Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-09-27
ESTABLISHED 1910.
GOLD.
RoutuelI's Part in the Late FIGHT Between
the Bulls and Bears.

/ From the Louisville Courier-Journai-I
WAsu1NoroS, September 26.--There has
| been more excitement here to-day over
the financial situation In New York than
there was yesterday, and the Secretary of
the Treasury received kilograms every few
moments, giving the gold premium ana
Imploring him to sell gold In front Of
the Treasury, where the banks are located,
and stocks and gold are bulletinec, there
we're at times quite large assemblages Of
excited buyers and sellers, among which
were correspondents OfNew York houses,
who were endeavoring to do their best to
ascertain what Boutwell, would do. The
latter was not approachable, having locked
himself In his room. At 1880, however,
he wrote telegram to the Assistant Treas
urer at New York, ordering sale to-mor-
row of 8, 900, 900 in gold, and the purchase
Of "a ,OOO, 900 in bonds. In twenty minutes
after the telegram left news was received
that gold had dropped to I4s, and in ten
minutes to l35. The Secretary was very
cautious, exercising the utmost secrecy in
regard to ordering the sale, writing the
telegram himself, and for at least three
quarters Of an hour after sending it ne
refused to sdmit any one into his room.
tits represented that gold will take an
other rise, as the combination in New
York Is an extensive one and able to buy
all the coin thrown upon the market.
There are now about $50, ,OO0, 900 in the
Treasury, and If this should all be offered
zead hxvf hga
combination, they would be enabled to
put the price uPtO their own figures. The
Secretary must reserve nearly $50, ,OOO, 900
of what he has on hand to pay semi-annusl
coin interest falling due on the lst of No
vsmber; therefore 1t viii be impossible for
him to throw more than fifty millions on
the market at present. In 1886 similar
combination was made against Secretary
McCuIloch, the ring purchasing over
thirty-five million dollars which he put
on the market, after which they kept the
premium up to the high figure.
Mr.. Boutwell, is severely denounced, in
all strictly mercantile circles in New
York, by both Republicans and Demo-
crsts. His refusal to sell gold last night,
and his selling tomorrow, after the bears
had been forced to settle, and the market
had begun to decline, is counted as good
enough evidence that he was in the bull
CLIQUE, whose operations have brought the
business of the whole country to stand
still. It Is probable that the whole mat
ter will be investigated by the Chamber
of Commerce. II was proposed at one
time to call a meetlngof the merchants TO |
denounee him, and demand his removal, |
but other counsels prevailed.
A dispatch from New York says Mr.. |
Spever announced his failure himself and |
stated that the gold he had bought to-day |
was on verbal orders from j. Fisk, jr., |
from whom he had neglected to obtain |
any margins, and he could not take his
purchases. At this he was compelled to |
make hasty retreat from the board. The !
crowd soon after made a rush upon the /
Office Of Smith, Gould, Martin & Co., and /
only the active efforts OF the police pre- |
vented its being gutted. They seized Fisk /
and threatened 10 hang him, but he was |
rescued with no more damage than a
black eye. The crowd continued IN the /
street until late hour, and the presence !
of large number Of police Was necessary /
to preserve order.