The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-11-11
The Fluctuations of Gold.

From the N. r Times.
The price of gold has been fuctuating of
late i'll a manner very damaging to business
and the public interests.
1t is one of the worst evils of the high pre-
MUM upon coin that it is continually unset
ting prices, and that it gives opportunity for
variation of values so wide as to disturb the
Legitimate and healthy course OF trade. The
elements Of risk and uncertainty which it has
introduced into all commercial transactions
affect the well-being of all classes of the COM
munlty and work injury to all lines OF busi-
ness,
There can be no permanent remedy for
these evils but in the resumption of specie
payments-thst is, in the appreciation of the
currency to the value of its face, and the
value of the gold which it assumes to repre-
sent. Every point of decline in the premium
on gold-every point of advance in the price
of bonds-is step in that direction; but
while the movements are apt at any moment
to be reversed, we must look for acontinuance
of the financial distraction and business con-
fusion from which we have suffered 30 long
and grievously.
From cne cause or another, the premium,
which had been gradually moving downward
Of late until towards the close of last week it
reached 32-33, has, during the past day or
two, been again forced upward. We don't
suppose any man could give satisfactory or
intelligent reason for this reverse. The rea-
son assigned by those who take the trouble to
think of reason at all, would probably be some
incOnsequential action OF Secretary McCnl-
loch, or seme small transaction it was sup
posed he might attempt. They would never
trouble themselves with the large and com
prehensive grounds of faith in the national
solvency and credit. The assurance of the
honorable dealing of the Government in re-
gard 10 the debt--the fact OF unbounded
national prosperity and great crops
of exportabls staples, the state of
exchanges, the vigor of the Treasury, the
strength of our foreign credit, the hopeful
future opened up by the peaceful and powerful
administration OF President Grant-these ele-
ments, that are of such vital Importance in
tue survey of the situation, are overlooked or
uudervalued. What matters it, in reality, if
Mr. McCulloch were to reissue few millions
OF the greenbacks that were incontinently
Withdrawn last year? Does that invslidate
the credit OF the nation, or should it be counted
against the general sweep of things And
suppose, after all, he were not to Ieissue them,
what basis would those who are now fearful OF
it then have to stand uponH
1t is the puerile work of spectators to
bring up such points as are now made use Of.
And those employed by other parties of specu-
lators are equally puerile. What matters it.,
in reality, whether the Treasury sells a few
millions OF gold every month The coin in
its possession is, IN any event, a security for
the public credit. We know that Mr.. McCul-
loch has, within the last few days suspended
gold sales; but what if the changed state OF
the market and the rise in the premium were
to lead him to resume them The incident
would be of the slightest consequence, yet we
may see it at any hour affect the premium
seriously, as we'll as the course of business.
If people were guided in these things by
Soma lnOuIadua nf financial ;nla by
some comprehension of the basis of credit, by
some ineligible idea of the laws that must
certainly, in spite of petty msnipulations and
temporary accidents, control the course of
affairs, there would be fewer of the meaning
less fluctuations that have wrought ruin to so
many individuals, and such serious distur-
Dances to business.