Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1869-05-06
Mr. BoutwelI,s Policy.

From the New York Financial Chronicle
There are two leading features of i'm.
portance in the policy which Mr. Bout.
well says he shall pursue. The first has
to do with the sales of gold, the second
with the currency balance he will keen
! on hand. As to the sales of the coin re-.
ceived for customs, it is his intention to
refrain from sudden oapricious uncertain
changes of plan. Other things being
equal he will sell every week about the
amount required to keep the coin bal
ance at about the same level. When the
ooin receipts are heavy no will sell more,
and when they are light he will sell less.
In no one week, however, will he place
more than million ofgold on the mar
ket, and if the interest disbursements are
heavy he may have very little to sell at
all. Still, as We understand him, some
sales will be made every week except
the bids happen to be so low that he
deems it not for the interests of the gov
ernmsnt to accept them. Now this ar
rangement as we said is a very satisfac-
tory one. There is nothing irregular or
spasnodic about it, 1t will produce no
arrangement or disturbance either in
the money market or in the movements
of business. Had such a policy been fol-
lowed steadily out during the last three
or four years it is safe to say that the
losses of many millions of dollars would
have been saved to our commercial and
manufacturing industry. The secrecy.
the mystery, the harrassing uncertainty
which have been deemed q necessary
part of the Treasury policy, is now given
up, and that publicity for which the
country has been waiting is now happily
inaugurated. This is one of many rea-
sons We wsuld cite why our commercial
and financial men are looking forward
with much Of hope and confidence to
the results and operations of the admin.
istration Of Mr.. Boutwell,. 1Ts-7-
But this confidence regards still more
the other part of the Secretary's policy
which refers to the mischievous hoard
ing of idle greenbacks in the Treasury.
We are approaching that season of the
year when currency accumulates In New
York, the great mercantile and mone-
-tary centre of the country Still the
South has been absorbing q vast amount
of greeBhacks only part of which have
come back here. Forty or fifty millions
have been drawn into the more circuIa-
ting channels of Southern industrv
where large part will remain. ThisI
large sum taken from the North bv the
South will make greenbacks more scarce
here this summer than i'm former years
Hence the importance of the knowIed,r
that Mr.. Boutwell, will not, as Mr.. Nc.
Culloch did more than once during his
closing year of office, deplete suddenly
the channels of the circulation by lock.
ing up greenbaoks In vaults of the Treas. |
ury. A depletion of the greenbacks
from the banks to the extent of four or |
five millions at a critical moment. will
suffice TO fill an easy money market
with convulsion, CONSERVATION and
spasm. No trouble from this source is to
be apprehended under Mr.. Boutvell,s
and this fear being re-
moved, there is more confidence in busi.
ness circles. Such are some of the rea-
sons for the rise in Government bonds
which were developed during Mr.. Bont.
wells brief visit to New York ON iHhurs.
day. This advance WAS ascribed to tn.
expectation that Mr.. Boutwell, vonId |
buy up some of the gold-bearing bonds
for the sinking fund. But this sumo.
sition, as we showed last week, ia not
founded. The chief cause undoubtedIv
must be soughtin the general confidence
which has been resuscitated by the
sound, conservative, cautious policv
which the Treasury is expected to pur.
sue as to the currency balance and the
sales Of gold, "'