The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1870-08-05

Gold speeuIatiOn---COttOn and Grain
ia the south.

New York (2Sd) Spec NJ to the Cincinnati
Commercially
The financial editors of New York
take the following general view:
Our reason assigned for the low pre-
mium on gold is that many of the Op-
orators have been cleared out. They
have speculated wildly since the war
fever broke out, in the expectation that
when once the first steps were taken
the results would be so enormous as to
be beyound all calculation. These are
the parties who have so industriOuSly
circulated reports that Russia and 9TH
er foreign powers were inclined to Join
in the war movement. 1t should be re-
nembered that the return of our bonds
is not the sole or even the chief cause
of the outflow of specie which has now
commenced. There are four other
causes which will have each power
full effect to make gold scarce during
the remainder of the year. First. The
balance of trade will be heavily against
us. The excess of imports over eX-
ports, leaving specie out of the ac-
count, was $24, ,256, ,759 for the last six
months of1S69, and is more likely to eX-
ceed than fall below that amount for
the last half of the current year. Sec
Ond. The balance Of freight due for
eign ship owners which has always
been large will be considerably in
creased during the remainder Of the
year, freights having already more than
doubled. Third. The interests due
foreign holders Of American securities
will have to be provided for either by
shipping gold, or Offering eXtraordina-
ry inducements to reinvest the pro-
ceeds Of the coupons. A large sum
will be payable on the first of NOvem-
ber to holders Of the five-twenties OF
1852, which are mostly held abroad.
Fourth. The addition to our stock OF
specie of the thousand of little sums
brought over by immigrants, will be
diminished. The gold and stock mar
kets have been disconnected in great
measure of late, and their movements
are now more distinct than they have
been at any time since the agitation
produced by the war news.
While an advance in gold would
doubtless lead to q future decline in
stock, it does not follow that lower gold
will lead to higher stocks, unless the
weakening of the gold premium arises
from definite prospect of peace i'll Eu-
rome.
The great financial and commercial
| disturbance produced by the hostile at
| titude Of the two great nations of Eu'
rope has checked the bull movements
| in stocks commenced, or rather revived
| about the first Cf the month, when
with peace all around the horizon, the
receivers Of nearly sixty millions of in
| terest money were seeking investments
| The World says: ave trust the
! South will not abandon cotton fOl
grain. It's true interests requires it t.
| keep right on in the revival of its ole
| industry. 1t has now golden oppor
! tunity to fill all the markets with it:
staple and completely supplant its ri
walls. The present complexion OF af
fairs points to q short supply of milli
merry and trimming goods from Germa
nv with an active demand here, con
siderable speculation and higher prices
| Switzerland, so far as its labor anC
manufacturing are concerned, is likely
to be as much demOraliZed and em
barrassed by the preparations for al
armed neutrality as by a state of actu
! al war. Switzerland is one of tht
great competitors with Germany u
! articles adapted to the millinery trade
| The outgoing steamers for EUropeal
ports are very deeply laden with bread
stuffS and provisions. The Calabri
leII yesterday with very heavy carg
and laden so deeply as to attract ever
the attention of people who know littl
of shipping matters. The goods hith
erto carried to Europe in the German
steamers are now conveyed by vessel
flying the flags of nations not yet en-
gagged in the war.