The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-27

! South Carolina, are at the westmoreand Hotel.
The BedIam Day in Wall street-secretary
Boutwelps Responsibility.
When Bedlam broke loose in Wall street on
| Friday last such was the insane excitement
inspired among the gold gamblers, that but for
| the interposition of the Secretary of the
| Treasury the mad bulls of the ring before
! the close Of the day would probably have
run up gold to the anticipated figure of two
| hundred. But the announcement that Bout
well had given orders for the sale of four
millions Of Treasury gold on Saturday, and as
much more as might be needed to break 'the
corner, demolished the conspiracyas by magic.
Why, then, did not Master Boutwell, earlier
interfere? Why did he so long permit this
demoralzing game of the gold gamblers to 60
on9 This is the question which he is now
called to answer. In the reports of to-day
from the field of battle we expect some inte-
resting disclosures but from the facts and
circumstances now before US we think that a
case can be made up calling for the dismissal
Of Boutwell, from the Treasury Department
What are these facts and circumstances
They are briefly these On the late visit of the
| Secretary of the Treasury to this city he was,
to a remarkable extent dined and wined by
certain capitalists and politicians, and waited
upon by them in all his goings out and comings
in down to his departure for Washington
Conspicuous among these devotees dancing
attendance upon him was the venerable
! Thurlow Weed, and ii has become
| proverb that whenever this venerable
man plays the courtier he is playing for big
| job. He is a bird Of evil omen they say-s
lobby vuture who can snuff an inviting car
cass far beyond the reach of mortal vision.
Why was this extraordinary man, with others,
supposed to be congenial spirits, so devoted
on this late visit to the service of the Chancel-
Tor Of the Exchequer9 The answer, we appre-
bend, may be found in Bontwells remarks
some ten days ago in Wall street, to the effect
that he should have nothing to do with the
doings of the gold gamblers, but that he should
sell his gold from time to time regardless of
their gambling schemes.
Here was hint; but we have reason to
believe that the gold bulls Of confidential
ring had more definite assurances that for
given period in any event in Wall
street there would be no Treasury gold thrown
upon the market. In a special Washington
despatch, from trusty source, which we pub
lished yesterday, we have the information that
| Secretary Boutwell, had resolved upon the
| gold selling policy We have indicated; that he
did not propose to be governed, as McCulloch
was, by the opinions of Wall street, and that
down to Friday last he had adhered to this new
| policy; that he heard of the fight of the bulls
and bears with supreme GOODNESS that all
! their late excitements did not move him; that
the bushels Of kilograms from Jay Cooke and
others and the frantic appeals of a New York
radical organ were without effect upon him,
and that at last it was the President who
spoiled the sport by going to the Secretary
and requesting him to sell gold to ''break the
corner" The Secretary did not approve the
sale Of those four millions; it was not his
| work. she did 1t because he was ordered to
do it," and 'the President was greatly NOR
titled at the use of his name made in the Gold
Room as being opposed to the Secretary's
selling" Subsequently, it appears, by repre-
sentatiens to the Secretary, through Assistant
Treasurer Butterfeld, from the Gold Room,
the authorized gold sale of four millions was
reduced to two millions
Now, it will be perceived from these facts
that the Secretary of the Treasury was per-
fecty Indifferent in reference to the late day oil
| Bedlam in Wall street. He had resolved not
to interfere, whatever the issue. The financial
affairs of the whole country might be de-
ranged, the business affairs Of the VIII ole
country might be suspended-what cared he
He had determined not to interfere in the
game of the ''bulls' of the ring, and he would
not have interfered but for the order OF the
President But why notg That Is the ques-
ton. We find It hard to resist the conclusion
that it was because the Secretary and his
retainers, including some Of his courtiers,
were in the ring, and that, even as IL turned
out, the net profits of the grand crash of 'the
corner" were pocketed by what in this affair
we may call the loyal league
All this demoralizing business In Wall street
might have been prevented by timely sale OF
Treasury gold. In declining to prevent this
discredtable this disgraceful exhibition, the
Secretary has contributed seriously TO weaken
the public confidence in the national credit,
bonds and currency, and to strengthen all the
elements Of population If tempted to this
course Of non-interv ention by gold gambling
r ring. the Secretary Is a traitor 10 his area