The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-05-20
CHI A r T. ES r ON.
THURSDAY MORNING, MAY 20, 1863.
The Value of. Gold.

. d
During the past four weeks gold has ad.
vanced,l IL per cent. in the face of the com
srary expectations Of many well informed
persons, who entertained the opinion thea
tho price Of gold was regulated by the po-
litical circumstances Of this country. The
incorrectpess of, such an opinion, and the
true causes Of the advance In. gold, may,
we think, be easily shown.
1t is now acknowledged that the prosper
ity of a nation is shown by the value Of it's
exports, and as soon as its imports ape in
excess of the former, one oftwo conditions
is shown to exist: if the excess of imports
is paid for by the profits Of trads, it of
course shows prosperity; but if trade has
been Improbable, that excess then shows o
Now what has been the condition Of com.
| merce during the past ninc months? Con-
tinuously improbable. It may be safely
assumed that the majority Of the foreign
merchants Of the United States have scarce
ly cleared their running expenses, and but
few have made any profit; whiieit Europe,
mercantile failures have been frequent and
heavy. ,se o
Ho The exports Of the United States for the
period mentioned have been $40, ,OOO, 900
less than for the corresponding period Of
last year, while the imports have been
$50, ,OOO, 900 In excess Of those of the same
period, making difference against this
country Of c$75, 200, 900, which could not be
equalized by the profits Of commerce, for
there have been none, and which -conses
quently have had to be paid in gold or an
equally valuable commodity. About $780,
1000, 600 Of this amount have been paid in
United States bonds and the balance in gold
! Exclusive Of these bonds, there have been
purchased by parties in Europe for invest
ment, about $50: 900, 600 more, particularly
Of late, ON account of the political distur-
banoes with which they are momentarily
threatened Sosthat altogether there are
now held in Europe about $3.50, 200, 600 OF
United States bonds. A;hl.fA.IAa ega
So'1ong asa nations debt is held by it's
own people, it is comparatively safe, Tor ii
may repudiate without fear, save as to- it's
future credit; butwhen held abroad, suohwill
not be permitted. Every dollar Of the $780,
cOoO,OoO held in Europe must be paid by our
governmentin gold, ,eyen ifit has to be extort-
cd byTsomething stronger than moral suae
sion. We have paid our debt, cpntractets
through commerce, by new debts, and of
| course oui credit is suffering. The debt in
truth remains-Iit is nos yet cancelled.
This is one cause Of tho advanos In eold. e
! Again, the public. debt has been inorea sed
$29 600, 900 during the past year. If this
occurs, instead Of decrease, during the
fourth year Of peace, what have we to ex.
pect during the fouA more years during
which the present corrupt administration
will be in power? II, l afrsF
Ia 1854, gold touched $50; but no we'll
Informed person presumed that this showed
me true depreciation, Of the currency, but
more properly public distrust and unrea
sonable excitement. Recently, with the
currency inflated SO per cent and a disas
| trous state of trade, it touched 18O, and wa
have no reason TO presume this to be its
true value more than the other. The truth
10, that the currency is moro deprecia
than the price Of gold shows. The latter
has been kept down below its true value,
and sooner or later must rise to the level
| Of the dep reciasion Of the currency. The
supply Of gold in this country is reslly
only apparent. We hear Of immense sales
in New York, sometimes as much as $17O.
QUO. 600 daily, sll Of which is done with the
use Of not more than SO, ,OOo, 900 Of real
ooin. This is Effected by means Of the gold
exchange bank, where balanoes are settled.
This institution was established to facili-
tate gold transactions, diminisn the demand
for the real article, conceal the pauci,v Of
gold by an apparent abundance. and thas
keep up the vaiua Of national ourpenov.
This currency is now quoted At II cents il
the dollar; but with the surrounsfing c,r-
sumasanees Of the present and ths future, /:
It 10 lard to see how it can te worth. mora
thnv Al sAn = x