Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1869-10-13
eoTd Speculation.

The remarkable hc, that during
the week ending on Saturday the
25lh, gold huctuated from 1872 to l62.
without any apparent cause, has caus
cd not only CONSERVATION among bust.
ness men, but great deal ofcommeni
from the press The singular course
pursued by the Secretary of the Treas.
ury has been severely commented on
by papers Of all politics. The follow
ing is taken from leading editorial
in the n. Y. Herald, of the 9th ult:
Nothing could have been more NAL
adroit and clumsy than his course dur
ing the recent excitement If he had
been going to interfere, his interior
onco should have been earlier, and
have saved the business OF the coun-
try from disaster The avowcd oh.
icct was to bring down the price of
gold and keep it at reasonable fig
ure. But if it was allowable tor him
to use the resources of the Treasury
10 lower the price, it was equally al
lowable for him to adopt the same
means to prevent its rise. BY inter-
fering on Wednesday, he could have
prevented the extreme and violent
fluctuations which inflicted so much
mischief; by doing nothing until Fri
dav afternoon, and then given sudden
notice of his born intention, he
added to the violence Of the huctua-
tions. If he had stood aloof and al
lowed gold to he run up with a view
TO take advantage Of the high price as
seller, his motives would have been
at least ineligible. ii he had sold
the Government gold at prices rang
ing from l50 to 100 when those prices
were ruling, that might be assigned as
a reason why he permitted the gigan-
tic speculation to proceed without
check. But instead Of protting by the
state of the market and selling gold
when il was highest he first brought
down the price to II lower point than
it had reached in long while, and
then he made large sale. His object
was not to get the best price for the
Government gold, but simply to regu-
late the market, he ought 10 have be-
gun earlier and have prevented the
disasters to which he applied too
tardy remedy. In this busy season
Of the fall trade, when merchants have
millions of dollars worth of goods in
tho warehouses which they are daily
Withdrawing to supply their custom
ers, sudden rise in the price Of gold
attended by fears that it will 90 high
or, compels them to buy in advance
for future use in the payment Of du-
ties. Mr.. Boutwell, was an unmoved
spectator while they were paying 100
for gold which they may not have oc-
casion TO use in two or three weeks
and as soon as they had got this heavy
load on their hands, he Immediately
breaks down the market ard causes
gold to be sold for 1872. Ho cannot ex-
pect to be popular with the mcrcan-
tile public after causing them this
needless, vexatious loss. If he bad per-
sisted in his non-interlerencc their ri
walls would have had 10 pay duties at
the same rate with themselves, and
they could have made up their loss
from their customers. As it is, they
feel that they have been shameiully
swindled in consequence Of the Secrc-
tary of the Treasury not knowing his
own mind, and changing it with q
suddenness which baflled calculation.
By standing aloof until after the spec
ulation eliminated, he compelled those
who bad duties to pay within the en-
suing three weeks 10 buy gold at ex-
travagant prices and by interfering
then, be onabled rival importers to
mopopolize all the profits. The effect
of Mr. Boutwell's management is, that
some merchants have to pay 30 per
cent. higher duties than others He
cannot shift the blame from his own
shoulders by laying it to the spceula-
tors; for he permitted the speculation
TO 20 on, stubbornly refusing to give
any intimatiOn that he would check
it, when nothing was easier than for
him to have nippcd it in the bud.