The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-10-01
HENRY CLEWS.
His Views on the Financial sSituatiOn-WhRt He
Wrote to BOutWell-The Prophecy Fulfilled.

Wrote to Boutweii-Thc Prophecy Fulfilled.
The following letter, almost as much prophecy rs
that Of Alexander ii. stephens ere the war began,
was addressed to the Secretary of the Treasury on
the approaching crisis in New York.:
N YU % ss seRt so Sspe
fully to request your attention to lew aets ana console %
market it be connected with the operations
Sa Tepresened BY the OF Friday last was $45
assuming that the Treasury sales ot com be continued
the market before the payment Of the November & interest
ma for the same period may be 4ted say 81 100000
that the ct total hop supply F9m now bdS 59 M0Ys% f
considered that the ior custom duties from
or $i7OOOOO0 becomes serious question likely
to BE e G s nd he as s no
the belief being well founded that nearly the entire
few wealthy spectators with view to making nigh pre-
be market T%S % is thus entirely under speculative control
The holders have 1t in their power to charge any
demand from mercantile or other buyersany price they
h sSyantase to Secoan As the course OF the market
necessarily dependent upon the supply coming from the
the U n@% %Sh 70 in s G s in h1pss S months df
free buyers in those mouths for custom duties and foreign
remittances very or speeuators TO complne
and exact from them the highest possible price II has
by supply OF coin at that period and hence
year ago the supply Of @ I'm IN Ta tae saas %
the Treasury prevented its declining before November
secSSay Treasury might check R peoHVe
growing OF THIS condition OF ne market, ana
the embarrassment thereon consequent.
Either % BY increasing the sales of coin and
proportionately augmenting the purchase of bonds
to avert inconvenience arising from the
absorption of Or CD by purchasing
bonds with gold addition to the prt sent exchanges OF
currency for bonds 20 when recently took
the liberty of asking your attention Or 3 it might be
deemed desirable within the OF authorization to
place few millions of the Government gold deposit III
the Government Depository Banks protected as other
deposits by securities such transfer TO be made only in
the event Of the necessities of the market requiring II
and at the time letting 1t be known that such u
would be taken if gold should be generally Loaned
at eXorbitant rate Or (4) iA announcing that the
Treasury will to the November interest on
bonds on Oct. without rebate, Experience has
shown that the bOndhodes unwilling TO sacrifice the
bate, and unless the Government willing to yield the
disc9unt the offer w3nld probably prove Of little avail
with of the other methods would have the in
direct advantage OF strengthening the lawful money
OF the banks at time when stringent
ket is generally expected the result of crop move
Trusting you will pardon the freedom with whici
have presented these suggestions, am with much re
spect, yours, etc, HENRY OLEWS.
TO this letter no reply was given 10y the Secretar
OF the Treasury, and on the 28d of September MI
Clews again addressed Mr. Boutwell, in substance a
foOws:- 49, -
he speculative advance in gold has brought legtimat
busne standstill owing to the apprehensons OF
corner The result OF such an occurrence IL feared
would DO numerous failures among the gold Speculation