The Elk advocate. [volume] (Ridgway, Elk Co., Pa.) 186?-1868, 1867-07-03
TIE EXTRA SESSION.


has been no sudden rise ana no VlSibIe
excitement. either as its cause ur cOnsc
qucnce. And get the fact that the
movement is in the direction Of higher
,ilucs is a circu Instance too sign fic nj
to be overlooked by ,hosc who would
correctly estimate the financial and busi.
n2ss prospects of the country.
The tendency might fairly be sup.
posed to be the other way. The iuhu.
ence of the Treasury, 50 far as it is
understood, is rated on the side Of green
back appreciation. There is no heavy
drain of gold for expectation The con =
iition of the London money market,
the remarkable rise in English securi'
ties, and the reported eagerncss to pnr-
oh ,se United States bonds. ar consid r =
tions which make it morally certain that
whatever balance may be against us in
foreign trade will for the present be adj
justed with bonds, not gold. The crops,
too, wear an aspect that gives no en-
couragement to gold gambling. The
grain harvest promises everywhere to
be bounteous, and the cotton crop gives
signs of yield that will restore CON-
parative prosperity to many portions Of
the South. In all probability therefore,
VIC shall shortly send abroad products
that will turn the current of specie
hitherward, and effcctually remove the
only conceivable source of commercial
apprehension as to the price of gold.
For the present movement IN its
price, then, We must seek an explana.
ton outside of ordinary business con-
sidcrat;on. And there is no difficulty
in determining where to find it. The
only lever that has for months past been
available to Spectators in gold is of a
political nature. They have professea
reliance upon the disposition of Con.
gress to circumvent yet more effcctually
the efforts of Mr.. McCulloch in favor
of contraction. Some of them have
affirmed a belief in tie likelihood Of fur.
ther issues of national bank currency,
aud all have operated on the hypothesis
that the existing inhation will be con-
tinucd. These views have impaired all
the life which the gold market has re.
Gently possessed, and have prevented the
steady decline that would otherwise have
been inevitable.
An extra session of Congress will
help these speculative views immensely.
From the moment that it became prob
able, an unsettled feeling has been dis,
cernable in the transactions Of the gold
reom, and now that it is a certainty we
may look for renewed speculatious.
Whether the anticipations Of the specu-
lations be or be not realized is, for their
passing purposes, matter of no concern
1t is enough that period Of excitement
at Washington is at hand, aud there
will be no escape from its baneful in.
Auonce while the session continues.
The calculation is, that if quorum
be obtained on the third of July, there
will be little difficulty in frustrating the
efforts of those who would limit the
work OF the session to the amendment OF
the reconstruction acts. The more med
crate Republicans will undoubtedly en-,
dcavor to restrict the session to the few
days that will be required for the per-
formance of this specific task, But there
are other members who arc resolved, il
possible, to extend the session, and to
reopen the yexatious questions which
jeopardize the stability of business and
expose finance to the vi, ,isStudes Of
gambling.
A Washington dispatch reports pur
pose in Radical quarters to induce
Speaker Colfaz to announce the com
mittees Immediately, so as TO be able tC
60 right at work" What work The
removal of doubt and misapprehension'
concerning reconstruction The max
ing sure of reconstruction according t,
the will Of Congress aud against the vii
of the President ? Doubtless thes,
points will receive attention. But tn,
work referred to in the Radical dispatcl
is of another sort. impeachment anC
the overthrow Of Secretary McCullocL'
present financial policy are the grea
cards to be played, And mark tn,
confession which accompanies the an