The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-07-09
Leading Editorials from the New York
Papers This Morning.
tHILITARY PROSPECTS AND GOLD
OPERATION GO IT RIINnm THE

OPERATION-"G 1T BLIND" THE
RAGE.
From ne Tfrnsi.
Were William street the criterion, VIC should
say that the Northern mind had lost its power Of
foresight The doings there are Just such as
might be expected Of men as blind as bats to
what may happen next month or next week
Of bipods who have somehow lost the great
attribute of humanity, the "largc discourse look
ing before and after"
II is the fact Of war, and nothing else that pro
duces the inordnate price Of gold. Nobody
doubts that Even il Il be conceded that the
finances have been mismanagod, yet 1t cannot be
supposed that there has been anything in this
mismanagement which would keep gold at It's
present enormous figure. were the war to end
Tomorrow in the triumph of the Government
The tariff and the direct taxation now estab-
lished-yielding at least four hundred millions
annual ARE indisputaby, within the enduring
power of the people, and, were there no further
war expenditures, would at once place the ma
tional debt IN the way Of speedy extinguishment
The national credit and the national currency
would straightway command implicit confidence,
and the extreme preference now given for gold
would cease. II is the continuance of the war
that is the great primary cause of the high price
of gold, and Of all high prices. The primary
financial question then is Hoo long the tear Is
likely 10 continue In other words, the price of
military prospects.
But the fact is that it is not so determined to
any appreciable extent Successes achieved
haze an effect; successes In course of achieve
ment have none. Show ever so conclusively that
mOmentous military event will, in all human
probability, soon bo consummated, and 1t will
have no effect on the price of gold; but when the
event actually comes the effect is most signal
Let us take the siege of Vicksburg an
illustration The news that General Grant had
landed successfully at Grand Gulf, which
he'd hpr ms No iFFopr inn IN,
the gold market. The price stood firm at $50.
On the 10th came the intelligence that the army
was safely encamped on the Big Black. Gold
did not bulge q hairs breadth On the goth
news arrived of the capture of Jackson, at which
il receded to l493.
On the oath we had official Intelligence Of the
capture of Haines' Bluff, and of all the outwOrks
of Vicksburg. This put gold back only to 1889.
On the 28th news came that the city was COM
pletely invested and this sent gold to l43l
From the time that investment was commenced
1t was absolutely certain to every military mind
in the country that Vicksburg must fall. The
enemy could not possibly relieve it, and it was
known that the place had but limited supplies.
Notwithstanding this, gold again began to rise
The mere fact that Grants army remained quiet
was taken as a proof that he was efecting
nothing. Within n week IL was at l471 II huc-
tuated between that point and l43 until the 10th
of June, when the news came Of Lees advance
northward. That movement, formidable as IL
was, would legitimately have increased the price
of gold, and yet on the last day Of the month, it
I
down to 1888; the first reports of the capture of
Vicksburg to 1873, aud the coHfrmatory official
reports to 1873.
, Such was the impression made by the event,
when it was fully verified, that even as late as
August 25th, seven weeks after IL had taken
place, gold was az l22. But if the fall of ViCks-
burg itself produced that effect there is no good
reason why II should not have begun TO manifest
itself from the beginning of the investment of the
city, which made the fall certainty. 1t would
have done so but for an irrational propensity in
William street TO ignore the future, and to judge
only with reference to the accomplished events of
s the day.
J The progress of the war, instead of curing this
! folly by experience, has only increased it. When
Grant and Sherman commenced their great move
ments upon Richmond and Atlanta, on the tirst
week of May, gold was one hundred and seventy
two. Now that Grant has gained position
which gives him us positive an assurance of the
early fall of Richmond as he ever had of the early
fall of Vicksburg, and now that Sherman, too
has got possession of the last stronghold this side
Of Atlanta, and made his quick capture of the
place certainty, gold is sold at tloo hundred and
StTty-nine-nearly three tifths higher.
1t is impossible TO ascribe this enormous in-
crease to any unfayorable military operations
elsewhere, for none have occurred. Outside OF
these two great movements, the situation remains
as it was. Nor can it be imputed to any egisa-
tion injurious as to the finances. On the con.
trary, the financial measures adopted by Con.
gTess are far more advantageous to the National
Treasury than was generally expected. Nor can
it be owing to any new disposition of the foreign
Powers IN taYOr OF the Jetf. DAVIS government
The purpose of these Powers to maintain 9
strict neutrality is stronger than ever. The ques
tion of OBTAINING the Rebel rams has been per
msnently settled within that time against the
Rebels, and the power they had on the ocean hat
been reduced to almost nothing by the destruc
tion of the Aa6ama, II is impossible to attribute
this rise OF gold to any increased likelihood, ftou
any point Of view, that the will terminate
against the Government.
There is not military mind in the North which
does not recognize that the military situation ha
been vastly improved within the last two months
and which does not regard the early fall OF Rich
mOnd and Atlanta as certain as any future event
can be. And yet the financial mind of the North
i' William street is its organ, is stone blind 4
any such coming results. The first notice 1t vii
take of those events will be after their occurrence
, and then il will mnnit st itself in "A sudden rcyul
sion of prices which will throw all business into
parOxysm.
This is all senseless Sound business priuCi
ples require that business should be regulare
quite as much by what is going 10 happen as b.
what has happened. No legitimate business
ever conducted otherwise. OF course 1t is cas-
enough 10 account for this disregard of the iutuI
in the present case. 1t comes from the dspos
ton of every man trading in gold TO believe thI
he individually can make shift to save himself o
the very verge of any event that may hIppeI
and manage to make the losses fall upon other
The sharper ones, adopts in the quickest turn
pefLaps have some reason to think this. 81
"'''- -losses must fall somewhere, and the m
u this e. will learn IL 10 their cost. The victim
merit our cOmmseratiOn. But It Is p
5rucuo the credit of the Government sh0uld in q
,rnod Rptime so suffer, because OF the 50 arms
IS that live only in the atmosphere OF to-da