, 1870-03-06
MONETARY and COMMERCIAL.
MONETARY,

SATURDAY EFkFIkG, hh1El D |
The attention OF the business public has scarcely
ever teen more attentireIy nxed upon the price Of
gold than 1t has during the past'meek. Everyone
acknowledges thas the cauAes which now deter
m1ut the eo1rse OF the gold premium azu legttt-
mate, ard entirely different from those which
have eauSed the speculative fluctuations during \
the psat four years; And for snis reason 10 one
who bas Investigated the causes expec,s TO sea /
any considerable Upward reaction, as has always !
been the case when the prico has ooon put down |
by ooub!raitoos Of 1peculstozz. Tue questions |
OF most importance now Are: How far I
Will gold decline! Aud, II 1t should |
50 10 Ear durtrg The De1t SIX months or year,
wonld 1t stay there: In an1Wef to the INT Of !
thesa questions We car only recte tbs caases |
wht.h hare t1ou ttme to time during the last nva
months been pointed ont In THK TRlBCFK a. likely !
to produce juSt the enecsz that have been expert
encsd IN the decline Of gold The primary cau1e
Of this downward movement OF the price Of gold
Eas n the s6undAnt crops Of 1864 TIA export OF
the lsrge EuIplua Of these during 1863 decftased
the export OF gold 10 thas the exports from the
port Of New York were. ontJ 939. 10, ,4s9 tn 1863
sgairat s70.s41, ,saa In 1858, and the increase OF
1recle In the country IN 1853 val p1obsbly sso,-
ooa,ooo to s.a,oooooo. In ths nrts part Of this
3eaE, also, the e1portahle furplaa OF the
great cotton crop, the abundant g1a.n crop IN shs
Northwest snd In Cal1fcrnls, the Ade2ee OF pe~
troleum exports, md the enormous expectation
pf bonda all combined to mako tho export OF sPe'
ce rurece4tary IN the sesteneus OF the foreign
uade balance, Rnd Allowed the specie product OF
tue mices which Is probably 1t the rate Of tib,-
to0,ooo per rear to accumulate IN the coQnuy. In
Addiuon to this the imports Of tore!{n specte
from Europe and the West 1n1les have Increased
! The 8, ,lco,oa Of specie which cave cone into
New York nom tnoae coun1tc1, On regular To-
voices, etnce January l., show that nom that
source about S1sooe 900 per year is added to tho
| Rock, Eu.e11urs also bring IN l61Vo quantities,
srd probably e eco, COO DEF year u now coming Ia
b, thas means, now, when, tn connection w,kh
tnes facss 1t il remembered fhas tbs lucreaae o.
| expor.ahle surplus Of cotton THU year over last
viii be worth SIS ooo 900 In gold, 1t nuzt BE- 1ppay-
| ent tnat these aecunulAltoos nre anundaut csuSe
for the decline in gold. Al THU accumulation Of
gold Is u4eleas capital 1or any trade purpose IA
long a. ou1 currency Il exclusively paper, uns II
Is turned into e,ee1haeks Hcrc il abundant rea-
son for tho enh1nceuent of the Eade value Of
g1eerbsctA CT. IN other worda the fall tn the
| price OF gold, md tn answer 10 the query, How
| far VII gold dec.3oe3" It c4u orly Be fa1h thai
thsss causes aze Jes cpprsdug ID fou fosce snd y
!otg - they do 70 tho general tendency Of gold
muat nc doHnvsrd But II gold should 60 to pA
| from there causes II would not necessarily RAJ
there uo1Asa Congress TOOK somt
steps TO retire the greepbscf1- It nigh
30 TO par from theae causes. and Jet The .govsfr
| Ueut have % mere gold 10 redeem i1 g1eenbAck
| tran II had when gold va lss. and Is soou .
exports Of gold were revived tta price would g
M, II gold ahoold 70 10 par, the maintenance o
stpec.e bazts wuuld depend On uoa Of TWO tniuK1
elner that Congress ahou1d retire sono Of III
t eteerbzets, OF else that the bus,ness punl'
should determine to accept g,ld u the money q
aocou11 AID Jus, ~ soon n snere MS xny n
:: psecane difference between gzeeuoaeka and goi
- call the latter par. md take the fa1mar As II
l proper eisSo1nt Thls Huu1d u1&tntatn tne speed