New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-05
TIE CLOSE or GIANTS FIRST YEAR

The quotations of Gold, which have been
steadily and rapidly going down during the
past fortnight, fell yesterday till the premium
reached the vicinity of 113,-huctuating the
greater part Of the day a few fractions above
that point but at one time striking fraction
below it. The quotations of Government bonds
indicated, during the day, that they were on
the verge of par in gold. most of the varie-
ties being worth but little less than gold, while
one variety was at gold premium over its
face value.
That the day of which we are able to chroni-
Gle these highly favorable financial facts was
also the day that marks the termination of the
first year of President Grants administration
of public affairs, is a circumstance which the
country will not lose sight of, and which tho
friends of the President will observe with un-
feigned joy.
If the fall of the gold premium and the adj
vance of the National credit affected only the
Wall-st. spectators who have been half-crazed
thereby, the matter would not be worth much
attention But its relation to all our business
interests and to all classes of our people-to
producers and consumers, to farmers, mer-
chants mechanics, and laboring men of every
order-is of such a nature as to make 1T OF
the highest consequence. For the last eight
or nine years the business and labor Of the
country have been kept III a state of anarchy
by the wide and incalcuable fluctuations in
gold and currency. Not only have values been
deranged, but our legitimate industries have
been thrown into confusion that to many of
them was destruction. There has been no pos
sibility of remedying these evils until our
in
rency represented fixed and dcterminate
value, corresponding to the worlds standard.
1t is because We now see hope of speedily
arriving at this desirable point that we find
cause of congratulation in the movements
which have lately taken place in our money
market.
We take it Of course that these movements
are not in the nature of spasmodic fluctuations
which may go the other way on any given
day. If they were, they would be of advan-
tage only TO the spectators, and would con-
tlnue TO work the damage which the public
interests have already suffered from previous
fluctuations. But no one who has observed
the course of things will believe that there is
any danger in this direction, or that there is
any more likelihood of gold returning to 1870
not gone down through speculative combina-
tions, but through the operation Of general
causes that are not within the control of the
Gold Room.
The downward movement of yesterday was
accelerated blythe circulation of an exhibit of
our commercial exchanges, by which it appeared
that the balance of trade against Va during the
second half of the last year was only about
two millions of dollars. Though We do not
mean to accept the Interpretation of
this exhibit that was given by the
bear operators in gold-though We do
not admit that they took all tho
elements of calculation into account--yet
its influence in Wall-st. indicates one Of the
great forces affecting the gold premium aud
the public credit We must keep our com
mercial exchanges on the safe side. Ii our
imports are double tho value of our exports,
we must make up the difference by exporting
gcI. OF, (Which Is practically the samo thius.l