, 1869-09-07
MONETARY AND COMMERCIAL
MONETARY,

nUNUAE EFkSASl, DSpl
The New Tost gold Speculation eontlpnes to be
inc most pEoHircnt ftasure Of general nnancek
NO other movement tn fnsnclal allaIrs during tho
LAT year has been nore lndusnouslJ worked up,
and sustained upon mere ruMnt, alded By weight
OF capital launched rlso the speculation with ten
asoWed purpose Of putting up the price, The
amount Of gold held bJ the cliqne ahoWa that
some Of The principal capitalists Of Wan street asr
engaged IN it. md the runot7 that ore telegr1phcd
to krd ton Wan ttreet 70 ali pu1ts Of the rnno-
ctal Horld ahoE that the telegraph has been In
pscased Into heir service. To-day despatch w.a
sent over tho nires IN tho usual
commercial ce~s Ttport-coptea Of
which, On the familiar yellow tissue paper,
hrc rrceivcd by bankers and brokers eyecJHhcEe-
which bears narkA Of having been cent IN the III
terest Of The gold speeulAtora- The despatch was
msdc In precisely the same form as the nsual
London despatch which grres the quotations ul
bonds In London. lat thia one was dated LIS.
erpool and gave the quotation for o2cs OF 1852
at 81 cent?, which would be decline Of * per
cent from the London quotation Of use or st1 days
EGG, instead Of per cent This despatch aiso
contains reference To "pr1ya;e A1glces" fron
the gold Clique dopbtle1g} reporting "panic In
Germany" and also few ambiguous words about
"had news trom France" While Il Is known
from the afternoon dispatches that the Emperor
Napoleon Ia ILL., the fact OF these Dispatches com.1g
from Liverpool, from which no stock or bond Quo-
tatlons have previously been sent, and OF tatI
putting m unnecessary hnd exaggerated construc-
ton On the Intelligence they purport to bring,
shows that the telegraph hss been enlisted In the
cndeaSor 10 represent foreign atai1s in light
porttntous Of great ahyAnce IN the price Of
gold. report Is also being e,rculsted By New
York papetB, though upon what authority does
not appear tha, the administration Is fnyorlng an
ndEhnce IN the pstcc Of gold. for the next few
weekA becauEe the Bou.h and West have large
crops to send 10 market, and that high price for
Euld farors the exportation OF products In L1s
ktead This Is plausible story, because It Is true,
10 great extent, that gold has In reality
been n nearly oil times eiace the war the
cheapest Of American products fact which
has frequently tutettcrcd With tho expectation OF
cotton and hreadstu6s. Gold is unquestiouatlJ
depressed below liz natural lcTta BY tho Legal
Tender act, which makes It only commodity ~
durrtytpg It OF tts function ~ y circulating mo-
dIum. md 80 YArors tt1 c1poftAtlou Instead Of
other products; but there Ia no reason for oes!ev
Ing the administration has engaged In or faToFz
any measure for securing m nlvauce In The price
Of gold, a. It would, by 70 doing, strike at tue
yniuc OF IL 0w d bond2. Auch policy would only
bc moro footlhh than the hAtiuC1nAton which pos
scstc1 The fotmer Administration OF tic Treasury
atout keeping tho price Of gold unnasurallJ DC
pressed. The truu policy of tho TreAIfJ Ia 4
let tho p1ce Of gold alona; 10 sell III
surplus gold a. It would Any other commodity
| when It Will bring good pEIec, but not to hitemp
| npr faycr nanlruIatIonh Of the price. When th'
price Of gpld IL not changed BY speculation, It 1
| governed hy two circumstances; Ftra, BY tn
s,nntting @! The credit Of tho government ~ repro
eetftf lIy Ercc nuackA ~ those deprccAto OF NJ
vance theY Will buy less or moro goLd AZ ihrJ vii
of oil other comm o4ili!cA Sernnd, by tho cxpor
demand Tor gold M commodity, demand Thlc
| nlway8 springs rP IN proportion ~ th1 export &c
ruanl for otter commodities falls oG, snd rft
rer.a. It must shesciafn lc sccn that any Atcmpl
.t,,rulalr C. ,eria 0! other connodt'ra ~ makin
fictitious high p.lco lot golh woa,I dclrat stscl
Aecauae thcrp u = conItnpous aupp'y Of gokl con
| ,ur from ihc nInes, nnl II sho exportation u
IN Atonrcd Il, tho export Of other rrodncta, II
| r.,cp Of golf must Immediately fall We col
cIutc, there, osu, that these teports AEo on
| cannrds got up ny tho gold sHculAtofa 10 help
advance tue price, md thAt some tion befo7c Ion
gold, Ike 1lumpty DumptJ. WI! meet with ere
full ..-.
On the morning Of tho sth Of September II
National IIanka throughout the United states
make detailed statement OF thesr assets usual
given under Tho head Of "speclc." II Is Civ
ou. Ut Washington that tho object
Ole Of genera! ataIistical Information, looking
IN estimate or tnt actual amount Of Spcctc IN
whole county. The Gg1res may Indeed furni
some valuable genernI data In that respect, but
. u believed that the PRINCIPAL objects Arc 10
; cover II the1e be any considerable amount
spurious gold certificates In circulation, Rud d
{ TO throw Eoue light on the manner In which
New York city banks make up their Large nuos
, | OF ppecie nsgets in their statements
c There Is hardly as much activity In the lo
z money unrEet rs al the close Of LAST week Tn
, I IL Gt!l a strong demand for accommodation NJ
! banks. but they arc we'll supplied with funds,
none Of them arc Obliged to turn my regular {
= toner awAy, while few OF the banks could
! commodate more than their regular customers
they felt disposed to do 10, bot not kno wing "
n oar may bo specified by the Comptroller OF
!. Culreucy for general statement Induces thcU
loan fess freely.
The receipts Of currency from New York "
heavy today, md Is the country demand IL lse
than the average OF last week, tho supply In
market Is abundant for tue present.
Exchange was sold between banks to-day
- from ooc to 81 per 81 go on. Tue couute. deH
>. for exchange l. large. During the recent rat!r
war in lreIehts. merchants In tho West, india
=, by the low treishts, bought more heavily Il
:" usual and brought many kinds Of goods out ear
than usual, 20 that the balance due to the Eas
ul now probably hboyc the average At this Time
d Lie fall. At the counter bankers arc selling y
le York funda at par and taking al 1-10 TO =
=. buffalo grain bills = OF.
i The following table gives dealers quotations
i; buying and ceiling government bonds, local sto<
l: gold ard silver In this market thia afternoon:
.t ecmtnEnual Interest periods Of the Unitcd St:
+. bonds arc alse giren: