The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-10-04

have ended like the combat of the cats of
kilkenny-in two tils and a return of blessed
peace to the neig' borhood of the conflict
was not to be. Mr.. Secretary Boutwell, felt it
incumbent upon him to rush in and throw the
whole weight of his official influence into one
OF the scales. Because one faction was bet
ting upon q rise in gold and the other upon
fall, he seems to have thought that the latter
somehow deserved his encouragement and
support, and he consequently threw IN
to their assistance supply OF the
commodity by the scarcity of which,
created by their opponents, that faction
was losing. And, having thus determined to
meddle in quarrel which was most dis
tinctly none of his business, he manifested an
imbeclity which would be marvellous in any
body but radical financier and allowed his
intention to be known before it was exc
cuted. The consequence was that he lost
even the profit which he might have made
had he taken advantage of the artiicially high
price of gold. The gold fell as soon as his
intention of selling it was known, and, when
his gold actually came to be sold, the rate
had sunk to its normal level But the pro-
mitigation of this design brought about the
sudden and precipitous tumble in gold which
caused the suspension of SO many firms, en-
tailed upon others such heavy losses, and
made the gold market and its appendage, the
Gold Exchange Bank into chaos come again.
The sudden suspension of so many firms of
good standing, and the suspicious of the
soundness of many more, produced, as it
was certain that they would produce, that
universal loss, which we call ''panic," of
that confidence which is the soul of modern
trade.
The Secretary of the Treasury, then, was
the immediate cause of the arrangement of
business which prevailed all last week.
We have no disposition to defend him. He
hasacted with stupidity and.a weakness quite
unparalleled even in his own career, and for
which he and the power which put him where
he is should be held to q strict account. The
real criminals, however, are those whose in
terested urgency induced him to this course.
We cannot blame the bears in gold for calling
upon him to save them. But their prayers,
never SO importunate, might not alone have
prevailed upon him to pursue so ruinous a
course. If any public man, and still more
any public journal, shall be found to have
been in league with those bears, and to have
won over the Secretary, by advice delivered
in their public and ostensibly impartial char
acter, to conduct of which the result has
been so baneful, no penalties which public
indignation can visit upon them will be too
severe.
Let the public iu lge.
On the 23d Of september, after gold had
begun to rise, the tribune contained the fol-
lowing
THE GOLD SPECULATION.
'The Secretary of the Treasury appears to turn a
deaf ear to the complaints of merchants, who are
groaning under the inanipulatons of the gold-gam-
bers, and persists i'll Keeping from eighty to one
hundred millions of specie idle and useless in the
Treasury vaults This is very satisfactory and
couraging-to the gold speculators. The raiders on
Government credit and the Old Copperheads, who
opposed the Union arms in the war, and who would
be quite as happy to enbarrass the Government now
as they were during the progress OF the Rebellion
are all delighted business men, and all who
strive 10y words and deeds to uphold the Govern
ment credit, fail to find in it equal cause for cheer
full satisfaction. We far the Secretary is making
covering. We are quite confident that a policy
which should prevent these mischieYous movements
in the gold market would meet with almost uniyer-
sal appreciation, and that the do-nothing policy,
which enabled gold operators yesterday to push up
Treasury, finds but few supporters outside the ne-
rested ring Look to this matter quickly, Mr. Secre-
| before frost comes. Gold 14lH, Government secu-
rites falling-why must this cOntnue?"
On the following day (Friday) the Tribune
followed up this cry of the wounded pretend
ing to be its usual shrek about Copperheads,
with an article of which the following para
graph is the point
ave beg Secretary Boutwell, to perceive that the
interests of the business community and the inte
rests OF the Treasury Department are here identical
The opportunity to make great saving for the Gov
ernment is likewise the opportunity to do great
service to the suffering interests which the gold
! gamblers have paralyH9d. Let us nave the premium
| on gold, higher than 1t has been for many
months past and higher than it is likely to be again
for months to come, realized for the benefit of the
Treasury. Let us have the money thus realized in
vested in Government bonds that there may be no
suffering from any artificial scarcity OF currency, and
| that the money of the Government may be made
effective in paying debt and stopping interest. Such
an opportunity may not occur again in years. Realize
| the premium your gold; take advantage of the
| market for Government bonds. Sell your gold while
/ it is high buy your bonds while they are low and
| thus make double profit to the Government and
| relieve the business community. Can there be a
question Of the business policy of such measure
Can there be question as to the duty OF the Secre
tary TO adopt it, and adopt it at once?"
This article was telegraphed to Secretary
Boutwell, at Washington, and it was in re-
sponse to it and in compliance with it that
the sale of gold that day took place, which is
the source of all the present woes
Can anybody who reads these two extracts
entertain doubt that they were inspired by
the bear clique in Wall street? Can anybody
entertain doubt as to what ought to be said
of journal which so shamefully perverts its
public trusl as to become a claquer for a
party of gamblers, or of the editor who per-
mits it to be prostituted to such uses?
WHEN WILL THE NATIONAL DEBT BE
PAID?
From the NJ Y. Times.
OF all the heavy blows which Republican
! fipaDniarC and tata haUa do