The south-western. [volume] (Shreveport, La.) 1852-1870, 1869-06-09
s5eszs =
The Gold Market,

Antelope the New York correspondent of the
Pieaynne comments upon the effect Of Secretary Bout
wells plan to reduce the premium gold as follows
The new Secretary OF the Treasury has undertaken
to fight the gold tiger Chase tried this oncedumped
$4,000 900 of coin upon the market, and the pre-
MUM rose in spite Of him, 10 per cent. Boutwell,
few weeks since thought he'd try bis hand at knocking
down the premium and advertised that he would sell
a million weekly But much to his amazement the
nric,, instead of receding advanced! The advance
was laid however, rumors OF apprehended trouble
with England on the Alabama question, and the RI.
NOR that the Government was about to recognise Cuba
and to a break up break down OF the Cabinet.
But for those, said Boutwell, gold under my sales
would have been lower. When the next weekly sale
was announced, there no run0rs Of consequence
aud the Secretary had the coast clear. But Moses /
the premium in the open market advanced one per
cent within an hour after issae was concluded This
was much for the head of the Treasury and he
forthwith resolved to double the dose. Instead of
million weekly, he would sell two millions The first
million under the new arrangement, There is be
million sold Mondays and million on Wednesday,
was disposed OF to-day, and no sooner the sale
over than the premium again advanced!
And it continue to do while the foreign bal
ance is SO heavily against u.s. and the supply Of gold
in the country is so light Those who take practi.
cal view of the situation wonder at the stupidity of
Mr. Boutwell,, or any other man who, under the cir
cumstances existing, could think of permanently put
ting down the premium, no matter what amount the
Treasury might sell. Mr.. Boutwell, intmates that he
will keep selling until his gold balance is reduced to
twenty five or thirty millions If be does, though
continued pouring of coin upon the market may cause
temporary wavering Of the premium when he has
reached the end of his rope he will gold jump three
per cent day, and the price twenty per cent higher
than when he commenced to sell. Not only this /; but
gold will have become scarce, that heavy demand
for shipment, or asudden return of bonds from Eu
rope, would send the premium to higher figure than
it has ever yet reached. We're the Secretary wise
man, he would cease his tamperng With the gold mar
ketand the laws of finance at once. But as it is, be-
bids fair to precpitate panic, which viii not only
break many of our merchants, but sweep him from
power amidst the of ruined hundreds. learn
that the President has been appealed to interfere in
the Wall street movements of hs Secretary but re-
port says Grant prefers that Boutwell, shall run the
Treasury machine untrammeled
The PRICE OF CoTros.-The Boston Journal thus
closes long article on: the prospects Of cotton the
coming season. It might have been we'll for the South
if her planters could have been made to believe that
the present high price Of cotton could not be sustained
they bent every energy to its production at the e1
pense of breadstuffa:
How will it be with cotton9 The stocks must be
light, nearly exhausted By July, and this must for the
s3oo6AA
not well anticipate accession of three hundred
thousand bales from the increased growth in India and
Brazil and at least half million bales from our South
ern States? In the face of light stocks and grow.
ing consumption in this country and the Continent
of Europe an accession of eight hundred thousand
bales might not seriously depress prices but there Is
a new element to be taken in account, the promised
completion of the Suez Canal in October. This will
reduce the passage to France Spain and England. BY
propeers through the canal 10 place Of ships by the
Cape, at least four months May not reasonably e1
pect the cotton of Bombay to take this route, and will
not the effect be TO accelerate the delivery of India
ton to the manufacturer at least four months, and will
not this be equivalent adding for the FIRST year
third to the deliveries from India, say six hundred
thousand bales? An accession of fourteen hundred
thousand bales must Of course depress prices If our
antcipations realised, shall begin to feel the in
crease by November, and may well expect to see cot
ton decline below twenty-five cents by the close Of the
year, and take at least twelve month to recover.
We do not look for the prices Of lS6e-they cannos
we'll be anticipated but the coming winter will subject
cotton to a new ordeal, sas -..r