The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-03-05
THE DECLINE IN GOLD.
The Prospect of an Early Resumption
OF Specie Payments-SPecu1atf and
Opinions of Financial Writers.
From the Ohlcago Tribune. !

of Specie Payments-Specu1atf and
Opinions of Financial Writers.
From the Chicago Tribunel
The most important element in determining
the decline in the price of gold during the past
few months has been the heavy exports Of cot
ton. This has been greater than even the
most sanguine had expected FIVE or six months
ago. The crop Is now conceded by the most
conservative authorizes to have been 3,000,0 900
bales. OF this amount there have been -ex-
ported from all the ports, from the beginning
of the ''cotton year." on.September 1st, up to
February 18th, 1.04O,196 bales, against
TAG, $50 bales during the same period of last
year. 1t is estimated that not over 100000
or 100000 bales will be required out of
the crop for the home consumption !;
this would leave. say 100, 600 bales for export,
of which it will be seen that In the six months
since September 1st, just about one-half has
been exported, leaving the other halt to be ex-
ported during the remaining six mOnth8N1ntil
September lst, 1870. The total exports Of cot
ton from September l, 1868, to September l.
1869, were something over 900, 900 bales, and
the figures above show that We not only
have nearly half million bales more surplus
for expectation this year than last, but that
Bhly one-half of it has gone, and that the in
creased volume of cotton exports thus far will
be maintained until the new crop of cotton
comes in The gold value of the excess OF cX-
ports of cotton this year over last will be at
least 5000, 900, or equal to three-fourths oil
the total specie exports OF the last calendar
facts that the chances for any revival
of as heavy exports of specie as usual
during the summer are not favorable, and
as any permanent advance above tile pre-
sent price of gold depends almost eXclu-
svely on the revival Of exports, 1t will be seen
that the probabilities are against It; a1d those
who are basing commercial operations upon
higher price Of gold, or even at as low an
average rate as II, do not stand in a safe posi-
ton. The financial situation Is critical, and
may develop into more unfavorablc features
any week. The New York importing mer-
chants, as we'll as the regular gold speculators.
are known TO have been heavily On the bull
side of gold ever since 1t was at 80. Even If 1t
should not decline much more, but should re-
main where it is for month, their losses will
cause failures, and increase the general dis
trust that pervades business now.
From the New York Times.l
As no contraction of the currency has either
preceded or attended the tall in the premium
on gold from 80 per cent, since the close of
last February to lG per cent. to-day, and as,
on the contrary, the greenback and national
bank circulation Is now as fully employed as
last year, and as prudenly 80, Judging by the
II stands to reason that the general trade and
prosperity of the country are neither to be
checked nor seriously unsettled by the appre-
citation in this currency and the further fall in
gold. 1t will be found, we predict, as the
business of the spring progresses, that the
merchants and railways and bankers are all as
actively engaged as last season, which, as
heretofore remarked, was decided Improve
ment on the previous season, and our advices
f,o tnft thA Un al from
the great trunk lines of the East, are to the
effect of steady increase of traffic, and de-
cided reduction Of expenses while the South
crp roads were never so well employed as at
present. even before the war.
From tile New York neraldl
Surprising as it may be to the most conser-
vatiye of us, the fact Is only more and more
evident that the day OF specie payments Is not
fur distant. The most healthy feature in the
decline has been the absence OF speculative
causes Had gold dropped under o pressure
of sales from The ''bears" who sell gold which
they have not, but hope to buy back at q lower
price, resulting from their intimidation of
holders, little importance could be attached to
the movement and little faith invested in the
pcrmanency Of The fall But gold has dropped
from natural causes. The props which held it
up were undermined by the influences of en-
HANGED national credit and broke from beneath
IL.
now put gold back again, and the only in
fluence likely at this time to change tb" cu.-
rent Is O s'bearn effort to further deprcss the
price and thus occasion an unnatural demand
for the precious metal.
From the New York Trlbune.]
It would seem that the stock market was
about to cut loose from the Gold Exchange,
and leave .'buls" and ''bears" there to operate
alone. 1t is quite evident from the abundance
of money now seeking Tor safe investments In
the leading markets of Europe, that our bonds
are preferred to our gold, and the fact, as re-
Gently stated In q leading English paper, "that
we were paying our debt, had given increased
confidence to American securities" The
States should at once put all their bonds and
stocks on u gold basis, and pay all their inter-
est hereafter in gold, then all our securities
would have ''thc character Of undoubted
credit" and we could obtain loans abroad at
the lowest possible rates oil interest; Disllon-
esty, or even the appearance Of 1t, Is ever eX-
pensivc.
From the New York Commercial Advertiser.l
There is some reason for snpposins that this
decline is connected with another Sreat spec't-
latiye movement. The fall in the premium
naturally facilitates the carrying of gold. With
gold ut Is, combination with S5,000,0 600 OF
money for margins could purchase and carry
81. GOO, 600 of gold, and indications are not
wanting that just such an operation Is now In
progress, the gold being bought at from II
downward. with an ultimate purpose of hold
inr it of the market and producing an extreme
upward reaction. This danger of gold being
bought up, on speculation, when the premium
has fallen to Il low point, should bc kept in
mind by speculative sellers, or they may sud-
denly find themselves very seriously ''cOr-
nered."
From the New York World.l
Shrcwd and experienced money-enders are
alarmed. and with good reason, at the condi-
ton of the stock market. The future course
of priccs on the Stock Exchange depends on
the fate of men who have failed with such fa-
clity in times past that their periodical failure
NAV be looked for with the change OF the sea-
sons. Advices from Washington state that Mr..
Boutwell, intends to press his funding bill be-
fore Congress at an early day. II it becomes
a law. then, with the large supply of gold on
the market, about 100000, 900, he can force
the price of gold down to par, and thus wipe
out of existence that institution known as the
Gold Room.
THE INFALLIBILITY QUESTION.
An Alleged American "Party" in the
Pnpal Council.
no,,o Join1 LnI,,or,, tn