The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-03-30
Decline in Gold and N1erchan.,ize.

The regular and steady decline in
the rates of gold indicates that it
will be permanent, and that it will
not stop until a dollar in greenbacks
will be worth Sns dollar in goid. But,
besides gold, all other articles have
declined. Many theories have been
advanced as to the cause of this
sudden decline. The Richmond Times
notes that the prices of goods COM
menced falling before gold did, and
thinks it would be more rational,
philosophical, and nearer the truth,
that u fall in all other commodities
brought down the price of gold.
The Times remarks, that the era of
high prices is generally regarded as
the era of financial and commercial
prosperity, and it is very plausibly
argued, that if moneyw not abun-
dant, and if people could not afford
to pay high prices, they would not
prevail. Hence, whenever a great
and sudden fall has taken place in
the markets, it may be safely affirmed
to be the consequence of some alarm
in financial and commercial quarters,
which fills the public mind with ap-
prehension as to future prosperity.
But the Times, we think, points out
the true cause of the present decline
and anticipated panic-if not crash
in financial and commercial circles,
and that is, the political condition of
the country. Capital, as it says, is
sensitive and cautious, is easily fright
ened, and it is no less alarmed at civil
and political disturbances than the
physical commissions of national war
fare. It says that the operations of
capital, the ''trade and commerce of
the country, have been conducted and
based upon false idea-upon the hy-
pothesis Of the restoration Of the Union.
Capital has been an attentive observer
of the legislation of Congress, and
having discovered that the hypothesis
of restoration is unreal-that the
Union, the source of national and
individual wealth and prosperity, is
not to be restored for al indefinite
period, great alarm in all the chan
nels of trade and commerce is the con-
sequence. Here, then, we have solu-
ton, plain, simple and direct, of the
fall in prices, and it is portentous of
financial disaster. The hope Of re-
stored Uniom was what sustained the
prosperity of the North all during the
war, and that hope has continued un-
tlrecently. Now, it is being weakened
by the action of the radicals, and in
preventing restoration they will infict
wound upon the "life of the ma
tion !" and its prosperity more griev-
GUS than wars and rebell;ons'' have
done. The truth of these observa-
tions is realized in Wall street, and
ere long will be felt in every mans
pocket, whether it contains dollars or
cents"
The truth is, if the radicals would
cease their insane efforts to keep the
country disunited, business would
soon be placed on a healthy basis.
Northern capital would find its way
South, to aid us in the work of recu-
peration and the development of our
resources. AS it is, capital will not
seek investment in States which, from
present appearances, may not be ad-
mitted into the Union for some time,
perhaps for years to come.
NATIONAL RECEIPTS AND ExpENDr-
Es.-The receipts and expendi-
lures Of the Government for the year
1865 were as follows: Receipts, $475. =
1872, 259. SO; expenditures, 81, O95, 49,
287.87. Showing deficiency for the