The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-10-09
Gola Hex Cssson,

Gala sexs sCesson,
T. Q. DeI4eon, Esq. Of the Mobile
Regista, vns IN She New Yorb gold room
duripglhe reoSpt pSuiN #9ma letter
of hiSl under dste OF fAs foildwbg day,
we tskA the folibwins sxtract:T 4
h "Nbws. where this duestioa todches us
SO nearly, is the fact that there was little
real demand for gold; that merchants
did not offer it; and that, at This. mo-
ment, large sums are on theis4way to this
side from the other. The proceedings,
pure and simple; and the gold market of
the whole country was terribly shaken to
Clique who control this market for the
moment. IT the export demand for gold
to pay duties or balances in favor of i'm
ports had been great. we could under.
stand it. However dissatisfied Southern
markets might be-, they could see some
excuse, even if no reason. But when
such wonderful rise can be forced by
the manipulation of clique, with no
reason to back them; when gold offered
in this market by the Government is not
bid for, and the purchases and sales are
aSely nominal for the sales of the mar
gins and carrying, then it does become
subject of grave Importance to us.
'Let lis suppose heavy importations of
gold announced make the bulls feel the
moment has come to let GO. Veering
round to the beat policy, they make
clique and drop gold in an hour to 34
They have full po wer to do this to-day;
and they will have it any day that they
make ring and control The market for q
few hours. Here, then, is where tho shoe
pinches the Southern producer, for SO
long rs cotton is sold for greenbacks, and
greenbacks are regulated by the will of
the gold gamblers of Wall street, Just so
long is New Orleans, Mobile, Charleston,
or Galveston, the bond thrall of the
sharpers, who never touch one fibre of
cotton, nor perhaps 81, 100000 of gold
where they manipulate hundreds. At
this moment, as ever, we send out far
less of American products than we bring
in of foreign.
whether there be such thing rs
balance of trade or not; whether it be
fact that importing more than we export
makes us richer or poorer, the stubborn
figures still remain that millions of gold
have to be sent abroad annually by our
merchants to pay bills for which cotton
is lacking. 1t is of this demand for ex-
port gold that gold gambling was born,
and it is upon its fluctuations that it
thrives or weakens. But if the rings Of
Wall street have become so powerful that
they can at willard for mere gambling
purposes-regulate the value of the
money of the Government, what guaran-
tee has the Southern planter that he
may not sell his cotton crop for waste
paper?
forty cents in December, if the money
received for it be depreciated- the
advance of gold from combined demand
and ring pressure-to purchasing pow
er of less than thirty cents. A rise of
three per cent. yesterday and two per
cent. to-day would not take long to bring
about such state OF things, if conti-
nued. Aud that it may not be continued
there is no guarantee whatever, however
much we all believe that the bulls will let
60 and cause tumble quite rs rapid be-
fore the week closes.
ern sellers, and only one. And that is,
to demand at every Southern port l,2Are
cotton is sold cash gold down for it,,
without the unnecessary manipulation of
gold checks, or OF gold value in depreci-
ated greenbacks.
On the same subject the New York
E.cpreSS speaks rs follows:
"The Southern movement for specie,
we trust, will be successful. Ii cotton
were sold for nothing but specie, that
great staple thus sold, would soon form
the gold values of wheat, tobacco, rice,
barley, iron, timber, and other great pro-
ducts, in lieu of the now nominal politi-
cians' prices.
''The bankers and spectators in the
land will never restore us specie cur
rency, nor the politicians. We must
look to the Western Pacific coast and
the South to lead off in that when the
East and the central States must follow. 4"
Some people are afraid of the Govern
ment at Washington if the South dare
ask for its commercial own-that is, gold
for a gold article in the markets of the
world. To these timid ones, we COM
mend the following from the New York
Evening Post. an administration organ,
as we'll as journal whose 'head is level'