The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-03-09

week, unless in the meantime there should be
q sudden rise in gold, specie will be generally
paid out by small dealers and especially res
taurateurs. Delmonico, the famous caterer,
has been buying up specie for this purpose, and
it is understood will use it instead Of fractional
currency at oil his retaurants next week.
This plan viii also be pursued by Reilly under
the Stock, Exchange, Van Ripper in Broad
is held out to the public that in few days the
old familiar click will be heard in everybodys
pocket, and, despite the theories and specula-
tions of political economists and financial
tinkerers, specie payments will be resumed
naturally and easily by the people.
Another Account OF the Scene in the
Gold Room.
The Herald says:
The Gold Room was place of most extra
ordinary excitement. The familiar fountain
tamable bulls and bears FLASHED as peacefully
as usual and sent Its refreshing volumes of
spray over the weary and tired loungers who
hung round its border. The way the bulls and
bears behaved yesterday would have con-
founded the most Intelligent foreigner. They
literally danced and howled r0ared flercely
at each other, as If each was about to fly at
W
thought possible human lungs could With
stand, and otherwise behaved in very be-
widering and dellrious manner. 1t was
generally admitted that the tendency OF
gold was downwards; but few, however,
gave credit to the notion that it was
about to descend at once to par. To reach
that point 1t was easy enough to perceive that
share of bullion In the Treasury, tue likell-
hood of Imports exceeding the figures at which
they have been recorded in the last quarter,
the suspense felt in regard to Congressional
Legislation and other things that make an ele-
ment in the aggregate Influence. Neverthe-
less, a belief appeared TO prevail that gold was
destined to go to 10 in q rush, and, as con-
sequence, much trepidation was felt among
those who held imported stocks purchased at
a higher rate than 20. Yet, after all, 1t may be
safely set down that our merchants, who feel
themselves somewhat imperllled by this rapid
and low decline in gold, ore better satisfied,
though they may suffer in the ordeal, to see
our finances tending quickly to their normal
basis, than If they had TO wait the tedious pro-
cess Of governmental resumption Of specie pay
ments.
The spectators gallery of the Gold Exchange
was crowded to suffocatlon with anxious or
curious outsiders In the pit below, or In other
words, In the arena where the gold brokers
yell Ike set of devils, all the interest cen
tired. The din was perfectly terrific. A panto-
mine Of FoX's, with oil the harum-scarum elc-
ments exaggerated, gives but faint Idea of
the utter confusion, the madness ontrolled by
method, that characterizes the Gold Room.
They shouted across the foun In space llke-so
many maniacs challenging each other to more
than mortal combat. They did not tear their
hair or pull their fancy whlskers to pieces, but
they strained their vocal powers to breaking.
The spectators were rs much excited as the
operators, and If they only had little training
In the ways Of the place might have gone In as
ardently as the others.
At the cotton exchange there was good
deal of excitement also; for, sympathlzing
with gold, the great Southern staple had de-
cllned several cents per pound, and many
brokers were unusually exercised in the en-
dcavor to dispose Of their orders to advantage.
The Resumption OF Specie Payments
Views OF the Tribune.
The Tribune, speaking of the use of coin In
retail trade in New York on Friday, says:
These acts of small dealers and restaurants
will be looked upon rather as 6lghty though
shrowd devices to gain popular favor rather
than as Indicating any permanent and settled
resumption of specie as basis of trade. But
not 80 the action OF the banks, some Of the
wealthlest and most prominent of which are
earnestly considering the propriety of making
IN end of the unsettled condition OF monetary
afnlrs by boldly proclulmlng resumption. ],
was whispered on the street yesterday, with
much of tone of authority, that In the
event that no reaction occurred to-day, the
Chemical Bank would next week announce the
resumption of specie payments. That wealthy,
influential, and eininently conservative lnstitu.
tiOn can well afford to lead off in such move
ment AS matter Of fact, the Chemical
never hos suspended specie payments. 1t has
no circulation Of Its own, and Is not, there
FORE affected by the fluctuations OF currency
When tho government suspended ut the bc
ginning of the war, this Institution. without
nny formal act or announcement of suspcn.
HUn, began paying ont currency where It had
before lmlld coin, md hns continued to do sc
10 this tlay. or course, should 1t now return
TO specie, 1t must eXnct specie or Its equivalent
from liz customers, or must make some spccln
arrangements with them to protect Itself froi!
bnlnp nndO u nero medium for exchanging
currency into gold NJ lmr, which no bnnk car
llIUr to do NO lUug w there IL any premium
on gold lIul, most likely, their purlmsn IL tu
merely proclaim resumption nS thcOrctlcn
practice, which will not be Without grCnt III
iIlWncr.
hut several 0thur lnnka, which really lnVi
circulating notes. nIunt, wrro mentioned u,
preparing t0 resume. Resumption by Mlcl
institutions nirnl,s Tho subsequent redemption
OF their nuIra In guild; nnh whom Tint IN pro
CnInrd hy II luw nl tho ltmllnR mnks, III,
whuIc question IN settled. All slnlllnr lrislltll
ilu,M must follow Tho rxnmpr or suffer u low
of credit. IL In grnrrnlly understood hhn
most. Of Tho bnuks Of Thu city hnrc lrrpnra
themselves Tor such MI ALTERNATIVES. md lfntl
few rusilrIC NIL Will follow tile example. rhlE
IL In posslbc that brInrr nnulhcr week rull'
around We mny lIc nRnln glntllrnwl hy ftinilmr
lly with Ilnrd money circulating medium, u,
tint nL lrsrL The currency nlnnt will represent
dollar lnr tlullnr, tho rcnl coin.