The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-10-01
THE NEW YORK HONEY MARKET.
From @s Independent Of TeIArday.

From he Independent Of YeIttrddy.
New York. has undergone q good
many financial revolutions and COM
merCIal disasters; but probably never
before did the 6uanciers Of Wall street
suffer from such o confused condition
OF affairs aH was suddenly preclpitated
upon them on Friday last, upon the
elimination OF the great gold corner
which had been engineered by small
clique OF reckless but wealthy speoula.
tors. In the time OF the old State
banks, the processes which usually led
to o suspension Of specie payments
were readily comprehended. Prudent
men could prepare for them; and, when
the crash came, the worst was known,
and preparations could at once ba
made 10 recover from the effects OF the
collapse. But In the present disaster
that has overtaken our business com.
munily the difficulties OF the situation
are greatly increased by the uncertain.
~ that Is felt as to the extent Of the
damHge that has been done. For the
present, the essential facts are that gold
sold up on Friday as high as 1852, and
as low as 1872; that the Gold Exchange
held NO session on Saturday; that the
Gold Exchange Bank has been unable
to e1trlcate itself from the entangle.
ments In which It has been involved by
the enormous amount OF the tr8nsAc-
tIonB OF the kold brokers on Friday;
that money has been 10 difficult 10 OBJ
tain that loans were made as high as
IL per cent. day, and that as high as
2 per cent. was paid In several cases for
carrying stocks for single days that
the prices Of railway and other shares,
fell off In the course OF a few hours
from Ave TO thirty dollars share, and
that prices huctuatsd up and down
within the space Of half an hour eight
to ten per cent? that nearly all kinds
ofbuslnesB were thrown into confusion,
and that importing merchants were
compelled to let their goods go to the
general. order stores, from the impossI.
bllily OF buying gold 10 pay duties with.
Many large and wealthy Arms have
been brought to the brink OF ruin,
many have been compelled TO suspend,
and q shock has been given TO the busi-
ness Of the country from which 1t will
not recover In years. Aud all this mis-.
chief was wrought In the course OF q
few minutes by the small clique Of gold
speculators who had banded together
for the twoIold purpose OF creating u
panic In gold and In stocks for their own
benefit. We do not undertake to say
that they transcend their legal rights,
or that they are now worse than any
other spectators who enters into COM
blnations for their own benefit. But
when Congress meets again 1t is 10 be
hoped that some law will be promptly
passed which will relieve the Govern.
ment from the tremendous RESPONSE
billty which now rests upon 1t OF con-
trolling, either for good or evil, the i'm.
mense sums OF gold which accumulate
upon Its hands. The power which this
surplus revenue places In the hands OF
the Secretary OF the Treasury is greater
than any human being ought ever 10
be trusted with. The Government
sales Of gold and purchases Of bonds
have been announced for the month oil
October. The Sub-Treasurer In New
i York Is authorized 10 sell, In the usual
manner, one million dollars Of gold on
each Tuesday and Friday until first oi
November, and that the first sale will
be made on Tuesday next; also, that be
Will continue the purchase Of two mill
lionS OF bonds each Wednesday until
November first. The sales and pur-
chases hereby authorized are In add.
ton 10 the sale of gold and the pur.
chase Of bonds on account OF the Sink,
ing Fund. The sales Of gold and the
purchase OF bonds for the Sinking
Fund will continued without change.
1t must be remembered that there hal
been no dimlnution Of currency or le
galtenders; that gold Is just as abund
ant as II ever was; that large shipments
are now on the way here from Eng
land, and nothing In reality has hap
pened that should Interfere In the leas
degree with our generous prosperity.