, 1869-05-22
MONETARY AND COMMERCIAL.


MONETARY. |!
FRIDAY Erxsso, Msy Fl.
1atr sample of the financial bosh tuduagcd In
y the political hurnbugs, who ende4vor to repre-
Mt nll events Is sustaining their theories ra1hef
htu to square their theories BY tho actual fac4ss /
nay be found In the leadinx editorial Of tho Chtea-
70 Timet, this morning, on the "AdTance VI
sold" Tie 1f1ks Rays:
i: ed> enough to satsa Understand koe bonds %
VI, in oonat9uenas NJ tAs pocernmeak aP9eoT1a5 IN
thr n1Gylet q pstrrhaser.'t
and again:
xeon,ot b etAereiae and tAs IL sAops h The ad~
to,lds siJee Hr. Boutseeu be9dn 70 FuTt4ax
then.''
Nov, the fact Is that bonds have nat advanced
ain consequence ol the government appearing IN
the market o. purchaser nor tn consequences Of
thing else, but have only appeared to do 50 IN
consequence Of the adEance In gold On the con |
t1ary, the gold raue Of bonds hns declined about
three pet cent In the last seEen weeks up to yes-
terday. Let us see II this is not tbs Case sud let
us take 1u1 e1nmple the $500 Of 1867, which ate
the most srge!y dealt In ID ths county, to Illus
trase 1t: On Apx 1, before gold began 10 2dEance,
md long before the price OF bonds could have
been afeceed even ~ any talk Of buying bonds,
the 'GTa were qnnted IN New York At 1l3H and
gold II 1917. Included In this quotation for
bonds WAS interest from JanuafJ l,
equal to tribe over ont per cent
in god, or nearly one and a half In
currency, 60 that the proper currency quotation
for the principal Of the band then was ll2. With
gold at iciH u grecabacks are worth &c, and the
gold value Of the 1l2 currency qaus lion for the
principal at the bond WAS 63,tc Now on .cstes-
day the T.s were quoted In ii c New York market
At 1eo4 IN cnrencE, and this price Included tateT
est from Jaur1x1l eqoal TO ~ per cent In gold
Is near as may be to ~ In currency, which, de-
Quoted frnn tho market quotation Of 19oat, leaves
tie proper curTeusJ quotation for the principal Of
the bind 1leA. With gold At ~, which wsA the
average quotation Of yesseEsay, gEecnbscks nse
wcrth esx In gold, apa this currency qooss-
| ton ot 1ieA fof the principal Of tho
| bond represents s14 oeuastt0 gold, sho.1ng That
the Tss which ars very correct criterion for al
the others, had actually declined * per cent In
| gold from April up to y<Ec EcrslaJ, notwttaAiand-
ing The purchases By the go7eEnnent- The proof
! that this Is correct, il shoxn IN The decline ID
1s6ss In London, which va4 little over ~ per
cent In the hene time, but ~ the difference in The
mrtAlifc crrrenctes Of tia tNu countries requires
the addition Of ~ per cent to n'1 their quotations
to mike them axIrc With ours, It Will be seen that
| the decline in London has been accompanied by
| corresponding decline IL View York. The real
caCse OF this decline In bonds WAS, We believe
| +, te as,Etouled to the action Of the Daax
| o! England IN raising tho tzte OF dis
count The nisance In gold, which has
| cont1ibuIel to coNp1cAte the quotations, Is also
part, the result Of that action, a. Il has atet 70
make the prospective necessity for exports Of gold
IRON ;hc United Si4tes but This lsst circumstance
! has hccu 50 immensely exaggerated and the price
| Of EoA has been 10 much Inflated On the strength
III 1t hy the spectators IN New York thai all cal
| cclations should be mahc With great deal OF sl-
1oHAuce. Tbero aTc three great poWetl now Al
| WORK which caa8e nncta-uons In tho prtcca Of
| bonds and gnld, AAldc from what they would be
II left to be regulated By natural financial Laws
alonc- These three powczs are Tho Treasury o1
the United stA1ea. tne banK ol hoe1Ahd- at'o tae
forcign el1dt1TctB Or New 1os8. These
last hold The balAaee ot power, and In
tcns!ty the results OF the actions o..
arsi one, a1d then the other Of the
Two natlnna}aEencscs, operating With uue OF the
otnefm 1fef .ls'=saann uf1- see 1he mosf
poat acsGsua3 iueI etnf EaEe-sxsssei -
MAKE EpaAr r2Esae7s- -t0'1ssEv 1xstf
caaital has hecn sareWa IN the SD
Gn!l h1s declined, and The currently quos7<aaa8 of
couhs ha'e consequently dec3ined a1o' BAT IN
Lotoon, bouas hare 1astneeo NC Aoee 5ease1aa5'
thoosh the5 nc stM TWO PEI eenf 1o"ce tasn HI
I OF seven weeks ago.
The great fuhh1e Of zzt1H71 stock speculation u
New YoEk-lh which there arc plEasJ Of parti-
GpAat ofs3xAF4 ssefa, ~ <hlc4fs-- reached N
e9p7.1son "nac1 Kfk:'sse aR4xrt b. ttE Eztos1taa.
ios snsancc n .Ses fu11 N t2e asss
seven "eeAA on match - Il "ak paoas2a ~ II
and has been steadily indAted from that tina anil
to-4lar It reached l92 New 3ofk Central u the
leading ouc Of the "SaEdcfolt stocks and M II
sdSa1ees OF acci1nes 50 neasl5 AZ The fest o1 tht
s1oeAs eoaaoned oJ tnas eaqoe uue1aase IN so0t
oeSsec- hH apla1eus tnA@ sae stocks ATE reau.
: "pfan 10 mose no" lhao Ioe} ZEE tnen' aae .
eenta aataaee IN INC Ps1ce o1 New 1osk |cnsfA'
and INC more moderate aAsances OF the othe
stocks arc NOTHING but tnnadon' which must col
isiee IS soon a. 1none5 oecomcs stringent III Se'
! AtkA AE44A-