Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-03-10
THE GOLD MOVEMENT.

There was rather halt in the down
ward movement in gold in New York
yesterday. The market was the scene of
wild excitement, and the fluctuations were
rapid and considerable in extent Still
the market closed half cent higher than
it opened. For several days the gold
maket has been greatly excited, and the
decline since the 1st inst has been fully
six cents. The New York Tribune re-
CARDS the decline in the price of gold as
indicating ''the long Wished-for financial
millenium-specie payments" Many of
the shrewd traders of New York were
last week bringing about specie payments,
at least on their own account, by paying
out silver change, in regard to which the
Tribune says:
''These acts of small dealers and res
taurant-keepers may be mere shreWd de-
vices to gain popular FAVOR, but not so
with the banks, some of the wealthiest
and most prominent of which, it is said,
are earnestly considering the propriety of
making an end of the unsettled condition
of monetary affairs by boldly proclaiming
resumption. 1t was whispered on the
street, with much of tone of authority,
that, in the event that no reaction Oc
CURED, the Chemical Bank would next
week announce the resumption of specie
payments. This institution, however,
has never, as a matter of fact, suspended
specie payments; it has no circulation
of its own, and when government
suspended it began paying currency in
stead of coin, but without any formal act
or announcement of suspension"
''ShOuld it return to specie it must of
course make special arrangements with
the customers to protect itself from being
| made mere medium for exchanging cur
rency into gold at par, which no bank can
afford to do so long as there is any pre-
MUM on gold. But their purpose, it is
supposed, is 70 merely proclaim resump.
| ton as theoretical practice, which viii
not be without great influence Several
other banks which have circulating notes
afloat also were mentioned as preparing to
resume. Resumption by such institutions
means the subsequent redemption of their
notes in gold; and when that is pro-
claimed by few of the leading banks the
whole question is settled"
The 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, ETC., they stand
pretty near in their just relations to gold;
but comparing the present wholesale prices
of butter, cheese, eggs, beef, mutton, po-
tatoes, ETC., with those of December,
1864, when gold was quoted at 1921, it
appears that they have not fallen, as a
rule, over 30 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 difference of almost 100
per cent in gold.
The New York Express of Friday af-
ternoon states, however, that the gold de-
cline unsettled trade in mercantile circles,
and had very depressing effect in the
produce market. 1t says:
''On the produce exchange provisions
of all kinds were lower; flour declined
ten to fifteen cents per barrel; wheat was
dull and almost unstable, notwithstand-
ing the cable reported an advance of one
to three pence in the Liverpool market
In the staple of cotton great depression
was felt, and the marked difference in the
views of buyers and sellers brought bust
ness very nearly to a stand still. Prices
declined fully one-half per cent per pound,
and there was disposition to speculate
on still lower prices in the future. The
decline in cotton of late has entailed
heavy losses on Spectators holding cot
ton in hopes of spring rise, and the
market is in that feverish condition which
might result in much lower prices if cot
ton on the spot was thrown on the mar
ket freely.
Tha Express of Saturday afternoon,
however, says:
meanwhile trade has been affected |
during the last week by the decline in gold, |
and values have undergone a shrinkage. |
although the decline generally has not |
been very marked. The fall in prices,
however, has had the beneficial result of |
stimulating trade and the amount of mer-
chandise distributed from this point du-
ring the week is larger than for any pre-
vlous week since the opening of the year.
Buyers generally, who have been delay
ing their purchases in consequences of the
declining tendency of gold and cotton,
have taken hold more freely, and, as
a natural consequence, business is
steadily on the increase. The
spring trade has now fairly open
ed. The principal interest has conferred
in the department of dry goods, where
the drives in goods generally, offered by
the leading firms, have had tendency to
trade. Iii a remarkable fea-
ture of the trade thus far that the bust |