The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-12-20
THE NEW YORK MONEY MARKET.
From the ". Y. Herald.

From the ". y. Herald.
"The speculative interest of the week was largely
concentrated in the gold market, where the course
of business was guided by the movements OF the
Treasury IN its sales OF the Government treasure
The action OF secretary Boutwell, AT the close OF his
November programme in refusing 10 sell below l22,
TO which point gold had suddenly grayltated, had
been deemed reasonable index Tor baslng all busi-
ness calculations connected with the premium on
gold. There were but two sales during the week,
one on Tuesday and the other on Friday. The open
market price on the former day ranged from 1872 up
wards SO that no difficulty was had ia placing the
Government million at and above the limit. ON
FTiday however the market had drfted to lower
quotations and a feYerlsh anxiety was ma Infested
AS to what policy Mr.. Boutwell, would pursue, mas
much as the bids would be and were below 1872.
Those who were hoping against hope in such
state OF affairs desired tnat no change would be
made in his policy. But the bids were accepted and
gold eventually declined to 12O1. The amount bid
Tor less than half the amount offered, so that it
would seem that Mr.. Boutwell, in the desperation OF
his position with the merchants on the one hand de-
manding more steady price for gold, and the
radical politicians on the other threatening him
should he obstruct the movement to specie pay
meuts compromised the matter by accepting the
hids for half a million The people are no easier
now as 10 the policy which ne may pursue in the
gold sales next week. Due allowance being made
Tor the embarrassment OF his situation this vital
question, he might have shown more irmness and
more decision in handling II. Either 1t Is right to
sell gold at the market or IL is not. But the worst
result OF this Inconsistency OF Mr. Boutwell, is his loss
OF the control OF the market The spectators
are now independent OF him. ltis ability 70
Wall street has been sadly impaired by his
lack of policy The gold gamblers have drawn
him along to certain point, and there robbed him
OF mis- power to do them harm. II makes no differ
ence to them what his course may be in the ensuing
gold sales. Their plans cannot now be cOmpassed
by him. The decline in gold since the lst OF 0cto-
Der has been about per cent. This il too sudden
TO be natural or healthy. Action is always followed
by reaction in Wall street, as everywhere ese
Secretary Boutwell, limited his gold sales to two
millions a month last summer, after numerous
sporadic experiments with various amounts lust
after lie came into ONCE. The result the forma-
ton of the gold ring and the rise TO 1G5, at
at a time when we were shipping specie to Europe
to pay for imports. Towards the lst Of October
he modified his programme and has since sold the
| rate of ten to twelve millions q month at a time
thus making competition against them which has
left IL almost protess 20 ship the products OF our
domestic industries. Next spring it will not be
wonderful If millions OF acres be untitled which
| this wear have borne abundantly. The farmer
| certainly has incentive TO expand while the
policy OF Mr. Boutwell, cheats him Of the fruits OF
MS labor 1t IL time Mr.. Boutwell, showed a
more practical knowledge OF the wants OF the
community. His experiments 30 far have had a
very hne apparent effect in the reduction OF the pre-
MUM on gold, and doubtless he fances that foreign
nations Will regard him rs great fnancier because
gold has gone down. But he has purchased his glory
at the expense or the great agricultural interests
the country. ReYertng TO the question OF gold sales
| what Mr.. Boutwell, needs the application OF q little
simple common sense in 80 adjusting his programme
that In summer, when we pay for our imports, gold
shall be cheap, and In winter, when we are sending
| abroad our cotton and produce, gold shall not be
| cheaper"