The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1870-08-05
MONEY AND COMMERCE.
Gold SpcculatiOn---COttO and Grain
i'm the South.

New York C23dD Special 10 the Cincinnati
COmmercial.l
The financial edito-s of New York
take the following general view:
Our reason assigned for the low pre-
MUM on gold is that many of the OPP
orators have been cleared out. They
have speculated wildly since the war
fever broke out, in the expectation that
when once the first steps were taken
the results would be so enormous as to
be beyound all calculation. These are
the parties who have so industriously
circulated reports that Russia and 9TH
er foreign powers were inclined to join
i'm the war movement. 1t should be re-
membered that the return of our bonds
is not the sole or even the chief cause
of the outflow of specie which has now
commenced. There are four other
causes which will have each q power
full effect to make gold scarce during
the remainder of the year. First. The
balance of trade will be heavily against
us. The excess of imports over ex-
ports, leaving specie out of the ac-
count, was $24, ,256,7 ,759 for the last six
months 1859, and is more likely to eX-
ceed than fall below that amount for
the last hall of the current year. Sec
ond. The balance of freight due for
eign ship owners which has always
been large will be considerably in
creased during the remainder of the
year, freights having already more than
doubled. Third. The interests due
foreign holders of American securities
will have to be provided for either by
shipping gold, or Offering eXtraordina-
nv inducements to reinvest the pro-
ceeds of the coupons. A large sum
will be payable on the first of Novem-
ber to holders of the five-twenties of
1852, which are mostly held abroad.
specie of the thousand of little sums
brought over by immigrants, will be
diminished. The gold and stock mar
kets have been disconnected i'm a great
measure of late, and their movements
are now more distinct than they have
been at any time since the agitation
produced by the war news.
While an advance in gold would
| doubtless lead to future decline i'm
stock, it does not follow that lowers gold
will lead to higher stocks, unless the
weakening of the gold premium arises
from definite prospect of peace in Eu-
rope.
The great financial and commercial
disturbance produced by the hostile at
titude of the two great nations of Eu-
rope has checked the bull movements
| in stocks commenced, or rather revived
about the first of the month, when,
with peace all around the horizon, the
receivers of nearly sixty millions of in
terest money were seekinginvestments.
The World says: ave trust the
South will not abandon cotton for
grain. lis true interests requires it to
keep right on i'm the revival of its old
industry. 1t has now golden oppor-
tunity to fill all the markets with its
staple and completely supplant its RI
walls. The present complexion of af-
fairs points to short supply of milli-
merry and trimming goods from Germa-
nv with an active demand here, con-
siderable speculation and higher prices.
Switzerland, so far as its labor and
manufacturing are concerned, is likely
to be as much demoralized and en-
barrassed by the preparations for an
armed neutrality as by state of actu-
al war. Switzerland is one of the
great competitors with Germany in
articles adapted to the millinery trade.
The outgoing steamers for European
ports are very deeply laden with bread
stuffs and provisions. The Calabria
left yesterday with very heavy cargo
and laden so deeply as to attract even
the attention of people who know little
of shipping matters. The goods hith.
erto carried to Europe in the German
steamers are now conveyed by vessels
flying the flags of nations not yet en-
gagged in the war