of the circle of gran
dees who could produce their bags Of bullion
or coin there was the whole community OF
importers with their bills in Europe matur-
ing and nothing but gold would pay their
debts. Pay them they must, however, or
fail. On steamer day they must launch out
for it, and whether the news from Virginia
were good or bad, they must pay the price
demanded by the monopolists. For the relief
of those who must have gold, more was to be
hoped for from the avarice Of an occasional
gold-holder unable to resist the temptation TO
undersell one of the clique, or from the tot
tering and spilling of all his treasure by some
one trying to carry more than he could hold,
than from the best possible army news.
Congress, if convinced that this is the ope-
ration Of its bill, has a remedy in the power
to repeal it speedily. The mistake was not
confined to Congressional circles. 1t was the
general impression that the speculation in
gold was increased by the liberty that all the
world had to buy and sell, and bet and gam
BILE on the price of gold, provided only they
could put up q margin satisfactory to their
brokers to pay the possible loss on their bar
gains. The bill drives all these outside spec
ulators out of the market, thins down the
crowd, and makes the few who have the gold
in possession monopolists Of its sale. The
public impression seemed reasonable enough,
but if experiment proves that it was mis-
take, its repeal doubtless will follow soon,
unless the very height to which the mOnopo-
lists have piled their prices shall tumble gold
down to near its Legitimate figure, even in an
ticipation of the fall of Richmond.