The New York herald., 1865-02-27
FINANCIAL AND COMMERCIAL.
SUNDAY. Feb. %. lss

SUNDAY, Feb %, 1885
Both on the Stock Exchange and in the gold the
markets have been duh bat steady during the past
week. with the exception OF clique movements for rise
Hudson River, Cumberland and Canton. The more or
less active sympathy with the OF gcd which Tor
he last six months has been feature Of the stock
market, is becoming less marked, and some OF the
heavy sbul' houses endeayoring 10 enancpae rai
way shares as far as possible from dependence upon the
price Of gold by using arguments in favor OF the theory
that railway securities viii be enhanced invalue by the
return OF peace and decline Of tho specie premium
But will be found upon investigation that the parties
most prominent in advocating these views are heavily
ong of leading stocks, and therefore have sinister
object TO serve For the reasons that they think
stocks should they OF opinion that gold Will and
should 20 down slowly, if at ALL which suggests their
being "longn of gold also, and therefore anxious
not only 10 check fall, but to promote
q rise They have the welfare of the financial
and commercial community so much at heart that they
express soctude TO catastrophe disastrous as
. rapid decline in the gold premium They of course
know that is impossible to graduate the decline of gold
by any fixed rule swaycd is by opinions and evens
and that there ore their argument is false; but they
to their real purpose preferring bad
logic TO open confession and plain Advocacy masked
battery to open fire.
Il would be good thing for the country II gold went
down s'with rum" provided it remained down; but
there every to believe that IL further con-
siderable fall took place consequent, for instance on
such event the evacuation OF Richmond that II
would be Immediately followed by reaction which
would carry it considerably higher than 1t
is al present But unless a panic set in
such an event would not exercise a very
marked effect upon the premium, for the specula
tive mind been for many days preparing for sucha
contingency that ii is already, to great extent, dis
counted This condition OF the market may afford comfort
TO the holders OF gold and the no too fas theory, the
chief objection to which is its pretence of bearng the
market gradually for the public good, while It's real
object is TO ''sull' it for private benefit
All but the speculative and large portion of the mer
cant lie community would welcome fall in gold which
would prove permanent and cheaper every mans daily
bread and place the common luxuries of life within
easier reach but such is the condition OF the national
finances that long they remain in their present
condition. with the debt augmenng at the rate Of two
millions day, we cannot pending the actual ter
mination of the war, look for that substantial and
LASTING appreciation Of the currency which would
be great national blessing; nor, unless our manage
ment Of the finances be more skilfu in tho future than
il has been thus far shall we be able to arrest the tide of
depreciation which has Of late been happily turned by
the capture in rapid succession, of Savannah Charles
ton, Wilmington and Columbia, and the expecta
tion of further similar achievements Heavy
taxation, next to the force Of arms, will be
the strongest power we can employ to keep down
the gold PREMIUM and coupled with that wise economy
OF and limitation of the currency issues of
the national banks The Tax bill has not yet been acted
upon by the Senate but is TO be hoped that the neces
sty for raising much larger than formerly will
not be overlooked by legislators and that military
success will not blind the country to its fiscal dangers
The extreme gold quotations down town during the