The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-26
FINANCIAL AND CONNER cIAL

FRIDAY, May 25-6 p. H.
The last Of the government gold settlements were
made with the Sub Treasury oday by the banks with
out difficulty The entire amount OF coin sold on ac-
count OF the Treasury turns be larger than was At
first supposed evcn is said by the department ITSELF
and il now estimated at from thirtytwo TO thrtysix
millions. The market opened with great animation At
illx but by one O'Clock II had declined to iSs, under
the abundance Of coin, which resulted In from per
cent 10 per diem being paid for carrying It, together
with q report that the shipment tomorrow would
BIO less than had been anticipated, say about ave mil
lions The closing price Yves 1904. Considering the
large sshcr" interest which was outstanding at the
the Treasury ceased selling the failures to meet
contracts have been fewer than might have been looked
for. only two parties having defaued to any important
amount
The action Of the Treasury 10 selling gold In the reck
less manner II did Is severely commented upon by all
dsnerested persons and the motives Of those ern-
ed whether Justly unjustly, very generally ques'
toned Who b responsible, IL Is asked, for such
useless and therefore senseess sacrifice Of coin at
about $780, which has placed market beyond the con-
troll Of the government, and why do the treasury
broker 60 on selling fifteen or twenty millions after the
Cuba's nsws had arrivedf The IMPROPERLY OF giving
such unlimited discretionary authority TO sell govern
ment gold any broker 10 undenable and II because
relative OF Mr. McCulloch Is member OF the
brokers nrn In question people are disposed to
place their own construction upon the suspicious move
OF certain straws he can hardly complain however
unjust their conclusions may be.
II ia not necessary however to look into and anayse
motives and the details OF execution in order to find much
to condemn in these sales OF gold which In
conf Ct with the Of Congress devotng the surplus
customs revenue to the establishment OF sinking fund
for the gradual liquidation OF the public debt The prn
cple OF such sales bad, and practically they open the
door fnvorsm and mako the fortunes Of those who
fortunate enough place at the keyhole or
overh ar n side whisper. OF their III, not to say disas
trous the present week has furnished conspcu
GUS example They have deranged the money market
TO which at time threatened to eventuate
In panic they have given enormous amount OF gold
at low price to foreign bankers; they have
duly stimulated the exports Of specie, by max
Ing It profitable to ship IT, and they,
have materially assisted in putting gold up to l4lX
again. about eleven or cont than the Treasury
succeeded in getting tor all that 1t sold during last
week and the two first days of this The people may
vol ak who Is responsible for the rise Of gold and
throw the blame upon the Treasury in view Of all the
circumstances To speak OF the action OF the Tfca-
sury blunder Is to mild Ian
gusgc, and think IL lt subject for
Con rcssiona inquiry It has been Of SURPRISE
indeed that Congress has this directed It's attcn-
ton The notorously secret In which the sales
o: the Treasury gold have been made. AL such sales
ought to be made publicly II at ALL and unlimit
orders sell should be entrusted Wall street broker
90 inc peril or our monetary anh commercial inter-
ests. The gold market should be left free from
Interference TO be regulated by the laws of
supply and demand For the Secretary Of the treasury
TO have suppo ed for wSment that he could control Il
under all circumstances argues very little for his fore
sgh: But tho result OF his lamenabe attempt to do
% has furnished warning which may not BE- without
It's uses In tho future gsu Aaaea
Tho money market has nearly recovered nom
the shock, but tho rate for call loans to-day
invariably per cent although the
supply first class collaterals easy Mt
the figure. Tomorrow the prospect favors greater
ease Mt 9 AZ Tho balance in tho Sub.Trcasury this
evening is, observe, about two millions less than
yestedaynamey, $l1i 095, l77-which shows that the
outflow has begun. The discount rates have been nd
vanced In proportion the rate TOR loens and first class
commercial paper Is quoted at OK a ~ per cent and
the second grade at 10, with only limited volume
OF business
The stock market opened with spirit, and a. the day
advanced it developed strong upward tendency,
Cleveland and Psburg, Michigan Southern
and Fort Wayne being the most active and buoyant of
the railway shares The following comparison Of the
closing prices the second board day and this day
week shows that with the exception Of Erie and III nos
Central stocks the average have already than
recovered the decline, which speaks well for the
recuperativc powers and future Of the markell