Evening star. [volume] (Washington, D.C.) 1854-1972, 1866-06-05
THE SALIH OF GOLD

n communication was received from the
Secretary of the Treasury to-day in the House,
in answer to the inquiry of that body in regard
to the late sale of gold by the Treasury Depart
ment. He reports that the sales OF gold belong
ing TO the United States during the month of
May, by the Assistant Treasurer at New York.
was S35,44O,OOO. The commission allowed to
the agent tMr Myers making the sale was !.
of one per cent. The rates at which The gold
was sold were as folows:-S26.635,UOO at 1917:
S6,35O,W0 at 1901; S5000O at l3Uk; S2,OSlOOO ar
l3l; S3t5,OOO at 131 y. These constitute ali the
sales OF gold made by the Department since
the month of February last. The Secretary
says:
The coin received in the Treasury had been
permitted for some time past to accumulate, to
be held for the purpose of facilitating a return
to specie payments, or to be disposed of In any
emergency which might render the disposition
OF It necessary for the protection Of the national
credit, OF preventing such a depreciation of the
national currency as would affect iniuriouslv
the business OF the country, and especially
the business OF the laboring and producing
classes. 1t has been my purpose either nv
holding or selling. 10 keep the market steady
until the industry of the country, diverted by
the war from its legitimate channels. Should
be brought again into full productive
activity, and thus prepare the way for a
permanent resumption. My instructions given
at various times to Mr.. Van Dyck have been
tomake no sales except for the purpose of sup.
plying the Treasury with currency, or tor
meeting the necessary demands of commerce.
or preventing successful combinations either
To impair the national credit, or to produce
serious fluctuations in prices. The correct.
ness Of these Instructions has been indicated
by the general steadiness of the market the
gradual advanceof currency towards the true
standard OF value, and the prevention of finau.
cial troubles which so many had anticipated
as the legitimate consequence of the war, and
superintendent circulating medium.
In the exercise of the discretion conferred
upon him, Mr.. Van Dyck has found it neces.
sary for many months past to make but few
salesi and had II not been for the demand
which arose in the latter part of February,
based upon apprehended political compiled.
tons, and not upon commercial necessities
(Which demand il Was deemed iudlcious to
meet,) and the existing and unexpected
Treasury would have been permitted
to accumulate mp to the present time.
th se sale of some In s,5%%n y was me, by
between 81 and Is per cent, after which the
rate gradually declined TO PAX per cent, bat
which point it was not deemed advisable it
should 20; and as there was little Commercial
demand, no sales by the Government were
necessary until unfavorable financial intslli-
receipt OF this Intelligence the demand became
active, but II was met without heavy deple.
ton Of the Treasury. On the receipt however,
Of the disastrous news by the Cuba, the de.
mand assumed a serious character. This new
reached New York late in the afternoon hut
before the stock board had closed. 1t was then
partment, and sales were resolutely Confirmed
amid unparalleled excitement -
y Had there been time for Mr.. Van Dyck to
advise me in regard to the news brought over
by the "Cuba." and to receive my instru ctions
the probability Is that sales would have been
suspended before SO large an amount Of coin
had been disposed Of but in the light of facts
since developed, concur in the opinion ex.
pressed by him that q suspension. Of sales
before the demand had been freely supplied
would have added TO the excitement, and
resulted in panic, which would have pro-
duced serious and extensive disaster -
received the intelligence Of the unexpected
heavy sales with regret, but have since be.
come satisfied that The action Of the Assistant
Treasurer and his agent was not only under
the circumstances courageous but judiciou Us
This opinion, as ] am advised, is entertained
by most of the soundest merchants and bankers
Of New York. The correctness or incorrectuess
Of 1t can be better determined when the effect
Of the sales and the heavy and perhaps conse-
quent shipments Of coin upon the English
market, and the reactive influence thereof
upon our own shall be fully ascertained