Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1865-03-18
The Downward Turn In the Gold
Market.
Nh. V.pr- Ar...L L.

m Rrkets
NEw YORK, March 16.
The downward tendency in gold con
tinues. The decline, however, is attribut-
able quiteas much to the peculiar condition
of the market as to the current news
Ever since the political manipulation of the
market during the Presidential election,
when the price was forced up largely for
partisan effect, there has been strong par
~ in the market holding gold alta high COST
Their political procliVities have, perhaps,
caused them to estimate the gro wing as.
tendency of the national armies below the
actual truth and they have thus been in-
duced to persistentIy hold their gold 10
hope of q turn 10 Rff4irs that would enable
them to sell cut at more favorable prices.
We have repeatedly indicated that time
would come when the false hopes of these
operators would be broken by the progress
of events and that then Ibe5large amounts
of gold they would put upon the market
would produce q severe decline. That
state of aff4irsis now being realized Not
tonly has the military situation proved dead
against these parties, but the large export
of Government securities, aud the heavy
falling off in the imports of merchandise
rendering probable considerable import
of gold from Europe-have contributed to
weaken the market, aud they are thus ne
cessitsted TO sell at a very heavy loss. This
condition of the market naturally creates a
|bear" interest, the operations of which
force down the premium beyond What is
required by considerations legitima,ely af
feetipg it. When the speculative move~
ment has exhausted itself, We shall, as us-
ual, witness an upward reaction, though
such result might be materially checked
by further favorable news from the South
. A Washington despatch says: ga state.
ment has been extensively published that
the Secretary of the Treasury had decided
to send the cotton captured at Savannah to
Europe he has come TO no such determt-
nation, nor has he had the subject under
consideration" We are glad to fiud con.
tradlcton Of the statement al uded to; for
the unbusiness like policy attributed to the
Secretary would certainly have been a most
uuassuring commencement of his adminis-
tration ADD inconsistent with his merited
reputation for practical ssgacity.
1t appears to be, as yet, undetermined
whether the Treasury wall anticipate the
payment of the $l7 600 900 of gold inter.
est bearing coupons due in May Practi
cally, such anticipation is 9 matter Of
muou less consequences 10 oonQ nOtoers
than it appears to be; for it has invariably
proved that the privilege is availed of to
} but g comparatively small extent. A very
large proportion of the bonds are ia the
) hands OF parties who desire to be at lib
erty at all times to dispose of them at the
! public board, where bonds without cou
pons are not recognized; and the coupons
are invariably allowed to remain on the
] bonds until the maturity of the interest
by such holders. Moreover. large amount
l-Perhsps not less than $500 O0O, ,OOO--ot
the FIve-twenty bonds are held in Europe
5 aud it is not very Obvious why the Treas
ury should help to strengthen the golC
. market by sending out Sc. .oO0,O0 of goll
or its equivalent, forty days earlier than i
, | necessary.