, 1870-06-24
MONETARY AND COMMERCIAL,
MONETARY.

A review OF the exports Of wheat from San
Francisco, during The eleven months ending
bushels Of wheat has hecn sent from that
port to Crest Bsitain--near'y ali to Liverpool
-as follows: In July, 1865 279, 235 centa!s;
IN August, ~, sos centals in September,
1s3, III centals !; in October. 5s5, ,oa3 centals
552, ,4sa ceptals ID January, S19.5ss centals
in February, 144. .1o2 centals; in March, 2lS.020
centnls in April, 382, 328 ccntala; in May.
144,G52 centals. Tho total was 4,794, ,000
eentals, or 7,sso,ooa bushels Th1s
9en sa9e ., sa of xhs ssa out sass q II, r:sss eos
The sailing time Of the vessels between San
francisco and Great britain would plobably
average orer four months; therefore, the
wheat that left s., Francisco in February
which was the nloz j. OF hghtest shipments
Great Britain, an5 from this an approximate
idea Of the proba' ~ increase Of receipts Of
California wheat liverpool during the next
two months mny 70 obtained.
The total amount Of gold in the National
Treasury on June t8 was s1o9, 767, ,595, of
leaving SIS, ,c73. .535 in the owneEAhip Of the
government. For the first eighteen days Of
juno tho receipts for customs 1t all the ports
Of tho United Htatos woro -, SOY, 600. At the
same rate Of cuetoms receipts for the
remaining Twelve days OF the month it would
|
government to Ss2.000 o..-July /. From
this muat be deducted the interest due July l,
amounting to $32 ,049,8S4, and leaving $780,
0o0, 900 as tho probable stock Of gold in tie
ownership OF the government after July l.
I1is is an ample stock from which to make
sa1cs. and If tho Secretary OF the Treasury
| sliall deem it expcdicut to try to establish a
lower ayerage price for gold, he will be able to
| sell at the rate OF four millions per wook for
! the remainder of tho summon without decrea4-
| ing his stock much below s50, ,o00, 900. II tho
receipts OF coin for duties On imports keep up
| to their present volume, about fifteen or six
teen millions per month, it will be difficult for
| the Treasury to avoid largely increasing its
| gold Gales. II, also, at the same time, prices
| of breadstufa hero should come down to q
price which will admit Of their expectation. the
| price Of gold will 60 lower than At present.
The failure OF gold Spectator in New York
in announced BY telegraph. with flourish Of
| largo figures which may, perhaps, convey the
impression that if was really failure Of I'M
po1tance; but those who understand how
loo, 900 bushels Of wheat may DO bought on z
capital Of $4,000 Rut up In margins, VII
readily understand that where gold can bt
bought on per cent margin, 4 man may seem
to be boring very large auGeT-hole when, IL
fact he il only boring q gimlct hole. The
| whole money involved in the $500, GOO faii'
ure" Of James Boyd was probably not 9yel =
100000. There Wns, in fact, no real gold i'll
yolved in tho transaction. but only that pleas
inc fiction by wl.1ch the members Of tho Gotl
| Exchange endeavor to persuade Themselves
and the world that they are not merely gamb
iers betting on the price Of gold in other peo
ples hands. The parties to these bets on th
price ol goa EzchaIge sa53sts a nrSha9o ihat DO no
creation. Tie buyer never expects to rcceiv
a1.y actual gold, and the seller never expect
to deliver any. The whole Transaction Is de
fusion and hunbug: as far as the 1novemen
or changing Of i. dollar of gold from on
70 anoaF .sosa y hean xaok
| d.cf;nin0 frorn other causes several such fai
urss as the one referred to would not hay
Infected tho price at all. ,..
In the local money market bankers repo'
t!ci1 deposits, both from tho city and countEy
falling on seEy largely: several OF ne no. no.
HAT their dr,orits ilave declined from 10
- nnr ccnt since their statement O