The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-09-28
The Gold Panic in New York.

GREELEY rejoices over the signal defeat
sustained by the gold spectators last week
"For the ruin wrought among the immedi-
.ate actors in the Wal-street mob we
"haye," says the Tribune. ono regrets
"Neither can we longer deplOre the dan
Il" ger to business interests. The conspiracy
"to force up the price of gold has broken
"down in the very midst of its alarming
"success. For few days business has
"heen interrupted, values have been I'M
"settled, widespread distress has been
"wrought; but now regular transactions
"are likely to be speedily resumed, and, at
"any rate, the worst has passed"
s'The dangerous conspiracy in Wall
street has been broken up; the Secretary
"of the Treasury has missed his oppor-
"tunity for direct gains, but he has inter-
"rerred in time to work Il large general
good; the utterly hollow and fictitious
"naturc Of the rise in gold and deprecia-
''tion in bonds has been exposed; and to-
ebay, with the movement in each reversed.
awe resume All advance, that the Secretary
20 may make steady and swift, if he will,
"toward the time when their values shall
"be the same
GREELEY regrets that Mr. BOUTWELL, did
not sell gold when it was at its highest price,
so that the Government might have protited
by the transaction.
The World acknowledges that Mr.. BOUT
WELL broke up the ring of spectators, but
censures him for not having done it sooner.
The reporter for the Times says:
"cf the heavy losses of the clique during the
sudden fan, hardly anybody believed that there
eneed broker remarked hat half the street have
failed to-day, and the other half VIII fail to-nnr
row. Not, continued he that ,s they wi VIII he
prove total failures, but they will be forced TO make
compromises OF some sort, or adjust lhelr losses
$50, 900 on the fam said u grizzly-raced ope-
Eator and would MD take quarter OF 1t Say spd
q very young hnt very heavy operator, I made
100000 in = ify, brt would Ike to take ten
per cent. Of 1t for my chance OF the whole; l
don't suppose ever Will get q COPPER of II
the parties will turn out TO be ali broke My
profits were over &7S,0o0,' said another, as he re-
called himself with oysters after The turmoil; .but
hour, and have lust found out that my fears are
quite certain to be justified On the other hand
there arc parties on he bull side who allege that
the lesdng clique operators will meet their losses
and that their difficulty Yesterday would disappear
after the adjustment 1T ihe tOio Clearing IiouSo.
There will undoubtedly be thousands of anxious
brokers and customers In Wall street to-day await
ing the determination and the result Of the gigantic
operations OF Yesterday. If Smith. Gould & Mar
tin, Fisk 4 Belden. and other OF the bull concerns,
settle their accounts according To their face, the
other side win escape losses which they have had
reason 10 fear"
This lesson will not be lost upon the gold
spectators. The Government always has
between fifty and hundred millions OF dol
lars in gold which it can throw upon the
market, and thus "bear" it; for although
the transactions of one day in Wall street
are said to have aggregated sum exceeding
three hundred millions Of dollars, yet it
must be borne in mind that margin Of gold
is all that is needed in q so-called sale, and
mat The same gold is sold over and over
again.