New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-09-14
LOCKING UP GOLD.


SIR: Your money article OF the llth Septem-
Der has the following paragraph:
oft was reported the merchants who have suffered
by the recent locking up OF gold have made eoinPnh
intention OF commencing proceedings under the ton
spiracy Act" ..r
This is O copy Of the act:
ar two or more persons shall conspiro" 4" to commit
any act Injurious o. the public health, to public morals
10 trade eOnuoe or for the peryersion or So1lfgs
they shall be deemed guilty OF misdemeanor
The penalty denounced against such offence Is
"Imprsonment in county jail not exceeding one year
or by fine exceeding $780, or by both such me ana
imprisonment"
A combination Of capitalists commit no act more,
injurious 10 trade than 10 lock up the mo
ney OF the community whether gold greenbacks The
term currency circulation means continual course
or passing from person person, hand TO hand Of
money. ia
This freedom OF movement Ia OF vital Importance.
The more rapid the exchange Of money for commodities,
the more heslthful Is business The wants OF the com
munity arc met and supplied by this Interchange ana
the result is prosperity, satisfaction, benefit
To obstruct this free-howng current OF money Is 10
produce injury. difficulty, hardship In proportion TO The
extent OF the obstruction. and affects Immediately tie
financial affairs OF Government and every business
relation between individuals.
The legitimate business OF banking, whether by corpc
ratons private bankers Ia to receive money deposit
and lend at fair rate, holding such reserve for safety
as law or custom has established.
The community were led TO believe that the Gold Ef-
change was organized under sound rules OF business
enable merchants and others who need ready ms.
ket for the exchange OF the two currences, gold ard
paper money TO deal through responsible member
and that Exchange has, no doubt, been Of great
vice the mercantile interest In providing place
and an organization where the trade interests OF Dis
and other countries can adjust the relative vIues
OF gold and paper In view OF these facts, are
to believe that any banks bankers or members q this
Exchange have conspred defeat the very objects OF
these Institutions, and to peril the prosperity the
country, by locking up money and deprlyng the ,ubc
Of that which is vital to the movements OF crops. the
adjustment OF exchanges and the daily business inter
course peoplei We call upon all respectable hanks,
and bankers, and members Of the Exchanges TO unite in
indignant protest against such acts and inyOh tho
power OF the Grand Jury whose duty 1t Ia TO inque into
the violation OF these statutes, to expose and bring to
punishment the cOnsprators. MERcHSTs
.Bs Comments by The Tribune. 3D.. .-..
There are some things which we think the
Secretary of the Treasury should do in tie in
terest and for the protection of the business
community. These are aa'
I. Recall and burn the Gold Certificates. We
do not see why the Treasury should bank for
the gold gamblers No public benefit results
from this holding Twenty to Thirty Millions of
gold subject to the call of the gamblers in that
commodity. The Government does not thus
favor any department of Productive Industry;
why should it nourish baneful sDeculation
Order the gamblers to take away and keep
their gold, and then cancel and burn the GER
tiicates. ' - -.s rEtt
2. Sell gold Wheneuer tie gamblers put up the
price. There is no use and no sense in keep
ing Fifty or Sixty Millions of gold in the Sub
Treasury. Every dollar Of it beyond work.
ing balance ought to be earning something for
the people in mitigation of the pressure of
their debt Ten Millions would be very large
balance to carry while Fifty Millions used in
buying up and canceling bonds would save
over Three Millions per annum to the people
Let us pay debt instead of uselessly boarding
gold ..'.. .o ...-.i., .-- 80. '.- Z.
i D. Keep doom the Currency as ,ceH as the Gold
balance In the Treasury BY steadily buying bonds
Money is power.' Money in the Treasury
will always be regarded with jealousy and sus-
pcion. No Secretary, however incorruptible,
can escape the arrows Of calumny. If he holds
large balance. he will he charged with using
1t TO his own profit or that of his friends