The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-03-19
FINANCIAL AND COMMERCIAL.

SATURDAY March 1S-6 =. H.
Gold has been less unsettled to-day than during 'ho
previous part Of the week, and the bears are less
confident in putting out ''shorts" Bus the oesno y
revive panic and hammer the market OF COURSE eon'
tinues among those who have yet buy their gold Tor
delivery and the market is so largely oversod Una. 'eo
IA a prospect OF their efforts being checkedi ior an
excessive and sudden fall for speculative opec's On
highly inflated currency more damaging TO commerce.
loans and the public revenue than an Excess
sive risa
Gold rose to it's highest point under speculative in
nuenoes and in the same has fallen In the one
case the spectators discounted an nternnabe war ana
possible defeat and In the present instance they have
discounted peace In EACH however, they have been In
advance of public sentiment and worked great deal OF
public injury Spectators attempted similar dis
turbanco OF values for their aggrandizement in Eng
land during the Napoleonic wars but the government
and public opinion frowned them down. Such men arc
the scourge Of society In time Of war and financial
danger.
II is tho opinion Of leading financial men that II
the present fall Is preciptated much further, OF
even it is not partially recovered from very soon there
will be great danger of a commercial crash which viii
naict far more damage upon the country and tho gov
ernment than the decline OF gold will be sufficient 70
neutralizc Moreover such catastrophe would impair
tho fiscal of the government and BY diminish
inc the eceps for internal revenue and customs duties
impar tho public credit revive distrust and stimuli
late the rise Of the gold premium our
importers jobbers and legitimate traders are
Impoverished or made bankrupt and they are no longer
able 10 nav taxes or subscribe TO loans, financial en-
barrassment TO the government would inevitably follow
and not until Of adventures appeared upon the
ruins OF the past those who had been able to survive
the ordeal had time to recuperate, would order and
monetary ease be restored.
II the present decline likely TO prove permanent,
and If tho spectators, who acceerating It, were
acaed by any higher motive than personal gain, there
would be reason for congratuating the nation upon
the Improvement in value Of the paper dollar;
but II our financial and mercantile affairs
are to be deranged Tor the profit Of few reckless
gamblers who will week be running gold up as they
are running down. there is reason to regret the
The depression in the produce and merchandise mar
kes and in government securities continues and popu-
lar subscriptions the seventhrty loan have boon very
unfavorably affected large amount of national bonds
held 1--WE per cent margins and In the event OF
gold sinking below present range these will likely be
thrown upon the market which would decline rapidly
under the process There is at the moment no foreign
outlet for our securities present prices would be
profitable to import them from England. Exports Of
produce boon che ked for the reasons. For
eign exchange Is consequently held with much greater
nrmness and higher rates rulo Bankers ask 1881 q
IO9x for their sixty day bills, and 1o9H ITO at three
days.