New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-09-24
TIE SECRETARYS OPPORTUNITY.


Yesterdays work in Wall-st. makes the OPP
portunity for a statesman. Will it be improved
What is happening there gives us small con-
cern so far as the parties directly engaged arc
affected. Bulls and bears may make XII
kenny fight of it for all the public is likely tC
care. Ten days ago Gold was 1856; three days
ago it was 1871; on Wednesday it was iii
yesterday it was IA; ten days hence it is al
most certain to be back to 135. Thousands OF
people, meantime, who have chosen to bet on
its price, will have paid the penalty-witll
small sympathy They knew the risks, and
took them with open eyes.
But to other and wider circles the gambling
of these reckless spectators comes with the
force of great calamity. Bankers bills were
| yesterday offered without takers at 1861; mer-
! chants bills were unstable at any price.
! What these facts meaG IS that the foreign
| trade Of the United States came TO dead stop
that goods offered for sale for export could not
be sold; that goods ready for shipment
could not be Shipped; that vessels
half laden could receive no more
cargoes; that clerks, warehousemen, porters
draymen, stevedOros, sailors, and the whole
army of workingmen occupied about our export
trade, were compelled to be idle. The mis-
chief extended indeed far beyond these narrow
lmits.\ The West-where some blind people
are still Eatuousy repeating on stamps and IN
newspapers, that they don't care if Gold
does 90 ND, that high Gold means plenty
of money and big prices for produce
the West was warned to stop ship
ments to consignees here who could make no
use of them. High Gold was found not to make
money plenty, but to check the activity Of what
we have. StagnatiOn in business, the unsctue-
ment of prices, present losses, and uncertainty
about the future were the widespread and ciS-
astrous results of tho successful corner in Gold
manipulated by VIM, s. Woodward Jay Gould,
James Fisk, jr., Marvin Bros. & Co., Smith
Gould, Martin g. Co., and their subordilates and
followers.
Now, under these circumstances, what should
sagacious Secretary of the Treasury dot Is
it possible that we have one who Is capable of
missing his opportunity He has an enormous
over-supply of particular commodity TO sell,
and the price of that commodity is now unu- :,
sually and unreasonably high. He has notes
outstanding, on which lie is paying enormous in
terest, and he can to-day buy them up at lower<
rates than he could have secured at any time, !
for months past. Can it be possible that any
reason could prevail upon business man to
neglect such an opportunity? And why
should not public business be managed on
business principles
We beg Secretary Boutwell, to perceive that
the interests of the business community and
the interests of the Treasury Department are
here identical. The opportunity to make a
great saving for the Government is likewise
the opportunity to do great service to the
suffering interests which the gold gamblers
have parayzed. Let us have the pre-
MUM on Gold, now higher than it
has been for many months past, and
higher than it is likely to be again for months
to come, realized for the benefit of the Treas
ury. Let us have the money thus realized in
vested in Government bonds, that there may
be no suffering from any artificial scarcity
of currency, and that the money OF
the Government may be made effec-
tive in paying debt and stopping in
terest. Such an opportunity may not occur
again in years Realize the premium of your
| Gold; take advantage Of the market for Gov
| eminent bonds Sell your Gold while it
| is high, buy your bonds while they
are low, and thus make a double profit
| to the Government and relieve the business
community. Can there be question as to the
business policy of such measure 2-can there
be a question as to the duty of the Secretary
to adopt it, and adopt it at OnceP
|