Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-01-02
The fyilowing table viii show the nuc,
Mhcn odd rcached - on IL lown-

When gold reached 122 on is DOWN
ward course strong appeals were adc to
the Secretary Of the Treasury by business
men Of New Norl, to stop the sales Of
gold, and it viii be rcmcmberedIe refused
to confirm a sale at a lower price than
that. The check which the downward
tendency Of gold received from this action
Of Mr.. Boutwell, was only temporary,
and il has continued to decline, as will be
seen from the table We give. The New
York Shipping List, which is decidedly
opposed to a further initiation of the cur
rency, discusses the gold question as fol-
lows:
1T is understood tina nearly all parties
are now interested in pIeyentinga further
decline for the present, but if the Conser-
vatiye element in Congress is sufficient to
prevent renewed initiation, this viii be
rather difficult The failure Of the scheme
of an Illinois member for the issue of an
additional fOrty-fOUr million of legal ten
dcrs, is probably one cause Of the present
depression. As Congress is sound on the
currency question, it looks now as though
initiation had reached the end of IFS teller.
The importing and expo ding classes are
quite Disconnected at the recent course of
the premium The former had supposed
that the price would not fall below the re-
cent Treasury limit Of I22. and they
had therefore been trying 30 accom-
mOdaie their business TO that rate:
but their calculations have been com
plclcly upset, and many are anxious to
realize on heir goods, under the cypccta-
ton that the premium must 20 still lower.
The exporters are equally at sea in their
calculations. The low ruling of gold,
and the unfayorablc condition of the
leading foreign markets forAmcTiCan pro
ducc, check the outward trade, thus in
cidenally affecting unfayorubly the snip
ping interest Gold is now considered the
cheapest article Of commerce, and vet no
body seems to have the disposition to buy
II on speculation. On the contrary. a GOOD
many holders are selling out, under the
apprehension that the currency, even
without further legislation, and in the ali
scnce of political disturbance, will more
nearly approximate the gold standard
within twelvemonth.
"There may be periods of reaction, but
il is evident that any speculation for
rise that may be undertaken in future,
must be based upon the double foundation
of much greater demand for remittance
abroad, and of an opinion unfavorable to
the ultimate redemption of the legal tend
ers neither of which seems probable at |
present. The congressional sentiment. rs
we have seen, is more conservative on the |
question than was generally eX-
pected. Assuming that initiation has |
reached its limit, let us briefly examine |
the leading elements bearing on the gold |
question. To begin with, the volume of |
the currency, though under present con
ditions excessive, is steadily widening it's
sphere in the South aud West, now that |
The energies of the nation arc finally
turned from the controversies connected |
with the war and its results, TO the fur
.hcrance of peaceful enterprise. In the
second place, the exports Of cotton and
other produce, may be reasonably expect
I'd to keep down the drain of golda an in
;trumcnt of foreign exchange; while, in
he next place, the credit Of the Govern
nent, it cannot be gainsayed, is daily
Using at home and abroad
"But, while gold remains at aprcmium,
{ will be impossible to get rid of the haz-
wis TO which the trading classes are eI-