The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-28
Secretary Boutwell, and the Gold MarISef

Secretary Boutwell, and ti,c Gold harISet.
liz the smoke and fury relative TO the gold
gambling operations in Wall street and about
the conduct OF the Secretary Of The Treasury
the people are likely 10 become bewildered.
In fact, the subject is in considerable middle.
Mr.. Boutwell, himself has no clear IDEAS of the
situation or OF his duty. He has one theory
Today and another tomorrow. At one time
| he engaged to sell gold regularly at certain
! periods, then he changed and sold at irregular
times and in uncertain quantities, SO that the
| business community was kent in doubt and
Wall street in n fever. The merchants have
not Known what to expect or base TIER calo,-
latons upon, and The gold spectators have
had the widest field for thcir operations in this
uncertainty Even his action in selling gold
lest Saturday TO break down the cornering
dodge Of The Wall street gold gambling ring
was contrary to his own views and wish. The
Washington despatch published yesterday
shows this, aud 4 despatch published pre-
viously shows that the President gave the
order 10 sell gold and give relief TO the bust
ness community. Dir. Boutwell, in The Trca-
sury Department is out OF his element and has
no chart Of financial principles 10 guide him.
lie is ia a measure responsible for the mischief
caused by the extraordinary rise Of gold Inst
Friday, aud was unwilling to apply the only
remedy that could be found at the time We
arc moi disposed to give credit TO runors aGoat
that there was a design in bringing the gold
-. &,
butte tLe errors Of The Secretary to went Of
ability.
Nr Boutwell, says that ne does not propose
10 future 20 be controlled in any respect by
Wall street. This, perhaps, is sound in prin-
cipe: for under ordinary circumstances the
Secretary should not Interfere with the opera
tons in Wall street but in such crisis as shat
on Friday there WAS a duty to the public to be
performed outside Of the routine Of the Trea-
sury d parimelt. 1t was the more urgent, too,
ss thc cause Of The trouble must in measure
b. attributed 70 the Secretary. Should SINH
lar Stale of things arise before Congress meets
and can take some action to prevent such evils
the n1alury Department should not hesitate
see by the order Of the Secretary TO tie Trea-
surer AZ New York that million of gold is to
Dc sold regularly on each Tuesday and Friday
til the Is. OF November, and that two mil
lions OF bonds are TO be purchased each WeJnes-
day. This will help to make the market steady,
and viii ! ( our merchants and other business
mon know what they have 10 depend upon in
ibc supply OF specie from This source The
shipment OF gold So this country from Europe
viii have The tendency also TO keep down or
rcdoca the praniaa. Large amounts are be-
ing Withdrawn ft1m the Banks Of England and
France Coz transmission 10 This couatry The
total dfrn7 the last week haa been little less
taan two mlllons or dollars. With valuable
cotton crop 30 send abroad besides brcadstulTs
and o,aer thlug' end with The exchanges more
r.vor,hle 10 az. there Il every reason 10 expect
aa easy market n ro'l aad a reduction OF TIE
prcmian darllg lhe pre- ent season.
rr vhls Of tr iUiur;f What is 10 pre-
. vfa, +. 20 'o.nr.'ng and gombli =, nud crisis
f agr c.iis bore .f vhsl tlo balance of trade
all rgch nr- tfns heavily against us, and
F vicn a aul4 81 specie lakes place? Orr in
deh'efnes hhf1ai. Including United states
securities FaIea a'y bonds. railroad bonds
tll o,lef foras ol dch g. %. lees. probably,
msr lrer hoHli miuions. Perhaps IL i.
mosr li IS noI0iioas. COO. tlat his aggregate
o,t, u sli ibc tine ilcrclsiHg. 10 pay the
iies.t or &c cHses perpendicular Of ncarl,
ivo hsafrcd millions % dollars year, and
A.f ir .o.l or its equivalent. This is an In
hda,i'n % She enormous balance Of trade
which Ue have 10 mate good by gold Oh
fr'ter cvfora,isls or bonds. The question
srifas. Dos are ~ 90 kccp OF the constantly
i4cres' rr.sHrc % lbis indebtedness
a'r1ff How ere VIZ 10 regulate our laan-
c.al aasif. 90 save us ilom crislsg And how
are we o. prevent these hnsaclal disturbance.
o. home caused ~ A. eula'ors, gold gambler,
and combinations Of capi,sli.l5i These are
qaosiious ihai csll FOR the Immediate and
t,ri9as attention 4 Congress. But we wani
on able mau-a statesman Secretary o
che Treasury. vAo can enlighicn Congress or
what s. needed ior the country and o.n pro
pare the N4y Soc the necessary legislation
Evidently, ~ ranreh Is not TIE nm. VI,
sasll SO rloog wei enough the present season
flf oug co..on crop and ether resources vii
prove amply nbaniaui bIt we must lo0l
sieal aai provide Ca %, fli,rc. Le. as hop,
coHg- = viii haye ihe WELDON 20 place ou
nati,aoi Grauces on seand basis and say,
tho coUairy from moagttry crises. gol,
q abiding cxclt,n snl8 lld t4s e.ill o. nuclpa,
i.0as n ,alue-.