The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-10-07
The EInepeaaI MaddIe--1ousyveli's stIi.

sl<sss - 'pissty.
:.fas sw York papers continue to de.
sE8t large party yof their gpacegto the
tfpns conditionsof moHetary affairs.
l3 Herald again exposes Bohtwelly
bzbbiaity-or worsG IT epeaks OF tHs
kSati demand for money q thia i:ms,
TO cmVyeifhe cropss sci; add sass: 4
The Gonrse Of the Secretary Of the
ITteashrysyas such as to increase the diff
Hculty OF <he season, for he acted under
the, bullying of the people who are pos.
sessed with the one idea of return to
speSie payment BY his operations with
bonds, 80 satisfactory in its superficial
aspect, he made currency scarcer and
dearer, and thns' while he delusiyely
seemed to be taking q burden off the
popular shoulders, he was terribly en-
barrassing the great material interests of
the nation, in the prosperity of which is
the only real prosperity of the people.
Had he been in n game to do this, he
could not have done it more effectually,
but it is more likely that he did not per
ceive what he was doing. He thus drove
men who had great necessities for cur
rency, to the expedient of protecting
themselves as best they could. even
though they had to do it at the expense
of other interests than their own; and
moro than this, another of his stupid.
ties afforded them the opportunity. His
second stupidity is worse than the first
One of his notions is that he must take
care of the interests Of the Government
Another Of his notions is, apparently,
that the Government is sufficiently pro-
tected when he has put the price Of gold
as low, and that of greenbacks as high
as it is in his power to do. Yet with
these small notions as his guiding stars,
he actually put it within the power of q
combination to run the price of green
backs to any point they chose. Ho had
it plainly before him that the demand
for gold in this market and the supply
bore such relation to one another that at
q given time in the near future the avail
able quantity would be reduced to less
than So, 900, ,000-perhaps to $4,000, 900.
He knew, or ought to have known, that
people who wanted to change the rcla-
ton III prices between gold and currency
had only 100000 to buy in order to
put the price Mt whatever point suited
their operations. He ignored this fact
with magnificence Of stupidity uppa-
ralleled in the annals Of finance; and this
one fact ought to send him forever to
OuHS, up IuC liOlC III Tic HetNe ems UnnC
he made for the benefit of Andrew John
son. His course resulted in the formation
of ring competent to buy $15,000, 900
to $50, 900, 900, and in the arrangement
of all financial transactions by body of
men whom he had furnished with n per-
fectly legitimate motive. Il Secretary OF
the Treasury in whose regime this occurs,
is not fit for the place..
The World snys Boutwell, was the i'm
mediate cause of the arrangement Of bu-
sincss that has prevailed for more than a
week. 1t says he has acted with n stu
pidity and 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 strict account.
The real criminals, however, are those
whose interested urgency induced him
to this course. It cannot blame the
bears in gold for calling upon him to
save him. But their prayers, never SO
importunate, might not alone have pre-
vailed upon him to pursue so ruinous q
course. 1t quotes two articles from the
Tribune, III the. bear interest, urging
Boutwell, to pursue the course he did,
and asks if any body can entertain O
doubt as to what ought to be said of q
journal which so shamefuily perverts its
public trust as to become clnquer for q
party of gamblers, or of the editor who
permits it to be prosGtuted to such uses.
DIVORCE IN SOUTH CAROLINA q