The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-12
Financial and Commercial Prospects ans
the Course of Gold.

Financial and Commercial Prospects and
the Course of Gold.
There is widespread conviction throughout
the country that General Grant will be our
next President, and many believe that this
event will tend greatly to strengthen the pub
lie credit and impart an upward impetus to
government securities and downward one to
gold. 1t is WELL however, to moderate expec-
tations in this respect; for it does not always
follow that political event, however auspi-
cious 1t may be in itself, will necessarily in
volve any important financial consequences
Moreover, anomalous as it may at first sight
appear, a decline in gold always exerts de-
pressing influence upon United States stocks in
the home market, simply because it involves
reduction in the rate of interest which they
bear in currency (six per cent in gold), with
the latter at $50, being much more in green
backs than with the same at 100. Moreover,
gold is dependent upon 80 many foreign
and domestic financial and commercial
influences that mere political events, unless of
disturbing character, are not calculated to
greatly influence Its course, which is always
more sensitive to exciting than reassuring
causes Just now the spectators in gold are
operating for a fall, in view Of expected re-
publican majorities in Pennsylvania and
Grants election; but they are OVERRIDING
the thing, and the result will be an upward
reaction growing out of their own excessive
sales and the undue depression resulting there
from.
Those who suppose that rapid speculative
decline in gold is good sign of the times and
beneficial to the public credit and the general
interests Of the country labor under delu-
sion. Gold has Auctuated widely up and down
hundreds of times since the close of the war,
but none but spectators in the Gold Room and
elsewhere ever derived benefit from these
fluctuations. The commercial community, on
the other hand, suffered by them through
the unsettlement of values in which
they resulted from time to time; and
tho Gold Room, by the speculation it
has fostered, has proved itself a grave
public evil from the time it first had an exist
ence. Hence we have advocated q much
heavier tax on speculative gold sales than that
at present collected, which is only one dollar
on every ten thousand in currency value. In
this way the evil of excessive speculation
would be checked or the government would
derive large revenue from that unique insti-
tuition the Gold Room, where few men seek to
control the price Of that commodity and con-
sequently to regulate the coin value of the
greenback dollar to suit themselves.
The general trade of the country is at
present and has been for some time past
conducted on very conservative basis,
and there is an almost universal desire
to avoid overtrading in any form. Hence
collections have been made satisfactorily
this fall all over the country, and particularly
| in the West, and this is favorable to continued
commercial prosperity. Just prior to the
Presidential election there will, according to
past experience, be lull in business Of all
kinds; but there will be nothing discouraging
| in this, and there has never Of late years been
a time when the mercantile community had
less occasion to regard the present and pros
pective condition of affairs with anxiety than
they have now. The currency has ceased to
be disturbing element since the suspension
of contraction, and the monetary machinery
of the country works smoothly except when,
as in the case Of the recent stringency at this
centre, artificial means are employed by I'M
scrupulous spectators to achieve temporary
object. On the whole the country is prosper
Gus, and with abundant crops we have no
| cause to indulge in gloomy forebodings with
regard to the future.
THE WAY 1T WoRKs-The Health Officer
at Quarantine has resorted to all sorts Of small
tricks and devices for the purpose of Gripping
our marine news establishments In the upper
and lower bays He has issued orders to
stop our reporters from boarding vessels he
has endeavored to prevent us from obtaining
our packages from inbound steamers he has
arrested and imprisoned our men for encroach-
| ing upon the waters that he chooses to call his
quarantine, and he has thrown every obstacle
that he and his subordinates could conceive In
the way Of our steam yachts in order to pre-
vent us from obtaining the harbor news To
what extent he has been successful NAV be
seen in the following reports of the arrivals on
Saturday,
| Reported bp Reported ov
| Herald Yachts. Tftdnh Oncer
Steamships ................
Ships.
Barks.. .s.....s. IL
Briggs. ......................
Schooners. ......
Coastlng vessels. -
Total ............".......11 G3
The above shows a total OF seventy eight
Al Ia thn Ipp otan