The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-18
Tho FaII In Gold.


statesman for the sufrages of the people.
Tho Fall In Cold
From The N. Y Tribune.
The decline in the premium on gold to 1335,
is an advance of the value of the paper dollar
of the Government and the banks to rs cents
in gold. Although gold touched 12S3 on the
18th of May, 1865, and averaged 130 for a
week afterwards, there has been no period
since July, 1862, when it has stood for
month at as low figure as it stands now.
The principal cause of its present ebb is that
the Government has recently paid out about
81 ,000,0 900 in gold, and on the first of January
will disburse about $40, 100000 more leaving
the net hoard then in the hands of the Sub
Treasury but little over $50, 600, 600 in gold,
which is at least $50, ,00O 600 more than it
should be, unless the Government means to
use it Immediately in resuming specie pay
ments. We have already shown that our
Government has twice as large a reserve of
gold ia proportion to its liabilities as the
banks OF this country or of England ever re-
quired to enable them to continue specie pay
ments. If the Government should offer to
resume tomorrow, it could hardly count and
pay out more than 81 900, 600 day in redeem
ing the greenbacks which would be presented.
Its customs receipts would amount to half a
million day, leaving the net drain only one
and half millions per day, at which rate it
could stand a run upon its gold for fiIty-four
days, even if the whole country were so insane
as to combine against the Treasury and pre-
sent the last fraction of paper it owed. But
1t must be apparent that resumption would in
few days bring paper up to par with gold,
and that after that time no more notes would
be presented.
ba oil nosa ,;o1,
are contributing to the decline of gold, is the
greater clearness of the political horizon, and
the certainty-increasng with each passing
day-that the Southern States are rapidly re-
organizing on plan which, if not universally
acceptable, will at least be peaceful, and will
restore the Union on the sound and immovable
basis of equal rights for all men, whether white
or black, ignorant or learned, loyal or disloyal,
rich or poor. 1t is pretty certain also, that the
Rebellion will have no political martyrs,
whose blood might SOW the seed for new har-
vests of malcontents and rebels Mr.. Davis
will not be punished for fighting for slavery
nor will the country be convulsed with a dis
| placement of the President because he opposes
! universal suffrage which is his greatest and
sufficient political crime. 1t is believed, also
that Congress will give steadiness to the tone
| of public discussion, which had run wild on
financial questions, and that no imitation of
legal-tenders, no repudiative measures, no
suicidal onslaught on the national banking
business, and no measures calculated to raise
the rate of interest and depreciate the market
value of the public securities, will be taken.
These political causes, with a diminution of
imports and increase of exports are combining,
with the release of $50, ,000 900 of gold from
the Sub-Treasury, to lower the premium,
which may reasonably be expected to recede
still further before the middle of January.
Imported goods and those manufactured
| 4 A.
the close of the war and the decline in gold,
and hence dry goods and clothing are among
those living expenses which have been first
reduced. Provisions and breadstuffs remain
at about the same prices as in May, 1865, when
! gold was at its present figure. Rents and
real estate will be the last to come down. The
uncertainty which prevails on the point
| whether the Government will do anything
| towards the resumption of specie payments,
still delays business ami represses enterprise
in many directions. This state of uncertainty
| and distrust throws out of employment a large
number of operatives and workingmen and
women, and destroys the fruits OF much labor
and toll on our farms and in our mines and
! factories. Capital dare not run in debt when
the currency in which the debts are to be paid
is liable at any moment to be enhanced in
value thirty per cent. Business men
dare not invest when property, rela-
lively to money, is liable to fall on their
hands by such a ruinous percentage Labor
suffers and starves on account of the
paralysis imposed on capital. If specie pay
ments were at once and promptly resumed,
few very serious changes in value would take
place. The amount of gold which would come
into circulation, out of its vaults and hiding
places, would more than exceed the guam
tity of greenbacks which would be presented
for redemption and retired in consequence of
resumption. Our currency, after resumption,
would be as great in volume as now, or greater,
and, consequently, prices would be nearly the
same then in gold as they are now in paper.
! The business of the community would rapidly
expand, every form of private and public
credit would become more extended, and yet
more sound with a return to specie payments,
ana our business communities would enter at
once on career of great industry, activity,
ana prosperity. Under these circumstances
the prime need of the hour is individual and
hatl9nal economy, and speedy resumption OF
specie payments. Hold on to your greenbaolzs.
Their rise IN value from this time forth until
actual resumption must be as steady and sura
as their fall in value under the dissstrons in
1uences of the Chickahominy Campaign. and