The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-10-26

must look at the two sides Of The case There Ia
no doubt that we have been oSertrading, and we
ducts Of the Country. Now, we raise certain
things-cotton, wheat, corn, butter, cheese. The
Wheat, corn and tobacco. In Cotton We compete
toa certain extent with Egypt and India, but VIC
have for greater competition In corn and wheat.
Mediterranean seas tn competition is so great
between those countries ald America that Il en-
can enter the markets against them or not. The
ports bordering ON the Mediterranean and water
we have hig6-priced iaoof ana long railroad trans
portation to the seaboard. It is the premium on
MUM goes up beyond the Ieycllng point-on that
depends whether We can send the grain abroad
= GOLD AT 1l6 BETTER THAN AT I25.v
Mr. Gould. With gold al Sabout 145 we
shall be able to send produce 5o the Liverpool
and London markets from Aherlca,, but With
would have the whole trade, and our for.
eign debts would have to be paid with gold or
SSn%s bonds WIN @ sod ats a high Price hs lT@s5s
would get good price for transportation, the
manufacturers would have Rood market ont
would be able to buy Of them. What We Vera raise i In
ca cne country % Is what you can shin aoIoad but
10 use them here. M ~ 'f -. = "A''
hCULLooH NEVER RUINED TaB COUNTRY.
Mr.. Gould. All, Mr.. McCuoci mn derstood that
better than NEST OF them. He never did any thing
SSe5ag Senag ,as ian 9 the
to dcpreclate the price Of gold. ION the contrary,
he always kept II up to 14o or 146H That was the
fw now REFER to the Scar party in sold Sd This
bear party is made up IN great measure OF for
is, they sell for future dellyeryYasnd expect to
cover their short sales OF gold byi ibhyng our pro-
duce at the deprecated price OF gold. ~,
TYIY N
Mr.; Fisk. You take hundred Thousand dollars
to foreign banker and get him TO send 1t to Eu-
rope for you. He will give You sixty days, bill
hSs solo ha, he 20 Tne
bear In the market, because he can wait forty. five
days: He looks forward to the end or thnt forty.
Interest in tile city Of New York are bears in gold
the the greatest rebels during the war were the mem.
foreign exchange banking ts se % origs
nal bears. And they were, soon inter- the break
Ing out OF the war, Joined by the Radicals Of the
the business OF the country, not Understanding
wha: was required to level tie exchange between
this country and Europe.
THR BEARS FRIGHTENED.
Mr.. Gould. The bulls never expected to carry
gold over 14o or 145; but when they got it up to
that point the Radicals got frfghtened; because,
Sad has aS soe SSd q se
bears. - - s.tsa
Reporter. Well, what was Boutwen's completely
81.
GOULD ON BOUTWELL,. =
Mr. Gould. He did what he had no business to
do In interfering with the market: at all. Never
was there such chance for nation to get rich.
S9ss the Prize q gSa
pull along on tile dead level. Why, ten years ago
u we were spending as much money as we are
But now you can spend money because all the
people s,1J s are getting rtch 13r syerythg you ge.
OnQht Gal irt. "A
then when the crash comes nobody wRl su1er. In
fact there win be no crash. The only double with
is long Enough emo Ea last Is Is nss
Or he would not have .inte!feIed. issSSld iali so
that will give you dollar. GeWheHi apld was At
145, cotton.2w selling Ut thirty-dses cents q
SS s esaS az
were burning L four or nve years Sge-t Rough
should have held II there Just as Long Sogid.
:. rHz oLIerH At THR BOUTWELL, DINNER. "a
Ar. Gould. And i was not that, alone. The
moment government interferes there is also, q
loss or confidence. When the finance minister OF
movement OF the market frst on. one side and
was oaying about the bears1they were ,oined ID sy
the Radicals and the programme was to getBopt.
well up TO this dinner Of the Union League Club.
invited ais aa sussS wa
were short Of gold there was Ar. Low she tea
speech canS On Se ce sS, fp saS aa
gold, every man round the table was Instructed ~ ted
70 make tremendous capping OF hands. But
TO get discouraged, and ondeavored TO cover
their gold contracts. That made the panic which
carried carr up the price Of gold. Is was not the
menced selling gold at l37 and sold mp to 1872
was constant seller all the time. But 1t was
the bears who got frightened and raised the price
tlemSeIVe8. fho
great sales OF gold which they had not got. II
you take $50 millions OF short interest, with only
may soon get the bears frightened, because they
Know the gold Isn't there. They havessold what
they have not got. SO, as have said, It was the
6ears who got frightened. There is another class
Of bears that took another way OF getting ont OF
the difficulty, and saved themselves from loss.
They formed combination here to make money
gold and stocks. They went into the market buy
noon they would &c the parties who had money ,nst
they were the persons who produced the panic.
In that by the Secretary directly.
HOW BOUTWELL, CREATED THE PANIC
Mr.. Could. When they ,cere all readyJor theft.
ana put then, into he Tenth NATIONAL Bank. Tns
send the regular bank tGiner, % MI e Calender. len @
who knew that the bank was In a strong and safe
POSITION, Dut they sent men from washington,
utter strangers-the object being in fact, to break
the bank and create panic. They knew that
was largely lntcrestedc In the Tenth National
Bank, and that seems TO me 10 show Boutweils
completely In producing the panic. Certainly, that
was the object. - >1jr,l- -
Reporter. But what did the bear ring gain by
THAR u. - =
Mr.. Gould. Why, OF course, It knocked down
the price OF gold. You see there was q split in
the ranks OF the bears. The one party was dis.
courgfd that Boutwell, did I6t help them, for he
had at the nrst told parties that he would not In
terfere In Wall street. The other party got DOS
panic tn khe street. SO you see there were two
bear parties, both fighting to get possession OF
Boutwell,, but only one succeeded In weaning him
over. also hold that the government, In selling
gold, has violated an express statute. 9 ~.
THE VIOLATED Law OF 1862
The clause In the act OF 1862 says:
"Atpf be t. further endcted, That all duties on
m oil ut,a Eo l,1