The New York herald., 1869-05-21

Secretary Boutwen in Wall strees-The
War with the Gold Gamblers.
War has been declared by the Wall street
gold gamblers against the Secretary of the
Treasury. They are ''dead set" against the
policy he has adopted of putting in the
market million of gold every week in ex-
change for government bonds, and they have
evidently entered into sort of holy alliance,
by ''bulling gold, to drive him off the field.
Our Washington dispatches inform us that Mr..
Boutwell, sis overwhelmed with letters and
protests against his financial policy" that
every day he is visited by patriotic individuals
anxious to enlighten him in his duties that
among others Mr.. S. b. Chittenden, of New
York, has been trying his powers of per-
suas;on, and that he fatty told the Secretary
that gold would go up to I75 shortly unless his
present financial policy be abandoned; but
that ''Mr Boutwell, has such confidence in the
soundness of his own theories that he could
not be moved by his own party friends or the
| friends of his chief"
From this we may infer that through his
friends the gold gamblers have been getting
| round to the weak side of General Grant.
| Doubtless, however, he has left the manage
ment Of the Treasury to the full discretion of
| the Secretary and we have no apprehen-
sion that the President will interfere with
him in behalf Of the Wall street gam
blers, the bulls, who buy gold to-day to sell
out on rise to- morrow. II is simple mat
| nf. tl..t <xc
the Treasury thrown into the market every
week is so much added to the available supply
for our merchants in the payment of duties,
and that in the course of time the purchase Of
fifty-two millions Of bonds annually will Of
itself extinguish the national debt and reduce
gold to the value Of our paper money, dol
lar for dollar. As this looks to the cxtinguish-
ment of the business Of these Wall street game
sters and all their political affiliations, radicals
and copperheads, they naturally combine to
frighten the Secretary off the course.
Their devices to this end are some of them
very sharp aud some very shallow and ridicu-
lous. They hoard up gold to make ii short
they nll the street with wars and rumors OF
wars. The President at one moment has re-
solved TO proclaim bellgerent rights for the
Cubans; next, the sensation in England over
Senator Summers exposition of the Alabama
claims means war; then the Bank Of England,
IL is given out, will tomorrow raise its rate
of discount; and then there are dreadful
dissensions in the Cabinet which signify ar
''irrepressible conflict" in its councils on th,
question of peace or war /; and by such sharT
practices and artful lodges the fluctuations o
gold among the panic-stricken gamesters are
made to run the profitable gauntlet to the bull
of two or three per cent in the course of al
afternoon. This, too, is done In the face o
the fact that United States securities on thu
dollar command from 1I0t for the ten-fortie
to 1884 for six per cents extending to 1881.
In the face, then, of such facts as these
and of increasing revenues, internal and ex
ternal, promising, In the old ruts, surplu
, over the next fiscal years expenditures o
fifty millions, and, with anything like prope
. economy, retrencbmeut and reform, . surpl'