The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1869-10-01
FLUCTUATIONS OF THE GOLD
MARKET.

During tho Last week, Now York
has witnessed mo:c gold and stock
gambling, it is said, than has ever been
known to tulso place in Paris, Fruull.
fort, Vienna or Amsterdam. In the
course Ola few hours, tho fluctuations
ofpriccs exceeded 20 per cent.,-grcat-
CT excitement prevailed than ut any
p"riod since the war fortunes were
lost and won-and the legitimate bu-
*intss OF the country was par;,lyZcd.
Tho solution oft:In matter is to bc
found in the efforts OLA body Of spccu-
lators, fhosc enormous capital eua-
blcs them to coutrol the market but
that sucli n power could be exercised
at all. results from . peculiar combi-
nation of favoring circumstances
unlimited speculation, ard an OK
pandcd paper currency. Hundreds
of men arc engaged in buying and
selling gold on Speculation, and tho
extent Of these operations may bc
learned from the fact. that the daily
transactions Of the gold Exchange
Bank amounts from 100000, ,090.
20 $500 :0G",AGo, whilst ii,at portion of
This SUN which is employed iii Siecu-
:&tion is sixty times as great as that
whic!, represents the legitimate busi-
ness Of the country.
Tho whole amount Of gold coin
owned by the ban!ls Bankers, mcr
chants and spccula!ors Of New York,
is said. not to exceed a200,000,O00
whilst the actual amount Of coin and
coin-ccTtit;catcs used in exchanges. do
not exceed $4,000, GOO or S3,G0O. 900.
y combination of capitalists to buy
up the gold in tho market, would
force all who have gold to deliver, to
buy or borrow Of them, and thus be
placed at their mercy. And to this
combination wo owe tho excitement
and financial distress Of tho last
week.
il is conceded that this state OF
things is the natural result Of the
overgrown irrcdecmabio pap$r cur,
rcncy Of the country, bus opinions
differ rs TO the duty Of the govern,
mcnt in the premises. It would seem
TO hc singular that the government
will, y power of throwing more than
800, eco, 900, in gold upon the mar
ket, shcu!d lie unable to protect it's
OWN currency. or defeat any combina,
lion Of Of capitalists however formi,
dab!c. Such has been all nlcng the
os,ensiblc object of Mr.. Boutwell, in
his falcs, and tho late disclosures
seem to show that the object is casily
a,tainable, if the power DO properly
excrtcd.
The following paragraphs presents
a view Of the character Of these opcr
ations:
New YonK, September 2i.-Thc cx,
citcmcut growing out ofthc gold spec.
ulations resulted this morning in alb
soluto panic. At 9:15 A, Mr., 1864
| was bid for gold. and quickly the
ice advanced TO l13 NJ the opening Of the go
and bulls appeared to mike settlements with
shorts OH TINT hssis. Few, however. accepted
! III" o>e'tnrr, bcir:; prevc:tcl by .he hops That
sumetling might b. done ut Washington to re
ii.v- the MAJ ket. Tic anx;ety for news from
tlia. quarter WIS intense, and the hore Tint the
t:estury might interfere was streng: hcned by
Ih- tuct That numerous anl very urgent r..
mons RANGES wer" made to tie Pro si,lcnt NJ
secretary Of The Treasury, by parties wht
! there was reason to cnpact would have inOn
ence With The administration. but moi q wnrt
came from the government. and while Tho
bears were waiting ,he bulls were carrying uI
the price by rapid jumps To 1921
: Near nnon the shorts surreHdcring all hopt
began to accept the Offers Of settlement, ani
some operators most horribly short, compro-
missed on basis Of l4S. l6O About noon az
order came from the Secretary Of the Trensnr,
r." sell tomorrow four millions Of gold. anc
pu' chase al cqnal amount Of bonds
The order, however, did not come un
til the bulls had compelled Eel estle,ncnt al
about lbo. a"'l the msin operations ofbulll
havirg been rons ns:,mrnatei, there was sudler
dron To 49, by 1880 p. M.
CONTRARY to cxp.cta ion. the speculation cul
minated without any effort 10 compel The Poy-
ment "f extraordinary rates for borrowing
On the contrary. while the price we beins
carried rp to over l6". the bulls were Offering
from 10 per cent. Per day for having ,hc
gold carried. According to current report, tn.
sui clique claims to have made an even mil
io: cut of their operstio 's aud losses on tn,
other side must be equal.