, 1870-03-01
MONETARY AND C0slSERCiaL.:
MONETARY.

.... MONDAY EvEs1Sd, Fep $.
the financial feature that nov Affects al aosi-
ress tnsrtst1. and Is TIE topic Of oonyessstIou u
Ill buAceaa cuetes, con:tInes 70 be tho decline fc
the p1iee OF gold Ii haA col reqalsed any UNUSUAL
dlscernnent 10 fcresee durtrg the pas: three
nop'nA 'natiu eonseque1ce Of tho nes1y eKooo
OF p1ocucts, gold must 60 down, but tbs dm:oliy
has been 10 foteGee how mrca. With each Euc-
eets!te decline people have said "Tns u The bot
tom!' ana In each case specuI&toTs have operated
Tor rue Ia k.octs bonds, gold, EsaaD, ptoytE'ous
or pn2teyes elSo VA tnef specially, bQt
Asass with Tho same disappointment.
Ten daa hxc, when gold was 1t 11s.
tho mott AroSirg ones, the "oldes;
srecnsatofs, thought 1t impossible Tor gold 70 60
lower, and had anyone then predicted thas gold
would 60 to l1h u It has To-day, he would hAyo
found co one to sree with him. But now that 1t
has tot 10 1ls there arc Juat a. good re.aous fer
IT. goirg On down to ITO a. there were for its
going below 1eo. The premium On gold hss been
geIerAlly accepied a this measure Of the depro-
cauon Of the credit CT the government, bus II Is
welt kno1n saat the gorerumen. has the ability
10 letlto IL g1eenhacks with its surplus reveuae
and that the Ie11rn 1t has not done 50 IL because
Inc buAtnesS public were unwilling TO make tho
change at crce from adeprectAsed currency 70 one
At Ear wltn gn1d- The government hiss denon-
strattd tu ability 10 no. only retira the green-
tacE1, but 70 pay ta1 whole dtht tnaide OF forty
3ears II II was deemed e1pedlent 10 do 80 There
RenR, therefore, no 1eAsoa why tue credit Of the
government shcu.d be deprecated At ALL oat
Il Ids Of 1881 are already above par In gold; all
our 20. aye worth % cenu In gold exclusive OF
Hcc1uld Interest, and Il they ave worth od cents
theEe ID 20 reason why they atn no. worth 10,
cents. A. " criterion OF tbs depreciation OF the
government credit" the premium on eod Is s,1a.
ply tzick Of tho Eptcula:0rs. tnstM Liable 10 be
discontinued at any time. But aside from
this view Of Lhe case, 1t is get:ipg
10 be ~ exrentive bnliresa 70 keep the price Of
gold up- TIE TRlBCkE was the 1rst to point out
the met that The capital Which vas invested ID
gold Vas virtually "locked up;' tna:, In order TO
make any use Of It, the oRners ot 1t must turn 1t
tnlo greer oacfs, snd that this load Of gold was
every cay gettlrg heavier to CARY, As gold aecu-
mnlated in tho conntIy. As 1cIR IS, there WA 4
prospect thst the exports Of gold might be re-
vived Atout May, there was also q prospect Of
gold renct1tg, but when It II krown that We shall
extcrt o. cotton tiole 1t least U01 600 IN gold
1ners th1n We DID lsat year, 1t Will be seen tnaf,
even If the price dces not coptinne 70 decline At
the came rate for the next six mootns a. 1t has
fer The last MI, there u co prospect Of is gong
up, except IN temporary reactions from IT. geucr-
Al downward course. The hnaac!l situation u
new ole, netwo principal features Of which are
that Congress hts given r1equlyacal proof that
the1e shall be no te1a1ton Of the c11ancJ, and
that the people hare begun 70 recognize that capt
Isl Invested In gold !s, to great extent, ueeesa
until 1t u stunned into g7eenblcks. A. each sue
cessiye holder CT gold " obliged 70 do tats In or
der to get The use OF hA money, /, resolves Itself
into continuous enut11ng Of tho 1oad, and dis.
trbutlou oI the loss
ltNappa1ens that there has yet been 10 decline
| ia the pslces OF products and commodities gen
esaJ 10 correspond to the decline Ia gold, though
! It Is also plain that tuen decline ca1not be de-
! fe1red long.
With god at is, greeot acks are worth 81 centa
while 1t tho same ume the several serles Of 5-et
| bonds are worth 1S cents, exclusive OF accruet
| interest This nllcW5 dQtfEpce OF 9 cent