, 1866-06-09

We pHH1len tlseHAerc SECRETARY Nc[u!- |
!och's defence Of the recent heavy salc4 OF
gold nj New Yo.k. The giet Of the matter
Is. that Secretary McCulloch had arranged
that all sales Of Government gold should be
mado in the "Gold-room" +" OF the Board of
Brokers, By Mr. P. n. Myera, = member OF
the Gold Board, at the same compensstiun,
onc eighth Of one per cent, which Is usually !
,,aid to broker By private sellers. So long |
as the gold market continued steady, the |
ealrs were moderate, and Mr. Myers was not |
making more than ono or two hundred thou. |
sand dollars year out Of the operation. |
In fact there was danger, ~ the Secretary
expresses II, aud a Mr. Myers doubt
lcss iearcd, thst after neglecting for months
Ills own business In looking after tho public
interests 1t the Gold-room, his services would
have to be a gratuity tn the Government.
For as Mr.. Van Dyke shows PRIOR to the ar
rival Of the Cuba the sales lad bccn only
''iiocral,' and We can easily see how with ILL.,
eral aalts at such commission Mr.Myess must
have suffered 10 the full extent vouched for By
| McCulloch. In this sad and to the Govern
| mcnt almost dishonorable condition Of atIairs,
| wlitn Air. Myers WAS daily neslcettny bis
own business In looking after tho public in-
| tcscsts us only Wall Street bsokos can do.
the disastrous news by the Cubs arrived from
Europe, and everybody except Mr.. Myers, Mr.
Van Dyke bis employer, mud Mr. McCulloch.
knew that gold was worth four or hyc per
cent more than the standard price At which
Government had tcen selling, VIZ: i3o. But
had Mr.. Myers raised the rfico to Its fair
| .alne. less gold would have l,ecn sold And less
commissions would have accrued 10 Mr.
MycrE, aud TO repeat tic language of the
I NH
| :ieglectin. hfs private hueiness In looking
after public intercsts in the Gold.room. So 1t
struck Mr. Myers tina, be would for little
| while rcvcrtc the case and n.gicct the public
Interests tc look after his private business 1t
| the Gold-room. The Brokers roarcd AROUND
: him like ten thousand raring Bulls Of Das',a,
/ | for the gold, which Mr. Myers kept IN sc1Iin.
Ut the oririnal price until bis sales anountcs
to f:;;5,43o,oo0. T.i. was nice figure to
, Mr.. Myers 10 stop nj, for the even thirty nE'
, millions belonged to the Government, and th
, rvrp slio.no0,o Mr.. Myers, Tor Ills services
t The brokers around him had made their tw,
c millions and he nearly half d million. a goo
i. days work.
T. When Mr.. McCnlloch frst heard Of thi
II gigantic steal IFS heart wa. sad within l.u
as was Jacobs when his Sous returned frot
= was soon cajolcd into the belief that 1t Wa
better that the Government should lose tw
II and half millions in selling gold for IT,
T. than It was worth, than tha, a few VA
q street sharks who were betting on gold will
Is out capital, and who had cold gold short
l. l:7o, should be casicd on 10 deliver 1t at III
81 and being unable to do 10 should ret ''bus
!: ed,H and thus ali Wall street aud part
n | r1A sro,,lA "a 4hx,,rr, nj
:. feastn1 financial panic.
= Secretary MeCu.'och has An !nren1ous no
"a. of proving how vast a sun be saved Il
re country BY selling this gold at an appare
tt nc loss of awo or three millions. lie arga
sal through MIR. Van Dyke. whose letter he c
e. doTse*, thai had guild gone up fve per &C
before he sold. all other property In t
y. country would have gone up
Il, | per cent. This rise on stscnte
be thousand millions, which Is about I
ID, total National wealth, would amount
by nearly one thousand millions, or about o'
nj. third Of the national debt. Now, in +
be days it might hayo fallen back 10 Its foru
ri. / yaiuc, and Whoever iu the .ncantinc i
ust bought or cold any property would ht
ia either mndc or lost five per cent on 1t witht
rhe knowing tho fact. MIR. Van Dyke "a,
IN "Let any person calculate tho dcprcciat
i've on The niue hundred millions OF currency
of circulation, aud the rise In merchandise
her other commodities consequent m rio
the even Gye per cent In gold, and thru sec b
. OF | much the county would gain BY trying
tl.e | such manner to sell Government gold for
ota- full value. We arc indebted TO sir. 3icf
1.y loch for all he has savcd us By this fuan
rom rout, r. eiat. But why should the Cove
res, ment cell guild at amy premium at sll II
thu at the full premium lf 1t be firok
@ Il, | finance that makcs q Secretary and Bar
d In proud 10 give away two or tlrea mlliinu
,iics | the Wall street brokers, and pay sn AZ
ives one Of their number, half million for d.
,tcrs 1t, Why not let the agent and the Brot
lich, Board divide the whole Suh-Trcasury am
aent them \. once: If!t sverts great dnar
panic 10 sell Wall street sharks, gold b<
r~cn. | It's salne, 10 keep them from bursting,
land | not give 1t away aud make them compile
he'd happy? Why should d great and .:rnc
num- Government lock up Its Treasury fror
rorl. own citizenss
rutal but here, In the Secsctary's letter, the i
.at in eornss In, The Secretary crsvely tel
rted, thst had Ar. Aycre toio nun "hst news
pula- Cuos eFonght, hc would nave stopped
d not Gales until gold had run mp 10 Its maxlu
cuts aud sold for The highest price he could
ssE OF | HU2lEu0i4GIs AAFE au0plC1 iAC - &ACu-
pula- arc thrcs contracting parties to the arr
na,lv. mcnt, the shareholders Or capitalists
ccate msn4gers, and the worlemcu. The Il
poscs alter receiving the market rate Of wage
ms of entitled At the eud Of the year TO \ porti
aud the profits Of the establishment. The I
pro- gers, or masters, nkcNIse receive their 81
rticla and i portion OF the profits, and the ca
mcnd- lists receive the remainder Of the p
might Thus all a.o equally interested in The =,
mend OF the undertaking.
ent be Nr. HuEhea docs not inform NJ what
latc. ratio Of the Distribution Of profits, nor
1t was only Mr. Myers' sa:acity aud p
IY. tisn in coucealins this important crids
'unty the Secretary, that enabled him to se
auuan gold, make tho brosers happy. pock.
with half million. aud save In m invisible,
un in- wlcklau way, 10 vast 4 sum 10 the taa
osland ers! Yet the secrstary Is now con,
,its to that had be stopped the sales, OF sol
Of this geld for what it was fully wort
hr ~ he would haye done II be had boe,
ned by suited at al, the result would hare
u Hall widespread financial panic and disaster
he sre. whole oountz7l Astute secreiaryi
Qne-n. In ProTia1ons we lsve 10 report a qui
tebnson markell. Meas Pork f. rally held