The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-05-29
SECRETARY Rontuall.


Secretary Boutwell,, in his first brush
with the Wall street gold gamblers
has ba1hed, and beaten them. When
he announced his purpose of selling
million. of gold weekly from his accu.
fund of hundred millions,
in exchange for gold bearing ponds,
the gold bulls and their allies OF all
sorts entered into a coalition against
him, and for a week or more they 30
manipulated the Gold Room that they
ran up the article from 139 to LA and a
fraction, and then sent off Chittenden
to warn the head of the Treasury that
unless he stopped these gold sales they
would soon run up the precious metal
to ITO. This trick no doubt would have
succeeded with McCulloch, who seemed
to be either confederate or willing
victim OF these Wall street gamblers:
but We are glad to announce thatit was
signal failure with Boutwell,, that
Instead OF suspending his weekly sale
or gold to the extent OF million, he
gave notice that if q million would not
do he would try two millions week
against these Wall street gold bulls,
and with this notice, like Captain
Scott's coon, they said, "Don't IRE
Captain, we'll come down." And they
did come down, to 40, and the Secre-
tary has them In his leading strings.
He can stop their fantasies and haul
them short at his pleasure; and 1t Is to
be hoped that he will draw upon his
specie surplus to the figure of five mill
lions at a clip, If necessary, to make
these gold bulls take in their horns,
and to diminish those gambling profits
which they realize at the expense OF the
community.
Hare we have an important point set
tied. The Gold Room is within the con-
troll of the Secretary of the Treasury.
ia n
for the month of May will exhibit the
handsome figure of seven millions in
the reduction of the public debt. He
has given as the same for the month of
April, or fourteen millions in two
months, and he can do better as he goes
on and more fully realizes the advan-
tages within his grasp in the way of re-
trenchment and savings. They say he
is a p, oiectiOnist, and that as such bis
policy is to bring down the price OF gold
and reduce the debt. Protectionist or
free trader, or anything you like, he
may be, so long as he labOrs to
manage the Treasury tor these great
objects of bringing us quietly nearer to
final settlement OF the debt and re-
turn to specie payments. But we want
no forced or fictitious resumption-nO
contraction just yet, by calling in the
three per cents, a portion of the legal
tender reserve upon which our banks
do business. The results OF an expert
ment or two OF this sort attempted by
McCUllCch ought TO be sufficient
warning tn his successor. Mr.. Boutwell,,
this leaning 10 Il grave mistake excep-
ted, begins we'll. He carries the whole
weight OF the administration upon his
shoulders and appears TO be the only
member OF the Cabinet who is doing
anything TO meet the opportunities be-
fore him and the expectations of the
country. Let him push forward in re-
ducing the debt, the interest on the debt
and the expenses OF the Treasury, and
le: him avoid meantime any cOntrac-
ton OF our neeuful circulation. and the
country will sustain him.-NeaO York
Herald.