, 1869-05-18
MONETARY AND COMMERCIAL,
MONETARY.

at1soAt EFkSiS3. Aay ID
The fact that the failure Of prtrate banking
firm IN New York tsheppeler i Co, 70 Broad
Etrect], With onl5 4 moderate carisaL eaused =
greater advance IN the rce otgold to-day, than the
passage Of the Public Credit bt or the election Of
Grant, the Rales Of gold by the Treasury. or any
other public event during the past SIX months has
caused II to decline IN the same length of tinoc-
shows not only that The gold gamblers IN New
York bare mere power over the price OF gold tnau
the government has, but also that the tendency OF
the Price is to advance under nj circumstances
With capital Of probably not over haH million,
the ban1ng nrm referred to have apparently been
abe. IN conjunction with Others, to dcpreas the
price OF Eod from txo 10 three per cent By selling
eight millions Of gold shot1. 1t Il not unlikely thai
they began to sell short when gold began 10
advance about The middle OF last month, and a.
tte.c arc doubtless plenty Of othefs there who
nave actcd on the sa1ne nc OF policy, It can easily
be seen that they mrat hare greatly depressed the
price. There n1e, however, s1waya "b0ls" as well
~ "beass, and the contest between the two never
cnt!rciy CEASES, but when soch great Advantage
on 10 Night cause Cab be gained BY one lido oseF
The other, Il shows that the tendency Of eyeutA
outside Of taetf "bulug" aud "beaztng." II IL
favor Of one ra1+y. Fcr month past the ten
dtneJ Of a:.at1s has seemed to lodca1e 4 higher
Price foE gold rbt the great excess OF imports OF
foreign goods over domestic exports wh&ca ex-
cess would have to be paid for By exports Of gold.
un:css bo1lis Bhou1d continue 10 advance
IN Europe 80 that they could b
shipped on speculation, and taken tnsteal Of gold
A. onset Against the debt rhus being created THIS
might hare been the case II 1t had rot been for tho
inirnie pei {! Of the Bank Of England: htch has
had the enect to depresa the ptsee Of bonds In
| that market. LONDON Is the financial ecntEe Of
| tho wotad; the nations 50 there to beEroE. and
laiels vsst amount OF Spanish, Russian, Portu-
que {, Ia ian and BRAZILIAN loans have been placed
| upou the London market, the total amount thrs
Placed there since the lss Of April being estimated
at ssa,, ,,"e<,oce. The Immense amounts ot these
! Al well ~ the more favottte Investments IN
1 Chilled Statea b-aos that have been taken h5
English capitalists has alarmed the D:rsc-
tors of the Eank Of England, Who
now fear Z drain Of cat.tal Ia foreign coGn-
trtes They, taeEetcFt, rtsort TO tie c1pedient ei
.4is.ug the rzfe Of discount, IN ordeE to make
money dear IN that market tthe rGnor Is that II Is
now relsetl to rev eeot,, 30 saat these European
\ loans will MT be taken, aEd tbs: ahirpers o.
Cnited states bonls from this side may not nud K
ready Ea1kss for wha. they Aai2 On speculation
The cr.tt Of this turning Of The screw repcatet
aeata snj 1szsu bJ addA3ouai adrancez IN The T1s+
OF discount eaused slight panic IN the Loodor
! t,A7ses for l'nIed States ee1ds over a week A8o
rricta soon rccoEefed from tie panic, bat the,
| ,.cye co. adsaneed saacc, and NOW ssaai 10 Lon
| .oa about where they did 4 month ago. Tha pre-
I
: probability Of h1vine to ship gold to pay for oc
! excess Of turorts OVER EXPORTS and Sc
, | c.:1,A IN great Treasure, for III
. l advance 10 the price Of gola, Tnsa- howeyei
T ! IA no, the only cause ct the general tendency
E rold 10 advance. It IS believed that there u
rrr,trr demand for scld Is money IN the Cnisc
1 se.fcs since .Ae decision OF the Supreme Co1l
~, ~n, contracts were legal and this contribute
!. | ~ rcstr = greater scarcity in the New Tofk ms
{ ut whcrr the prtee o! goId II xraanip'
! ,.,cd nom taJ to day. In o1f pre-
q ant .norualop4 financial condition gold hi
= = rxato,d character As counoh
anil ~ money. In tts pttce u one OF the other
Y ..xrmrd To b measure Of the Standing of
Gcrs-1rneat credit That this IS incorrect IS G
"a nrnt Jroru tho fact tha., though sae EoF6ume
r. crvs ,x na.,I, better than was mouth aQo, r.
:. nc.r. . n,-nes price IN currency. "h4e g
es n..tecn Advancing here hun 1A 70 III. oonos oe
ri INV snout ,oe ssue price IN LONDON 'nas taes
~nen po1d vas ls1 hcfa. Baoas nAse uo1
~ ~ Tnnce,; Ia 1opdou becausc Of tue atneIA r.
II rtney in money nade By The Bah1 O sasa,
lt ana o-r+ntacks have depretlssed at1e iton
aa qsnoe cspse, viz, the strn2e"f; N ffat ~. -
ro,4 rmr 1rrenhacS3 zre u ene sense eoH.a
y d!ty which nre bought with Eold % oe usac. "
n. ~ other conmoa,,teA and ~ the an1eont y. Wv
Is backs IN the rnaeket y Alwa!h ING s- 49, -,
r. cline TIE other commodities, OF IKE 9AA" =.
-, | or aoy othe. securities under the 0sluSeuS' ~
n. raj toopcy ,hs1 cttcul4tes with 1ae 'eS> ~
18e wofid- ..++,
Tne week opens win un1y mode1s.1 -
"a IN my department Of uoAness- 1ao os
Ano money nj tha baot1 u llxnt yss, sna ooe nos
foT. nah employment for an tbe fun6S II tno oa''
~: .-.eA n. Cfau EA<.S4l s97t;sk