The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-05-30

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orthography-W-o-m-a-n-eaoubteyo you
o. man. =. -
+ coM1ERc1Al ANA FINANCIAL.
-NEw YosK. May y2s.-cotton steady. Gold
S7s. Sterling dun-bankers' rates for sixty
days 81. Flour Sdull-State 81. s0Ns. .06;
Ohio $9;4e@14; Southern $40 0.s0@16. rs.
Wheat dull. Mixed corn declined 102c.
so75s. There was sharp decline in Erie
stock to-day. 1t is reported that the de-
cline Is based upon an apprehended case
which calls for special meeting OF the
directors tomorrow. The stock Was at
cay at the Second Board. The decline is
an aHgury of troubles, and an over-issue
Is darkly limited at. There is an increased
activity in petroleum and mining stocks
to-day, with q general advance in prices
= Up to the beginning Of this week, the
United States Government had sold thirty
millions Of gold; but upon the receipt Of
the news IRON, Europe. the Governments
withdrew from the market. The amount
Of gold inthe United States Treasury is
now variously estimated at from twenty to
forty millions. 80
= The Waahington correspondent of the
Philadelphia Ledger says:
There Is . hitch in the Government
gold sales;s doubts are expressed Of their
wisdom and soundness, in view Of the fact
said to have been ascertained that q COM
blnatlon had been formed to take all the
gold In the vaults of the Government at
the rates Of last week, or even at mode
rate advance over them."
The New York Her-alGs money article of
Thursday says the United States Treasury
has utterly failed in its attempt to control
harm, but has. los. between twenty and
thirty millions of coin at low figure.
The Baltimore SUMS Washington CORES
pondent, OF the Esd, says in reference to
the terrible moneyed simeon in England:
'The war and financial panic in Europe
Mlthdraws' With for the moment, public atten-
ton from cur own complications. After
tho speech Of Louis Napoleon, which is
taptamount to a declaration Of war. there
can he little hope of peace. The preffered
mediation of England was found to be use
less. and was abandoned. Louis Napoleon.
seems to have found, at last, the hour for
avenging France for the modification of
1915.
.'Some say that fifty millions,in gold are
to go out for the relief Of the money mar
ket In England. But the best advised
nnanclers say it will not be a flea-bite, and
that the reTulsion has but just begun"
WHo Is REsPoNsIBLE FOR THE RISE IN
GoID?- During the present week, gold has
suddenly risen from 1909 to 1891, and the
export of specie within the last eight days
has aggregated S1S,934,7 ,761. Meanwhile,
an amount. it is supposed, not far short OF
So, 600, 600; but it has now abandoned the
gold market, finding itself powerless to
control it. The direct consequence of
these sales has been sharp pinch in the
money market and general disturbance
over, they were to some extent the cause
OF tho large exports of gold. for by keep
ing the premium forcibly down, the Co
vernment widened tho difference i'll price
between our securities here and abroad to
the disadvantage Of the home market. and
induced the far-seeing foreign bankers
among rs to buy and ship as much coin as
they could while the price remained low.
1t Is somewhat remarkable that the Sc
cretary OF the Treasury should have ven-
tureu with only $4,000, 900 Of gold in his
possession to undertake the control of the
premium at time when European affairs
were so threatening. That it was an unfor-
tunate blunder, the sequel has proved. The
treasury has exhausted itself in an impo-
tent effort to do that which it should never
have attempted, and this should be warn
ing enough against any future interference
of the hind. Tho laws of supply and de-
mand regulate the price of gold RS lluch
as that OF any other commodity, and the
treasury cannot thwart their action with
impunity. Gold would not have risen to
ITS present point had it not been for the in
Judlcious course OF the Treasury; neither
would the business interests Of the coun.
try have been jeopardized by monetary
spasnl, which involved the risk of serious
panic
Tho rise OF the premium. under such ad-
vices AS we have lattcrly received from Eu-
rope, was natural, and in some degree, II
LETT TO the operation of legitimate causes,
II would have acted as q safety-valve in
checking the return of our securities. IL
IS a source OF considerable surprise to most
people that the Treasury broker should
have sold about 15, ,0OO, ,OoG of coin after the
news by the Cuba had arrived, and when
the hopelessncss Of the Government fur
ther struggling against the market was
OBVIOUS The Secretary should have known
that he would have exerted far greater
control over the premium by retaining
than by selling his gold, and the lesson,
We trust, Will not be lost upon him.
-Neto York Herald, 25u.
SHIP NEWS.