New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-06
ON CARONDELET STREET.

Is much discussion as TO the hnal outcome
of the present remarkable course OF finan-
cial events. The New York Tribune of the
first says:
Secretary Boutwell, yesterday reduced to
half the usual amounts the Treasury sales
of gold for March. Nevertheless, the goid
premium fell to lis. There is little douot
that the importan. speech of MIR. Dawes, ana
the declaration of President Grant mace
public therein, contributed largely to this
result. The effect of these speeches abroad |
will be as plainly seen in the comparative |
quotations of American securities III London |
on yesterday and Thursday London quo
tations Thursday 80; ten
forties, s54. London quotations Monday
Flve-twenties, 905 ten-torties, Sc.
AS we said, some days ago, gold is going
down of its own weight, and nothing need
be asked of Congress save to let 1t alone. |
The Senate has put its foot on the schemes
of currency expansion; the Supreme Court
has given very loud hint as to the constl-
nationality of the legal tender act; the adj
ministration is seen to be in harmony with
the most vigorous advocates of retrenchment
in Congress; the demand for gold is dull
the credit of the government abroad is daily
advancing. Under such clrcums stances,
who shall say that gold will long be worth
even fifteen cents on the dollar more than
greenbacks?
Thus the views which we have so
often advanced concerning the course OF
gold, and the laws which regulate it are
conspicuousIy confirmed. The idea that
the depression was caused, or materially
influenced by the process Of selling gold
out of the treasury, is a pure chimera-
something like the delusion that Mr. Bout
we'll was "master of the situation" The
March programme reduces the treasury
sales by one-half, and yet gold goes stead
ily down. If he should augment his sales
he might quicken the downward movement
for time but he could not, by any ex-
pedient, reverse the tendency of the mar
ket. Cotton has ceased to be king, its
sceptre is broken, its subjects have re-
VOTED but. after all, cotton IS the real
master of the situation. 1t has
reduced the premium on gold from l55 to
113, and has brought the country within
sight of specie basis again. 1t has sus-
tanned the credit of the government; 1t has
enhanced the value of government securi-
ties; it has almost brought the currency to
an equality with gold. If specie circu
lation be restored-that is to say, If green
backs be made equal to gold-the effect is
due to the powerful influence OF our i'm
mense cotton export. No fact could more
conspicuously illustrate the recuperative
energy of Southern industry, and the i'm"
mense service which it is capable of rem
dering to the country. Recent
dispatches from New York say
that some of the cofeehouses in
the lower part of the city had commenced
paving out silver change. Sceptics de-
clare that this is trick of the "bears,'
who bought up several thousand dollars
Of small silver, and gave it to the coffee
house keepers to pay out. If it is device
of this kind, its effects must be very tram
sient.
Yesterday was characterized by nota-
BILE decline in some of the leading fancy
stocks. Ship Island went begging at 1870,
in consequence of report that the pend
ing bill will not pass. 1t was stated that
the gifted and eloquent Senator Poindex-
ter. who informed the Senate, in debating
the measure, that he had ceased to draw
his sustenance from the Tactical
maternal fount, had put an
e1tinguisher on the bill, company,
s'drag-boat" and all. Senator Poindexter
had been counted on as a favorite of the
measure, and his detection was sumner.
Slaughte House was very shaky-not
able, indeed, to stand on its pins. 1t even
showed an unwillingness to come up to
the scratch, and many people thought that
it was knocked out of time. This, how
ever. is a mistake. The decline is proba-
bly, caused by the appearance on the
market of large lot of pledged..shares-
probably 1000-for which the holders are
seeking purchasers. In addition to this,
many persons have become tired of wait
ing for the decisions of the Supreme Court,
and have isold out in order to invest in
other enterprises.
Sanitary and Fertilizing stock sells at
$40, which we believe is equal to par,
Petroleum is scarcely quotable, the
that amount per share having been paid
in.
House having given it severe blow in re-
fusing to suspend the rules to pass the
Petroleum bill.
Mississippi Valley Navigation is
quoted at about 2O!@21.
The following were the transactions at
the Board last night:
Asked. Bid. Sold.
| New Orleans Gas Light Co.....152
| Levee team Cotton Press...... 1917
Crescent City Saugbterhouse. 1872 II
| Ship Island Canal Company. .lS9 lis
| jackson Railroad. .............. 81, So So
| Petroleum Company. .-.......... 671.
| Crescent City Railroad ......... 76
| New Orleans City Rairoad..- l64Z