The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1864-02-27

URsA MAJOR.-Congress is celebrating
the proposition to authorize the Secretary
of the Treasury to sell the gold in the
Treasury, from time to time, as it accumu-
lates above the immediate wants for pay
ing the interest on the gold-bearing bonds.
TINS, Mr. Kasson argued, would enaS ,'se
him to put down the gold market at his
pleasure. He said the present system OF
keeping the gold receipts in the treasury
made Mr.. Chase the "biggest Dull In the
market" Therefore he proposed to meta
morphOse him into the great bear OF the
Market So he would have him provided
with fifteen or twenty millions OF gold IN
from time to time, and break up the specu-
ulators, even a. the she bear invoked by
Elijah came down, upon the Hebrew chill
dren for making light Of his badness.
It would be handy power to have in a
family; and II one were gifted with proph-
ecy. or could find out the habits Of the
great grizzly Of the Treasury den, SO as to
know when he would make a descent upon
the market, he could turn an honest penny
out of it.
As suspicious Of this kind Of cornering
would inevitably arise upon every per-
Torrance of the Government bear, ana as
tits best to protect honest administrator
from suspicion, it would be well to PROVIDE
that when it is thought necessary to relieve
be advertised and sold to the highest bid
der. This would accomplish the purpose
of restoring it to the channels OF frade-we
will not saw of circulation, for it is argued
that coin is now demonetised, and has be,
come merely a commodity for trade. An"
AZ to any other object urged by Mr.. Mas,
son. we doubt if upon reflection ne VIII
think it desirable. If he does, his retiec-
tive powers have not reached the elemen-
tArV PRINCIPLES Of trade.
It il not desirable to have the price OF
gold put down, except by the legltlma!es
operations of trade. The rise IN goiu
checks its export, and to that extent Ngu.
lates trade to suit its standard. an nto 70 q
healthy operation, and to try 10 sop IL
would be a. wise as to throw healthy
man into aus for the sake of curing the hts.
Mr.. Kasson said gold is higher now than
it ought to be, and that it is in consequence
ofthe accumulation in the Treasury, ana
that thereby merchants could not meet the
nor,s, and t2sde was burdened. If Mr..
fasson will foot up the amount Of paper
currency, and compare it by the proper
taons of coin and currency at any former
period, he will find that coin ID now low in
proportion to the currency expansion, and
that It il only kept 30 by the export OF Gov
ernnent bonds to pay the balance against
ss. Were 1t not for this very costly export,
which IL an artificial interference with the
laws Of trade, theexport Of gold would soon
bring the currency to its true standard, and
the unhealthy impOrtations now going on
would be checked. And if Mr.. Kasson will
look At the statements of the imports, he
will find that they are much greater than
they ever were in any healthy condition of
trade; and that it would be well If there
were some stringency in gold and ex change
to restrain them.
:, The Government finances are now both
the biggest bull and the great bear Of the
coin market. Taurine. by expanding the
currency, which under the operation OF le-
Ultimate trade would depreciate it below
The gold standard in exact ratio. Ursine,
in issuing bonds which the difference be-
tween deprecated currency and foreign
exchange enables the foreign purchaser to
, buy at a heavy discount, and the export of
which supplies foreign exchange and keeps
down the price Of coin. ',*t
We want no Government Ursa Major in
our finances. It would be we'll if a ring
could be put in the nose Of our green back
ed bull 70 restrain its further roaming, and
its tossing the price Of coin, while it paws
the earth and throwsup clouds Of currency
to blind the eyes and confuse the ideas OF
Well-meaning men in Congress, who un-
dertake to legislate for the financial body
without knowing what ais 1t. To under
take TO keep down the price Of gold, or &c
prevent Oy l0XIeIatly0 meaSufee ePeCuM'
Gon IN gold, while expanding the currency
would Be - intelligent as the HiberniaI
!. cooks method to prevent oysters from
spelling. Being told that when they were
open they were spoiled, he clapped a stone
on them to keep them fresh, and then serv.
"a them up odorous from their confne.
ment.-Ctn. Gazette.
Missouri RAILRoADs.-The bill for the
completion Of the Missouri Railroads has
finally passed both Houses Of the Legisla-
'An.n Il rroHidns for ro isarr tho CfaAo Lion