, 1869-12-03
MONETARY AND COMMERCIAL
kONETARY,

THURSDAY EVENING, Dec. =
II IL srplrcrt that there Is Nh unesstness IN
boanets circles generally, regarding the probable
terdeEcY Of prices Of gold, goods, md products,
and 1t u getting 10 be genc1niiJ Understood that
the nsesaut situation Of finances. which has been
seacbed BY the progress Of aEatr1 during the l1ss
two months, u new, And different nom any that
hss been experienced before since the suspcosioa
rf zpec4e rnymentA There has been no tme b.
fore, whcr the expectation Of gold WIS practically
Atopped long enough 10 make any petceptthla ln-
crrsse Of II In the country; bat now the nccomu-
IAtioa b 80 rapid ttat It oyer-
turns the basis Of calculations made a
tew mouths ago for both private and national
nnancet. With au ANIMAL product from iha mines
Of About a1xty millions, the two months OF non-
cIpertauon hare added probably tea millions 10
the STOCK OF god and si!ve1 IN the couotrJ. At
such rate OF xccnmulaton II must be apparent
that ~ far ns the general tendency OF the price II
cesctrIei 1t nakes but little difference whether
the Secretary Of the Treasury sells gold or not;
it, price viii continue to decline II long As tho
preeent volume Of exports OF products continues
II the Secretary Of the 1reasui1 holcs his gold,
the knoE ledge Of The Increase IN the TrEa1uty In.
Crt4ses confidence In the greenharks and they ap-
Ifec!4tt. On the coutsary. he sella. he Increases
the anonut Of u.e.tsa commodity In the
bands Of the psople, which makes gola decline,
nrd rss the saMe erect to eq7alize the yu!ue Ct
so]d ard g1e~ntacks II there IVES an export DE-
rart tcr gold, Al formerly, II would be different
Then. the sales made BY htu would nrst dep7eas
the r:aIkct price Of gold BY supplying tie demand.
bu. tte LIowletRe that 1t Was gong oct Of nc
eotnrry, would have the secondary effect to de-
prec,Ate gTeepback., Or. IN other words, 10 make
GOLD advance, and between these alternating In
nHt1 ces the price Ct gold would euc:1ate Without
anr eettral tendency up or down, rs long Al The
eaIx1In.on. It p1ain that as long as the credit
ot tic government remains unaffected, TIC Price
Of geld Is GoSe1uel entirely III the volume Of
rc.d e1p3rtet, rgari!esS Of Nj. Eoutweil's Gales.
List frr1lg gold advanced stead!ly Tor
nearly two months In Bpte Of tho Treasury Bales,
t+caute It waA be.cg largely exported, md now IS
iorG as the txpoftxuon reOa!os Checked 1t viii
ceeltre Notwithstanding hts refusal to sell. Spec
rl1ucn 1.aJ Temporarily disturb the general pro
e1esa OF the price, as the ball speculation IN Sep-
Icnoe, - and tie "tear - speculation nov, but
fetse ave Temporary. and do not change the gen
erl coutse Of The pccc Of Gsld as goveraed BY the
amount exported.
The New York CsmmtFei4l A1rt1st~r claims to
have found a new lteA In connection with the re-
>tEIsior Of specie payments which It glyes as
| follows, with many Other comments:
"TEerc has ecn = singular confusion Of view AZ
to the III Ar.cE OF RESUMPTION upon baking opera
tkls :.nd luleIcsl4 1t appear1 to have oteu Very
ssIeaay tasyn tos Granse tn PA speee psTmen
| tt lne Sati1oI baaEs. SEcnf speaking, 1h;;i 10
| no: ho. TIE pue:utas Of the hanks @ou11 b. con:
ss,.ss 1o:es, keep: waerc eo;i uas:s Of trans.
| ac'iors was cJpresely stipulated: for, th'He
noies being lnwiul money, neither The 6anka
| TX operations. The banks could hold, st.l, =
| u.lNci Ee.t1re .! specie a1d iega..tenderss and
ct,ti,l Make payments IN ether, q. taet option.
shnuld the requirements OF the foreign trade ln-
l SrH HtHntff fRd1tCA EDfCsE U0tttO0 OF lQstf
reserve, they coIld replentsh Their stock o. gold
,,y the presentation of United States n0:es tof re-
esi iof erc~4b.ckf, they could exchange GOLD ios
Iteal.ttnde1s a. TIE San-lrea1uty. ln shta way
| the .qI:tra!n Of the two kl1as OF reserve conle
be at all IN c1 eAsy adiustett-~ 49,.
The above scc1us 10 be Written entirely from
New York city standpoint where the hanks hole
fnLl.ulths {; all the specie in the courts! outside
Of What there Is Ia the Eu1ted Stnses Treasury.
nls, he remembered that there arc nearly st1tee'
hup,:rrt Utbct Sauo1a DanEs throughout tn
crur.y which ta.e no specie, OF. nt least, rone Il
,1aI Of, and who could nufy get such "a nike
reserve Of trec,c ard !ceaLtenders " By larg
| accumulation Of specie over an
asovt whnt they have now. Bat t
rt,crn 70 Ire csse Of tic government; it haa no7
Fiso, ,tno, ,ttH of greenfaeSs, trae;!ona!s and re
C. .a,s out6!ar,l!DK. To begin spectc payments O.
tk:<anaunt, It las oAly So COO NV OF specie, Gel
isln.s no. oscr ose-foSslh or oae-'itth OF WIN
. I " lE EfGf:s3Ef Gthiu t4G E-+lts'A+[AN WI!
satcty, go that We dn not bat tna' The Toest'o
OF specie Redemption Ear the r:eseu. paper cu1
rtocy statds IN ahant the aayIc old position, VIZ
Tsaf the government nGst e..hCT accumulate I'll
gs,.l 70 redeem With. OF elEe contract the greer
t,arEs 10 a volume cnmEcnturate with It's aicc'
tncts use tic National Ba1k currency to ln II
place Of the greenoaet., ald a!low The Nation
Banks to accumulate The god 70 rcsune With
There Is seorceIy any change to nosein the lnc
J mercy narket, ard MONEY continues % ttEtaHe!
/ ns ever. Many nss!-c9sss borfo#tr8 cad gre
.l!Gl :u.ty In getting loaas, MD in the open tnA
, Le, TWO Ter cent Per month 10 4 common rate Il
I good eape1. Merchsats experience aut little ir
= ! rroyemert IN their cnrn'rT collections yet, ..
!, tho tenor OF their country correspondence Ia u
!; etronrsrtag tor any speely Improvement IN III
( line IT! such large amount Of currency b
: been sect TITO the country within the psat ~
9 WteES that u nEus: make An caa.cr state Of hic
) slun-
: Exchange was sold At from rar 70 Sic per s o
rsemtnnl between banls to DAP. AZ the couct
!. barke.s Ecn nj par and bay At s1.ooper tl.ooo Q
i Sales at the stock Hoard were:
u | ~; anAres Merchants Union EI- Co.......-.-A
y l..oLo Republic Insurance Co........-.......-ls
i: TIE following table gives dealers quotations
|! buying and selling government bonds, local stocl
i gold, and silver, N THU Da1ksf this af.ernoo
= t:e semtAnLual interest periods u The Latt