The New York herald., 1868-08-07
The Rise in Gold.

The present rise in gold, which carried it to
one hundred and fifty yesterday, is one of the
most absurd and mischievous movements ever
inaugurated in Wall street. The success of
the clique manipulating the market has so far
been owing to the fact that Mr.. McCulloch,
who could not sell gold enough when it was
down to one hundred and thirty three, has
abstained for some time past from selling
any portion of his surplus, which now
amounts to about sixty-6ve milliohs, more
than fifty millions of which are held at the
Sub-Treasury in this city, exclusive of the
amount against which gold certificates have
been issued. The clique protesting to con-
troll gold openly boast that he will not dare to
sell any now, because, forsooth, the amount
he has on hand is not large enough to justify
him in so doing; but this is fallacy, as Mr.
McCulloch has sufficient gold to spare to break
this bull speculation if he chooses to wrest the
gold market from the hands of the dozen or so
Of spectators who are manipulating it, and we
call upon him to convert ten or fifteen millions
of his gold at once into currency. We are
semi-oficially informed that this is his inten-
ton, and we hope to see it carried out
without further delay for as it is the importers
and others who have to buy gold are being
preyed upon by the gold gamblers to an in
tolerable extent. We predict the speedy break
down of this speculation for rise, however,
whether Mr.. McCulloch sells gold or not The
market must fall of its own weight, and the
bulls will assuredly come to grief
The shipments Of breadstuffs and cotton will
inevitably bring down the rates of foreign ex-
change to such point that gold will be sent
here from Europe, provided it is kept up on
this side by the artificial influences now at
work and not by legitimate demand. Gold
is loaning at four per cent for carrying, and this
shows that it is neither scarce nor being
boarded by the public; for were the case
otherwise interest would be paid for borrow
ing it. The foreign bankers are not shipping
any at present, as they can buy bills of ex-
change cheaper than they can ship gold. At
the same time the current high premium is
stimulating shipments of produce that would
not be made under other circumstances
Our securities are going forward to Europe
in small quantities for the reason that
the ave-twenties of 1862 are scarce here and
they ore equally scarce in London, and not
being pressed for sale for indeed our national
credit, anomalous as it may seem, apparently
stands better abroad than at home. The
agitation of the five-twenty question started
the gold speculation, and the bull clique are
now doing all they can to keep the
vague fears of the people alive. But
that question apart, the shipments of general
produce and cotton will, If we are not mis-
taken, put gold down to one hundred and forty
again before long. In any event, however,
we call upon Mr.. McCulloch to act boldly
and show the spectators that he is master
of the situation by selling them more gold
than they can carry. The clique would not
dare to buy if he publicly announced that he
was prepared to sell, and the relief thus
afforded to the mercantile community would
be very great