The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-10-08

the sale Of bonds Issued in lieu OF seveu-thirty
notes, which had been redesm' ID In cash, or tne
ON the ed O of p septembep 4 balance
at this point had declined 20 sIi 100 0OO with the
probability that consid cradle amount OF three
preparatory TO the Quarterly statement by the
banks on the 9th OF October. It was at this
and Continued up TO the sT ssth "ei Of September,
during which time 81 300 600 was sold at prices
ranging from l4s2s to l4ll4, During this period
manded only Jour and five per cent. on call On
the 30th it suddenly rose TO seven per cent on
tender notes from circulation, and the calling
In of gold loans by speculating clique, So
soon as thIs operation was perceived the sale OF
gold was suspended, nor has 1t since been re-
sumed.
Secretary did not sell gold when IL was at loo
The answer is that no opportunity for so doing
snry did not stand In need of such aid. Had
gold been sold in anticipation and large cur
rency reserve appeared at the close of the
from Wall street and its organs against dis
turbipg the market by locking up green
bscks?" In market as fiuctuating as ours
must be so long as we have an irredeemable
currency and unsettled credit, who can tell this
week what may be the price of coin or bonds
1t is a cheap wisdom that takes its stand on
the past, and in view of its revelations fulmi
mates censures against what has been done or
omitted. The Treasury hnds itself In posses
sary to meetits cure mt obligations for interest
1t Is q slander upon the officers to whom the
trust is committed to allege or insinuate that
they are not desirous OF procuring the highest
price which the market allows. But who can
divine that point? If necessity compels sale
and the market recedes the Government Off
GERS are censured for interference. If 1t subse
quently advances they are mathematical for
they are gored by the Sbulls." and in the other
lacerated by the "bears," and in either event
In 5Re as In tn9
distracted In single month from the market
by the payment of duties. and only two mil
lions is returned towards the relief of the COM
mercial community, and the aid of the
Treasury, forthwith the officers of the Treasury
are denounced as in league with spectators, or
as charlatans unworthy of the positions they
hold.
An honest difference of opinion may exist as
to the best method of turning the surplus coin
receipts of the Government into currency. No
plan has been suggested that Is free from o6Jecec
various methods, that of sales in the open mar
ket at the current price has been adopted, be-
cause of Its convenience, its general use by
commercial classes. and as affording less oppor-
tunity for combinations to reduce the price.
But whether SO or not there is palpable in-
justice in sspersing the characters of public
officers upon mere suspicion, because the dis
charge of their duties brings them into collision
with the selfish and speculative interests that
abound in Wall street.
The return OF FIVE m millions OF legai-tender
been withdrawn. for speculative objects. indi-
Gates the source from whence the recent strin-
gency arose. The actors reasoned upon the
presumption that the necessities of the Treasury
would call for q large withdrawal of currency
at q critical period. Their own measures were
taken accordingly, with the intent of throwing
the responsibility of monetary arrangement on
the Treasury. They failed In their scheme of
depression and profit. although they succeeded
in getting the Treasury officers roundly
assailed.
deny, with honest Indignation, every allega-
tion of connection with or favorltsm towards
any individuals or combinations in the dis.
charge of my official duties. have studiously
aostained from making the Treasury an instru-
ment of oppression or profit TO any persons,
corporations or interests In the large pecu-
MARY trusts with which am invested it has
been my endeavor faithfully TO subserve the in
terests of the Governments. without interfe.
renee with that of the business community
| Honorable as is my position. 1t was not sought
by me. Responsible, combining, thankless. as IL
has proved to be, l am ready TO lay 1t down at
any moment and without regret. But while
faithfully endeavoring to discharge the duties
imposed on us 10 the best of our ability both
Secretary McCulloch and myself have the right
TO ask the confidence and support OF right
minded citizens, however we may sha are in the
denunciations of the selfish and venal
III. II. VAN DYCK, Assistant Treasurer,