Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-09-12
RISE OF GOLD

he IHttltigcHteF say tNIs
Rise OF GoLD.-The gold premium is ad-
yanCing in New York, and has already reach
ed fer y.fve 1t is now well known that the
amnesty and pardon proclamation mas had no
influence wbstever upon this movement
Itmay b, true, however. that contemplated
or threatened Gabpet changes exert now
considerable influence upon the gold market.
But other cons iderations enter in 10 the sub.
iect Some few demagogues, whose will is
Ia Ken for the judgment of The people. or rather
of the Radical Congress, are crying out for in
fiation OF the currency. and no one can say
what expense Radical, President m ak ing
Con gress will make.
Besides, we are importing heavily, the GUS
toms demand for gold being on the incre ase.
The supply OF currency for gold speculations
is imms asurable. Paper is in small demand,
even a. a low rate of interest, owing to its ex-
cess over the wants of regular business. The
balance of trade fer the last fiscal year is
we are to pay in gold. Then. again, the foreign
mercantile interest in New York apprehends
European war, as growing out OF the German
question.
The prospect is, that gold will advance till
some time In October, when cotton will come
fcrward for shipment"
In these statements the Intelhgencer is part.
ly light and partly wrong. The very heavy
current imports are creating an extra demand
tor gold for custom house payments-says some
S5GO,OOO per day-and the foreign mercantile
interest is boarding gold under the apprehen-
reason for the rise in gold is the stoppage to a
considerable extent OF Government gold sales
The recently published debt statement shows
that the amount in the treas ury has been brought
down 10 near the minimum W hich it is desIra-
BILE 10 keep on hand TO meet accruing interest,
payments, &c. These additional facts account
for portion OF the recent rise. But the chief
cause is, undoubtedly, the revolutionary
attitude lately assumed by the President
The business men OF the country inter.
pref his purpose to be to put the Nations
public affairs as far as possible into
the hands of rel els at the South, and rebels at
heart at the North; of men bent on re-estab.
fishing the principles of the rebellion in the
control of American governmental affairs
They know this purpo-e OF MIR. johnson must
weaken con fiden ce IN our governmental Sc
curities at home and abroad, and greatly tear
the development OF other extravagant and
damaging vagaries on his part ere Congress
meets. His each succeeding act, designed to
nullify the reconstruction laws, whether
a removal, proclamation, or threatened pur.
pose, has been promptly followed by rise in
gold. This will continue not only until Octo.
Der, as the iHtelhgeRcer says, but until Noyem.
ter 2Ist, unless the result of the approaching
elections shall endow MIN with something akin
to discretion. He proposes to change bis Cab.
met after the Pennsylvania election, il the
Democrats carry that State. The fear that he
will place wholly untried and irresponsible
men in their positions will continue the
rise in gold, doubtless. However objection
able, politically, the present Cabinet May be- as
administrators Of their respective trusts, they
have the csuntry's confidence. The fear that
they may be succeeded by cabinet nomina-
ted to Mr.. johnson by the agents OF the whis
Key frauds men, the spectators against the
integrity OF the administration of the Treas.
ury affairs, and the direct and palpabIe rebel
leader interest, all Of whom are powerfully
represented in MIR. Johnson kitchen cabinet.
Will be likely TO keep gold going up until
Congress may be able TO vindicate the public
interest as assailed by my policy as now
being carried out.