, 1870-02-25
FRIDAY, FEBRUARY e5, 1870.
TIE FALL II GOLD.

Tbs further decline Of gold, yesterd4y,
By II per cent, closing at 116s, following
upon the steady decline Of the three days
previous, indicates that the uata.al teu-
dencies toward an early return to specie
payments arc stronger than has becu gen.
orally believed Ey the commercial conanu-
1ity. Strange ns it may seem, it is proba-
BE that the decision Of The Supreme Court
on the Iegal-Tende1 act has aided to cause
m immediate enhancement in the value of
the currency. The language Of the London
Times, TINT that decision :" restores
European confidence in American courts of
Justice has very important significance.
IS it expresses the opinion Of Europe that
the national bonds can nevar By any mis-
clarce be paid IN ereanhacks- or course
the bonds ndvsnce, and, with them, the
ereenbacks, which also represent public
credit, must ndvance also. An advance in
the bonds enhances their salue Tor export,
and by 60 doing lesseus the demand for gold
aud depresaes its price.
But. besides the 1ecA-tendar dAnisinn.
there are permanent Causes steadily tend
inc to = decliue; and one al the most inter-
esiisg problems in connection with this de-
cline is the question whether these tenden-
cies s1e in any degree exhausted. Ouz
crops going to Europe, and especially cot
ton, tavs already created BAL
ance in our favor compared with
last yesT OF almost e40,o00, 900.
This outward flow Of crops is BY no
mears exhausted. We have not the data
BY which to judge Of the proportion Of the
cotton crop which is still to come forward !;
bat it is considerable, and portions OF the
crop Of the year preceding still remain in
the South II the stream Of e1ports ef
commodities continues gold must Still fur-
1her decline. and it has nov reached e
point where the prospect Of its early de-
scent to par must be before the mind of
every holder Of it. In New York Slo0,
oco, Geo Of gola are being held an idle drug,
waiting for the tide 10 turn. All the efforts
Ct merchants and Operators, Of holders Of
dry goods, wheat, b7eadstuds, and cotton,
have been combined to hold il
up to l25, or, falling in that,
TO 100. But they csn no more hold il
IuRu Ad4ALe [Qu1& ACoA4R14 A4lS &A0o< @AA
their efforts to sustain the premium havt
been at their own loss, and, unless the oper
atoss in gold can see so,ne good reason t.
believe that our e1portable cotton. bread
stuf9s, petroleum, md our new product o
gold from the West, must very soon fal
of, the holders of gold viii have no re
rourse but to realize while they can, an
puy general effort to realize in the presen
tate Of the msrket would bring gold dow
b 10, at which figure EilveT would probah1
oue into cirru1Rtion- Tbs causes whic
pvern the decline are behind ard aboy
IL speculators, and they can only cav
tAnEelyes and make profit by operatiu
inaccordauce with these natural cause:
Ithe county would but realize that til
qnkest, surest road to an abundant Gu
rels is to bring gold to par, and 6
add to the actual volume Of OF
cur pcy the s2oo, ,ooo, 900 now bei1
paifally held and carried rs
deadana losing commodity, the effo,
Of q commercial community would
for all in gold instead Of against it. 7
mont gold touches par and comes az,
into osnlation, it will be found that
have ire money in the country than
know lat to do with. Suspended eot
prisss 'every kind will move fozws1
cautionud frightened capitalists will
come b.; men now crouching undo
sense Ginger will ind that the last S
is fred a the war Is ended So it
been in otr countries On resumption
specie pa5.n.s, and SO It must be hero
look with be ior the dsy whenthe enorm
hoard Of g. nos being held By ths u
chsnts of N, York shall be thrown n
the market, eaking it utterly, and aene
the yellow ct again into circulation.
will prove a adref.al>-r'tis.A, d 4sut only
e.eenbaeks, buor ali the people,