, 1869-05-29
MONETARY AND CON MERCl!aL.


FEINAy ErEsISf. May es- |
The following from tie London Yarni"a S:7r,
OF tie luth, Is. PERHAPS. the cearest 1a most can-
III, stuttmcnt OF thc rev financial position OF |
Enr.ana toward the Cnlsel States, on tae QUO
l,asli. and tic continent on the other, that has
been nlatc ~ any foreign journal: 1
.sThc T1sc In the rr1ce or gold In New York llas
!tasl z ituNtTIu effect III aiding the " bear
Tie Increase ol prce Ill 4old Ill New YORK .s been
g.. per CENT 80 far II these srccuiaflons In gold
tre ecneernt II E rroba',e enough the! IN y ica'
difficulties in the New YORK market; hut there
II otng unusual In such difficulties, antl they o
not Affect the money market OF tEls country lar
sNvy ,tan !y }ssev.n,.ng les tAc non.sAt gold ar
irving III payment Ut goods II w0nhl lie most |
,nN1=r in us mt 10 take notice OF the change OF
thr rn,1rse Of 1rat,e with AIneE1ca which tho eS-
CHAR liza: II Europe i .:isposeA 10 take hoaas
lr:lr1nr 6 Inr cent gold interest, aud payable ~
sO4 in Place 2, so 1sse ne ssn ,sr1 w
oas ,ar Inc sane sannfacfare@ and Europe
up'ionh,e.lls docs LOOK With favor upon these
Luds. As fast, for example as thc price falls In
LONDON. the hrms who have agents In Frankfort,
Amsterdam, and other European centres, Sell by
~ sn IN ahSse e n1s E; H. az w oe n
should the exchanges he disIosctfto turn against
lls rs the t2te d!tNp rnp between London AMI the
tetWsem ] az New io1H @ and and M London 10 Iii II the &c Bank Of
England has resolved 10 enter ni,on contest TO
l.ut down the 'Taii:c In $50 honis, as tlstin-
kh1SHEHl AHiuEI1E linz 1ssNItN hs+ II 1ARF SAptAltV
u. cae,l hen II has been alc 10 wipe nn the At
lantlc tccan, and not tilt then II is, no doubt,
very ANNOYING that We cannot LOOK for our usual
surldes or gold from Arncrira, 80 long as THIS
tsat1c continues; but it would be better for ua to
make Arrangements to DO without the gol1 than ~
Attemp. to light the lHws Of political economy
the actunl commerce Of the world, anil not attempt
to make the world conform to 0ar financial ar
taIceEcnta Daadc IN lsA.
Tho financial Situation Of tie CE!:el States IN
4 - ,rIf or tttr
Atlantis, Is simply iHis: We are using an lucon-
vcz,iale currency, the real depreciation os wa,ch
l. part tally disguised 1y tic artificial depression
IN The ;rice Of rc caused hy the aiscontinnatice
Ci its use us 1rOney, mud also By the surrlaating
OF 1t as ! commodity for export hy the excessive
shipments OF toi1us or IN other words, by senuaE
i.uuIs To England tnstcal ot the gold ne owe her.
We nse actually borrowing gold Of het for which
we iasc 10 use As money. and hut little as ro1n-
uoltty. Thu result Of this Is that the price OF god,
III oar currency, il cheaper than Prices Of Impnrt-
I'd goos. THIS makes the United States, NJ pres
sat, The Lest market for Imported goods in the
w"v'f, toE. though the goods are non.iaay sold
or crrrucy, aud thoa&h-3s long as there
& no large export OF Eoli-tt
.:ots :.ot seeiu Us though the foreign manulac.
tGief gut any advantage Of tic ARTIFICIAL 'leNEes-
sion a the price Of gold, II Is SO In fact, for
t!nIgh We do not send tho actual metal We arc
senuinE Promises to pay gold in tho shape of
bonds, and insieal OF getting par for thenl, ART
pay ltg s!x Ter ecut ll1cCcs: and shave OF tteen
per cent besides. Now, II Is easy TO see how this
state OF things would stimulate IN unhealthy in-
crease Of foreign imports because the high price
We urc pattlG for thcu like tho real depreciation
Of Cur cuTcucy, is disguised by the artificial .!e-
.1. salon II god, which VIC ART III reality 3orrow-
lLs Gi England and keeping here 10 maze an
artificial abundance OF 1t as commodity. Under