The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-23
FINANCIAL AND COMMERCIAL.

SUNDAY, Dec q. 1867.
the bear movement In gold spent its force last week.
and the market remained steady at the decline, the
extreme range having boon from lbs 70 1881, with tho
closing transactions 1891 The short interest out
a.na- is however very heavy, the expectation being
hat tbs disbursement OF about thirty millions IN coin
b. the Treasury In January viii further the depress the
premium; but 1t is msre Than probable that the effect
or this payment has been over discounted and that in
stead OF fall there win be rise after the gold In
question has been paid out The large short" interest
involved an active borrowing demand from the
bear, and loans we're generally made without
interest to either party, although "a per cent
paid for the OF the coin in many instances or the
amount TO DO paid out by the Treasury in January .
certain portion will have b. RENTED to Europe and
whom the necessary appropriations made seven MIL
lions In specie will bs Russia to pay for
that territorial luxury, Alaska aud afterwards .
further large sum will 70 Denmark on account OF
fhs islands Of st. Thomas aud st. john, while II Cuba
should be purchased nfiy millions will DO required at
once, and another iluy millions in year hence. But
tho Treasury is condition to make these pay
ments without exhausiing ts aud in
creasng the risk of coming into tho
kst ~ buyer OF gold. The policy for tho Treasury
20 pursue 10 to hoard much coin possible, for in
proportion 10 the amount OF its will be the
strength Of the public credit and the confidence OF the
people 10 IT. ability specie payments at some
future time. Tho receipts at this port last
week only ST. 1917 4,4 and It Is easy 10 that
during periods OF commercial depression the public in
como from this ght prove inadequate to meet
the interest payments the god bearing dobI Al
there Ia prospect OF speedy resumption Of specie
payments, and is not desirable that there should
be, gold is likely to remain at . high
premium for . long time to come for
ah,rs contingencies to which IL Is exposed growing
out 81 the largo Of national securities hold
abroad, the possibility OF which will always exert
siderable influence maintaining the premium at
higher point than II would otherwise rulo as A low
premium under existing circumstances is not be
peotsd Mother is Il 70 be desired Values in paper
money have become adjusted 10 . gold premium OF .
little below 49, and 1t against the interest OF tho
country that they should be seriously disturbed, and
fluctuations In the price OF gold In other words in
the value % tho CURRENCY directly calculated to
stability In tho value OF tho currency. and
ths moro Il changes respect the moro values are
unsettled and business of all kinds is Invested with tho
risks OF speculation There is nothing in the present
condition Of affairs dstrus and advance the
price OF gold but natural and moderate reaction from
she artificial depression which ihas been subjected
Il 70 be expected and then the spectators who have
for weeks been working together to promote fail
WILL finding they cannot get the pr.ce lower, mako
equally strong efforts in favor Of RISE and
srsme involves another. later the results
Invariably mischevoas the people at large however
profitable they may be to the spectators In the Col
Room. Tho Sub treasury dsbursed $2l7 900 In pay.
Of interest the gold bearing debt during tho
week. and tho daily range OF the market was as sub
joined