The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-03-12
THE DOWNFALL OF GOLD.
ITS EFFECT on TRADE.

ITS EFFECT ON TRADE.
The Price of the NecessarIes of Life-A
Rough Time in the Cotton Market
How the Spring Business is Opening.
The New York Tribune shows that the cost
Of the necessities of life does not bear its
proper relation to the great indicator Of values.
In the case Of such staple productions as coal,
cotton, flour, sugar, &C., they stand pretty
near in their just relations to gold; but COM
pairing the present wholesale prices of butter,
cheese, eggs, beef, mutton, potatoes, &C., with
those of December, 1864, when gold was quo
ted at 222, it appears that they have not fallen,
as rule, over 80 per cent, and in some cases
have not fallen at all. In the retail trade, the
disparity which should exist between the prices
of the different dates is still further lessened.
and is less than 20 per cent. against differ
encc of almost 100 per cent. in gold.
The New York Express, of Friday, states
that the gold decline unsettled trade in mer-
camille circles, and had a very depressing effect
in the produce market. 1t says:
On the produce exchange, provisions of all
kinds were lower; flour declined 10 to Is cents
per barrel; wheat was dull and almost unsafe
able. Notwithstanding the cable reported an
advance Of one to three pence in the Liver
pool market. In the staple of cotton great de-
preston was felt, and the marked difference in
the views of buyers aud sellers brought bust
ness very nearly to a stand still. Prices de-
cllned fully one half per. cent. per pound, and
there was disposition to speculate on still
lower prices in the future. the decline in cot
ton of late has entailed heavy losses on spec
| plofnrS In hnnnc nf
rise, and the market is in that feverish condi-
tlon which might result In much lower prices
If cotton on the spot was thrown on the mar
ket freely.
The Spring Trade.
The Express, Of Saturday evening, however,
says:
Meanwhile trade has been affected during
the past week by the decline in gold, and
values have undergone shrinkage, although
the decline generally has not been very marked.
The fall in prices, however, has had the bene-
fetal result of stimulating trade, and the
amount of merchandise distributed from this
point during the week is larger than for any
previous week since the opening Of the year.
Buyers generally, who have been delaying
their purchases in consequence of the declin-
ing tendency Of gold and cotton, have taken
hold more freely, and, as natural conse-
quence, business is steadily on the increase.
| principal interest has centred in the depart
ment of dry goods, where the "drivesn in
goods generally, offered by the leading firms,
have had tendency to stimulate trade. 1t is
| O remarkable feature of the trade thus far that
the business has been concentrated chiefly in
| the hands Of the prominent jobbers. The COM
mission merchants and Importers especially
the latter, have been slow to make conccs-
sions, and have attempted TO ignore the
''drives" offered by the leading jobbcrs. These
"drives" however, In connection with the de-
| cline in gold and cotton, have had their effect,
and prices are generally lower.
The Effect on Cotton.
A New York letter of Saturday says:
Those unfortunate individuals who have
been sellers of cotton the past week have gone
through about as trough an experience as has
started out with estimating the receipts of the
week at G0,000 bales, but on Tuesday 1t became
evident that they would exceed 10000 bales.
This weakened LiYerpoo "nu almost DESTROYED
what little confidence there WIS 1efC among
our holders. and, of course, shut ont nearly
here we come to an experience with our
irredecmable currency which should not
be lost upon any business man. 1t illus
tratcs with peculiar distinctness the truth that
all the apparent wealth and prosperity which
has no other basis than redundant currency.
! than Dead Sea apple, which, fair to the eye,
turns to ashes upon the lips. The decline In
cotton brought in large export orders; shippers
took in tour days about Is, QUO bales. So large
movement of this character. with the cur
rency on a sound basis, by relieving holders
and contributing TO ease In the money market,
would have eXerted q very favorable influence
and checked the decline But the effect, under
existing circumstances, has been just the re-
verse No sooner did the large export
of cotton become generally known than
it was made the preteXt for raid
upon gold. 1t was declared that
St'' be drawn avn against a'' the C cotton as would
destroy all hope Of an export OF gold
this spring. This produced rush to sell
gold, ana contrary to tie wishes Of the Treas
ury Department, or the expectations of those
who have been leading "bears,h the premium
was knocked down three per cent. In twenty
four hours. This, in turn, contributed 10 the
uneasiness of holders of cotton; and thus the
large export demand, which should have
sleadied the market, hastened the decline. Can
there be more fOrcible example OF the truth
that an irrcdeemabc currency is at war with
every honest pursuit? With respect to the
filrture ofcoltOn, the remark of Mark Anthony,
when he was told Of the effect of his Grafton
over the body of Caesar, will apply, "Mschiet's
atoot;n and we shall be fortunate if the staple
escapes q prolonged period OF depression
and doubt, under the pressure of large
stocks, not unlike which has prevailed
many months in brcadstuiIs.
SPECIE PAYMENTS.
Our people have developed Il tirore for the
immediate return to specie payments; and If
there were any confidence in the integrity or
capacity of the mead of the Treasury Depart
ment. that event might be looked for this
spring: it will not be the fault Of the people, or
the si:te of the Federal finances, II the long
agony in our business matters Is not soon ter
minated, and productive pursuits once more
permitted to reposc in the sheltering arms Of
q legitimate currency. Several Of the princi-
pal restaurants have adopted the eXpedient of
giving silver change to their customers, as q
means of increasing their reputation. Small
silver can be purchased at seven per cent. pre-
MUM. This sort of thing is not without its
significance, and perhaps Indicates that IN tbis
as has been so often the case in the past ten
years. the people are ahead OF their rulers.
GOLD DOTN TO TEN And SEVEN