New-York tribune., 1870-10-22

The gold market has been without excitement for
several days the quotations vibrating between 1924 and
1884 with moderate transactions The fact that the price
ranges no higher during European Of such magni-
tude and OF such duration shows concusvely we think
that the country might return TO metallic basis without
any serious disturbance Of business The measure OF
public confidence Is reflected IN great degree, by the
market price Of gold unless the premium happens 70 be
marked up by speculation, and gradual descent 70 par
that dollar Of currency for dollar Of gold, could be
brought about with much attended the decline
from l20 10 ll3 We cannot expect 10 business on
sound basis until this result attained and the ensuing
Winter promises to be very favorable time to adopt
having this end in view The business interests
OF the whole country demand and require legislation which
will take out of this condition Of semibanhuptey
give elastic currency and relieve us Of wild specu
lation and undue expansion Of credit With an elastic
currency-that is currency redeemabe in coin, which
flows in and out according 70 the necessities OF trade
know that the business community has strong Dsss
20 rest upon and that inordnafe speculation ana e1te
sion of creds held IN constant check and are at all
times regulated and controlled by fixed law Merchant
must gladly welcome such change, and importers e.
pecially who are to greater less extent specu-
ators the gold market would strongly support any
reasonable measure having in view return 10 specie
payments. Hitherto the subject has been treated IL
Congress OF great complication and dlicuty ana
the members have turned from IL as boye would from
dose Of nauseating medicine; hut now, with gold
az 1l3. there will doubtless he less reluctance
10 give this important matter the consideration
which demands The a. the point and
ignore the plausible but faaeous arguments OF inha
tioniss and spectators the will the Treasury
fund its $40 loan and millions Of dollars III interest
and the sooner win trade rest upon healthy and sub
stantil foundation.
The gold market to-day has been rshefiquet Will al
the sales at 1924 l2f the lower being generally
attributed 70 the easier condition OF the gold loan mar
ket II has been reported in the street that Secretary
Boutwell, wilTorder the. prepayment Of the November
interest tomorrow without rebate hut such nforna
tOn received 1.-THE office OF the Assistant Treas
urer However, the disbursement viii come in the
natural way should the Secretary decline 10 anticipate It,
The Canada bankers who yesterday credited with
having locked up large amount of gold, restored II
again circulation to-day Ths made cash gold easier
and while borrowers paid S52 lie and 4 Of per cent
per diem during the morning subsequent borrowing
rates from l32 10 fiat The reported decrease Of
bullion m the Bank Of England had mo- aplroe Ia
ble upon the premium The davs business at the
Gold Exchange Bank follows: Gold cleared,
s67l5 OOO gold baances 81 642O27 currency balances,
81 1853 900.
Foreign Exchange has been heavy under more liberal
supply Of commercial bisthe result, perhaps, Of the
easier rates at which gold is attanable Ih. fol-
ioxriue are the nominal rates.