The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-08-06
Gold.

WHAT perturbations have been caused by this
auriferous article since its discovery and use
by man What watchful fdgetty days and
nights has it occasioned in this country since
the breaking out of the war What predic-
tions as to its ultimate value what prognosti-
cations as to its future deoline what strange
changes When gold had reached the high
est point attained du ring the war, real estate
could have been purchased at one-half, and in
many instances one-third less than it can now
be bought for. How bulls and bears have
exhausted every argument for its rise and fall,
and how it has constantly disappointed them
both When California disclosed her golden
treasures, many eminent political economists,
M. Michel Chevalier, for example, supposed
that its value would be deprecated, from the
amount that would come into use by recent
discoveries but such is the curious nature OF
this article, or 80 much is political economy
as yet at fault, that no certainty has as been
arrived at as to its positive value.
Perhaps in our country, where it has be-
come an article of merchandise in conse-
quence of its no longer forming the circulating
medium, its value is regulated by the supply
and demand, like all other articles of this
character. When cotton bills are scarce, or
bonds are not being shipped in large quanti-
ties, of course gold must take their place.
We have known some of the shrewdest brokers
to be as completely at fault in venturing pre-
dictions on the premium above paper money,
as some of the most ignorant in money
matters. There are only some circumstances
a1 with hot ruffI
tainty be asserted of it. Thus, the reason
why there is such an unprecedented accumu-
lation at the present time in the banks of
France and England is due to the apprehen-
sion about war entertained by the capitalists
of Europe. Whether there will be war soon
or not, this fear prevents capital from seeking
ventures which, in ordinary times, it would do.
When the war broke out between Prussia
and Austria gold rose in value in this country,
from the fear of our securities being sent back.
The same feverish cause may even now force
it to rate at a higher premium than it other
wise might; but such calculations might easily
be upset in the event of another European
war breaking out. Instead Of our securities
being sent home for sale there might be a
| great demand for them; firstly, in consequence
of the greater rate of interest they pay; and,
secondly, because our country being far re-
moved from the theatre of war offers additional
safety. We venture, however, no predictions,
and we merely think the latter contingency is
as likely to be realized as the former. In COM
mon with the great mass of consumers we, of
course, do not desire to see the premium at a
| hiph rate and also because we desire the
credit Of the Government to be sustained.
During the Napoleonic wars gold rose in Eng
land to 40 per cent, or shade over. When
Napoleon Bonaparte assumed regal power he
caused a return to specie payments, regard
less of all consequences to the paper currency
of France.
One of the profitable incidents of Napoleon'f
wars was the management on part of the Roth
schilds of quantity of gold. The transaction
was in this wise. The English Government
determined to dispose of a quantity. The ole
Rothschild, who was then living, felt sure the
Government would afterwards require it, anG
he bought it. Sure enough, they did require
it, but the best Of the transaction, as he re-
lated, was the transmission of this gold to the
Duke of Wellington in Spain. Rothschild
undertook to convey it, and did so, through
France, and ever after said that 1t was one O
the most lucrative and successful acts of his
life. Until recently gold was at a high pre-
MUM in Austria, and it is at considerable
premium even now in Italy.
THE UNITED STATES SUPREME COURT ha,
again formally and explicitly declared the or
dInapCe @ of secession null and void. In the re