The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-07-09
The New York Money Market.
FrOTl IA HernLd.


'"The speculative movements OF to-day were all
ahected by the intelligence from Washington that
Secretary Boutwell, intended purchasing an adli-
tional three millions Of bonds not for the Sinking
Fund but to be retained by the custodian of that
lund, subject to the directions OF Congress- The
news was confirmed by inquring at the Sub-Trca-
would be made Friday at noon, In the usual
manner II is creditabe to Mr.. Boutwell's admin
lstration that he is thus bringing to bear
upon the stock gamblers the same policy
winch he used so skiliully against the god specu-
lafors To the public at large this policy will com
mend ITSELF for the reason that in Withdrawing the
bonds even temporarily and to await the pleasure
OF Congress, he is saving the interest and reducing
taxation. Business men, who are so dependent upon
natural condition Of the money market will re-
oce TO see the restoration to circulation OF the
rency issued for these bonds His balance in the
Treasury is large that he can easily afford to pro-
ceed at the same rate of purchases until entire
Is restored TO the money market His policy is thus
double edged In its capacity for doing good. Be-
SIDES, he should not hesitate to give the gamblers
VINO nave locked up money the full benefit OF his
powers to remedy the present abnormal condition OF
Affairs The Secretary Of the Treasury is iduciary
agent Tor the whole people OF the United States He
is IS OoHnd 10 regard their interests at all times. A
Few cliques and combinations in Wall street, who
are operating in Stocks have taken advantage OF his
heaVy treasury balance and of the free payments OF
revenue and income taxes to put the screws to the
street for the purpose of forcing panic. They
have locked up all the money within their control,
and advanced the rate of interest to figures which
have driven commercial men to the necessity
OF standing the most outrageous discounts or
becoming banErupts. When the gold gamblers ran
the rate OF two millions week. The gamblers sue
cumbed and gold went down. But now they are
operating In currency greenbacks just as they
were in gold. Secretary Boutwell, should adopt the
same strategy. He should pour out his currency
balance just as he did his surplus gold The Shy
locks would then to fight the natural course of
money and the market would work around to it's
legitimate condition. The beauty OF such proceed
ing is the impetus it would give to our national
credit the spectacle being presented to the world OF
a people earning money so fast that they are COM
PEELED from time to time, to sell gold to buy their
bonds in order to get rid Of their surplus cash. The
street was very much exercised to-day because
some leading operators had obtained knowledge of
Mr. Boutwells intentions in advance of the public,
and great deal of -feeling was manifested on ac-
count Of the leak
'Money to-day ranged from gold interest to three
thirty-seconds at half-past O'Clock. Before the
close of banking hours the rate had fallen to seven
per cent. currency. At half-past money was to
be had at per cent. The dealers on the sidewalk
in front OF the Stock Exchange were quite shy
and uneasy in consequence of the action OF the Dis
trict Attorney in summoning witnesses before the
Grand Jury to testify Ps to usurious practices
Whatever the penaty-and there is a great differ
ence OF opinion on the subject-a case is being
made up against prominent firm on the north
side OF Wall street. adjoining the Sub Treasury the
witnesses against them being also prominent firm
and near neighbos. .."r
Governments were very favorably affected by the
news and advanced from half to one per cent
upon the general list. The CTS sold freely at il7
The market subsequently fell off, but renamed frm
at the decline the London price coming steady
at 81 a."