, 1869-11-03
MONETARY AND COMMERCIAL,
MONETARY.


.... 4CkdpAf AWNING, EoV, &
1ne ssSe decline IN eold nnce yeatesday "a The
tnost prominent feature IN finances, and u prota-
o'y dnes TO eonae extent 70 the prospect OF i Con-
tnuanee Of fa!es OF gold BY the Treasury dul1cv
November, bat more 10 10 tho increase Of cotton
Ana pfeAas;nns e1poFsA, which arc msxino ex.
Poin Of fpcclo Unnecessary. One Of The nara
do1ts Of our present financial s1,uat,on on 4 toc.
trat,oS paper tas:s Il, that the forcisp demand
1of our Itoduet1 results IN a decline IN their
rnees "ncn ons exports Of p-piuea 1all
eN, gold is required in their etesl 70
pay our zcc1ulns lo.t,gn indebtedness
fsr Imported eoods, bus the export OF The gold
uafes prptrect Of q scarcity Of IT. and the pr,ce
Oh So1o adfaneeA; In other WORTH, the clfFrocy
den9ectases on account Of the diminished pros.
pcct Of the accumulation OF q Sufficient spoctc
tltd TO redeem tho rspat corrercy. The result
that, the real vAluea OF products remain un-
enstged, they mus: be quoted higher, breaase II
'aAes u orr oi the currency 10 reprtsent the aame
salre- I'm the oihes hand, when there Is ap active
foreign demand lot OCT products, these MI tho
asennes OF expectation, 10 the exclusion Of gold,
when. being with us, In fact, only commodity,
deeAnea When The demand for 1t fal1A on and win
IL deeuhc The pftcc OF products IN this county
mist Alao decline. beeanse the curreocy In whIch
tncF arc qEoied becomes nearer 70 par By The de-
cine In gold Thus-to bring tho natter home 10
oa heFe N The Northwestern acttve foFetgo do
p1-N AW HAEA* ocConstt 0Ce 0l tQ1 causes OF
decline 10 1ts pzsce In American cusrcncy. II IL
worthy Of not.ce that any advance OF decline ID
The price Of gold csused by speculation does no:
anect the Ip1lee OF products, but :, any scarcity
Of gold caused By cxportsuon, or
aoaneanee OF gold from oon-eIpot-
sa1loa ~ n present, does A6ees
the vAlua os thls currency II once, and ueces-
sar1y also the prioes Of products in sae mauper
Indicated. II u also worthy Of notice THAI wheu-
ever We make an approach toward = healthy cou-
d,tion Of foreign trade, By sending cur products
TO Enr0re In pay for their goods, instead Of pat.
inF lot them IN bonds or gold wc make m np-
Hoach also toward the Resumption Of gpecie
basis Of pixies, and specie redemption Of oas
present paper money 4 rnsda easler. because lie
gold to redeem With aecumalates IN tnn country
instead Of being drawn on 70 lorolan couutzsea 10
the unih!nttng, however, who look no further
than The currency price OF the PARTICULAR coumod-
nI or rrodnct which they hare 70 ser. any such
approach towaIdsa Epec1c btG,s Of prices il only
regarded ~ an evidence Of the neeesnsy fer more
Of the name currency II SseAt&r depreciation 10
that they may cheat themselves ior while win
the notion that they arc really getting hfaher
Fy.ce. The only ray toget out Of this financial
nuddle, In which the most desirable financial
(such - the present active e1poxs
Of nsca6atuiIa and cotson) hare the appearance OF
producing the most contrary tcaulss u 10 get hack
TO 4pecde basis.
Tne zt11ngency N the local money ms.te< seems
to incrcess - ths demand trom tho country tor
currency - pay toF both gain and hogs hesesses,