The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-05-12
The Rise In Gold.

The rise in the price Of gold is attributed to
..n,es of which 1t must wiring the heart OF
,ne friends of this grand republic to acknow'
,asce the existence and the controlling inhn-
.nce The New York Tribune, which is snrely
good authority, says
..The I.ondoners were first alarmed oy Sena.
S nv r o,each while their market was
norsanIIantlv in a sensitive condition, there
90 n,e a. efror. TO place Spanish loan-'o SAY
mo+hinc ~ one or two other national STOCK,
;nhhinw yentures-and the Bank OF Engiano
made resistance by raising Tvs t"te VI
nnnn, and threatening still furtner aa.
yance Trade had already been someWha'
donressed and these succeeding circuW-
Stances served TO produce something when
vros very near n panic In LONDON, ana ne'.I
enough The same thing TO be uncomIort II Die III
~ yorr The effect must, however, be only
1ransitory since II originated partly In misap-
nrehen.ion was stimulated by temporary eA-
Incidents, and has been counteracteo oy ,he
entrance Of the United States into the market
for its own bonds at the rate OF million per
week"
So here we have the credible statement that
a miserable corporation located on the otheF
side OF the Atlantic-a mere dealer In nisny
lucre-a bank in England-has the power OF
causing the bonds issued by this mastodon
among Governments this grandest OF all the
structures which have ever been reared oy
human hands-this model of excellence in all
that pertains TO the proper mode OF ruling
nen-the best, the noblest, The freest Govern
rnent the world ever saw-to bob up and down
like n supple Jack. This is fact so humii-
atine 20 all true friends Of liberty throughout
the world that we are surprised TO see 1t pup
lished in the fine, large type which renders
the editorial columns of the Tribune so easy OF
uerusal by gentlemen who wear gold specta-
c,es and deal in bonds and such like things.
Wa know not how to attempt to aid our
friends and brethren in giving utterance
IN the feelings Of shame and morti-
fcat,on which must agitate their bosoms
in rejecting upon this disgraceful fact. Here
we have Congress passing law "to strength
en- the public credit" and purposing by this
simple and barbarian like proceeding to bring
down the price of gold and run up the price OF
bonds. This law declared, with all due soiem-
nifty, that we in tend to pay our debts in gold
and, though no man of any sense or ac-
ouaintance with the history OF public debts,
expects ours ever TO be paid, either in gold or
ANYTHING else, yet we vainly imagined that,
like the Irlshman who took his debtors note
and said having that he didn't care what be-
came of the debtor, the bankers OF the ola
world would take our word for the safety OF
the bonds and keep them at par with gold
But these cruel bankers have no respect Tor
our august Congress, and treat our bonds ash
they were no better than those or some little
country in Europe which has not singleiron-
clad vessel or monitor, and which would never
think of placing under arms half million OF
men much less two or three millions. The
Bank of England raises its rate Of interest,
and, 10, Congressional declarations lose their
mower and Uncle Sans bonds begiu to tum-
BILE.
But further: Mr.. SUMMERS speech was the
u,terance of the United States Senate. We
foolishly supposed that that speech would
cause the "minions of despotism in Albion's
little isle TO tremble and turn pale We ina
gined that we could thus threaten John Bull
I'm til he would rather pay the Alabama claims
than submit to the depreciation in the value
OF corsois which must result from the braying
of our senatorial ass. But alas for the vanity
of human expectations, whilst John Bull
says never word, one Of his creatures opens
It's mouth q moment, and 10! the fabric which
our imaginations had upbuilded falls to the
ground. The Bank of England fixes the price
of Uncle Sam promises to pay! What would
be the result should our wise. uncle determine
10 90 to war with John Bull?
But HoLE-IE-THE SKY Boutwell, is not going
TO allow the Bank Of England to fleece us in
this way. He has entered the market for a
million of dollars worth of bonds weekly.
What price will he pay? The whole story is
tod-and our humiliation avated-when
it is said that the Bank Of England will fix
the price for him. We despair of causing
the reader TO appreciate the awful fix into
which Uncle Sam has got himself if he can
moi now imagine it for himself.