The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-08-18
SPIRIT OF THE PRESS.
EDITORIAL OPINIONS OF TnB LEADING JoURNALs
uFoE CURRFRT ToFICs--CoMPILED EVERY
PAY FoR THB EVENING TELEGRAPH.
Tie Cod Question.

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From the ~ Y Herald
The course OF gold is being very attentively
watched just now by the public at large, and
vague fears prevail that the premium may 60
much higher under the political excitement
attending the Presidential campaign, and un-
fortunately these are not without good reasons.
There are financial and commercial causes at
work which will of themselves advance the
price of gold: but political influences entirely
outweigh these. 1t is bad enough to tnd that
we have exported from this port to foreign
ports since the beginning OF the year more
than sixty-two millions of specie and bullion,
and that the Government has reserve of only
about fifty millions of coin at the present time,
while its coin interest payments in September
will amount to five millions, in November
to twenty five millions, and in January
to thirty-three millions; but it is far worse
when we find prominent politicians OF both
parties making speeches and writing letters
which are directly calculated to impair conn-
dence in every thing but gold. Popular dis
trust of the future financial policy OF the Gov
ernment is the main cause of the upward ten
dency Of the premium and so long as this
lasts it will rise higher from month to month
The spectators have much less to do with the
advance of the last sixty days in gold than is
generally supposed They may exaggerate
effects and run the price up suddenly, as they
did the other day when it touched $780, but
soon succeeds following which, however, gold
obeys its natueal tendency upwards, despite
the efforts of many of them to keep it down.
Added to the widespread but vague distrust
referred to we have to face the fact that our
foreign imports are and have been since the
beginning of the late war far in excess OF our
exports, and our national extravaganza of
itself exposes us to serious danger. Political
considerations, however, entirely outweigh
those of more material character, and the
majority of gold speculatoIs in operating for
q rise, are merely anticipating natural
movement which would be felt with or with
out speculation, and to bs successful it must
be based upon something more substantial
than Gold Room opinion. The abundant har-
vest with which we are promised is the only
good sign of the times that We can see, but its
influence is lost in the presence of the disturb
ing causes to which we have alluded, aud as
the campaign progresses We shall doubtless
witness much more calculated to crafty the
bulls in gold than we have yet done. But for
thewretched mismanagement OF the finances by
Congress and the Treasury Department during
and since the war the gold premium would
have been much lower than it is and we should
have been in position to resume specie pay
ments, whereas the prospect of the latter
seems more remote now than it did when Lee
surrendered. 1t is well, however, that the
people should not attach too much Importance
to the rise in gold with which we are threat
ened, and that confidence in our national secu-
rites should not be impaired. These last are
the safest and cheapest securities in the
country at present prices and it must be re-
membered that the higher gold goes the
greater becomes the rate of interest they yield
in currency. 1t is greatly to be regretted that
about seven hundred millions of these bonds
are held abroad, for we are constantly exposed
to the danger of large amounts of them being
returned to us for sale; but we must accept
the situation as we find it and not ignore the
facts, however unpleasant they may be to
contemplate.