New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-10
THE powSWARD MoVEmENr or G0LD

Eager spectators were on hand early yesterday
morning rs the Gold Board and considerable amount
of gold was sold lOk before the opening OF the room
The excitement has spread far and wide. and the
crowd OF brokers spectators throughout the day
dense. stranger turning down Newest during business
hours Yesterday would been at impressed with
CONSCIOUSNESS that something OF universal importance
WA going on I'm the neishborhood Not only were the
stems leading 10 the room covered with the heay
ing crowd seeking admission. but tho side
walks i'm front OF the building, and even on
the opposite side OF the street, were lined with
sober and welldTcsscd citizens gazing at the windows
ana striving for faroG Of the indicator, with the
accursed greed Of gold" shining in their eyes and the
stranger though he cold-blooded frog, could
not help being influenced by tho intense excitement in
the atmosphere OF the place. he was pushed slowly
up steps and inner stairs. with the roar OF lie mad
crowd OF brokers within sounding ever louder ana louder
in his eors Yet the tuuult Yesterday not materially
greater than has been every day this week though me
numbers IN attendance were greater. The VARIATION
the dy drd not exceed per cent ll1t being the
highest point aud I0l the lowest sales began after the
opening the at ll0a ana llO4 me lowest point
reached since Jnly z. 1862 The price then rose faPB
10 ma and declined quickly to lIol again. when u was
reported that the Government had accepted Dlis ior
million at the present low rates FROM r'Is p o' H. 49,,
lied gong slowly and unseadily mp uii at noon ne IN
dictator pointed to lll alter VARYING ,p rs s
point and III, IL went down among the lpS aEd nSS
M D. M and standing above Ill for an hout nrn is'
lug little and selling. when the Board co7e W lus &
ports from Washington whlch came W i,iinf CO,
much effect especially those when pertaed 70 5IC oV
gold. BIDS put III S',ZoO'u" at
from IG7 90 10 TO- the million OF bids accepted ranging
tom no go TO III 10. Large sales H1dc and the
nucuation throughout tile day was lncess'nl lhr hr
Gator being constantly in notion II IS apparent 20
every intelligent observer that the market - governed
n1omu,n AT All on eoiu II utterly unaccOuntablc'
and II is only held in preference TO currency through
force Of habit further clear that gold Is p drug h
the market We have greater supply IMAM IL il'cutu
for the requirements Of trade II specie PAYMENTS were
The rnle to-day, greenhacks would command a
premium ., wben he could Get the Government prom.
\
Of the foreign exchange market The balance on
is ON England are carried about WalLst. in search
~ nurcbasers This exchange represents gold. 1t IA the
medium through which in former years we nave pald
e., orr surpluz nporatons This year we have shipped
cotton abroad in lieu OF gold, and with our bonds rapidly
apnreciatng m value. and finding ready purchasers
,Ibrnncbout Europe the Eastern Continent IA IN our
debit and must send It's gold 10 THIS ~ .
balance. Hence it is that the premium steadily Pn,
surely Declines and must continue to DECLINE uhth f"
reaches par ---,. l.. o.,,. .o,o-ao1
DThc tendency to this desirable result is only retarded
nv popua erroneous apprehensiOns OF serious com
mercal disasters The prevalent idea y thiI AL 'auS SUI
mus decline IN exact proportion TO the premium on god
This is only measurably true. slhe current prcSo VI
most staple merchandise inflated nntihg tu war oh
already been Appropriated to gold standard other
goods have been recently put down Dy inc y,
anticipation Of the decline IN gold. As matter OF TACT
tie of merchants have put their houses III orcr
and made such full preparation for the inevitable Return
10 specie basis OF trade that they will be m no serious
arnr affected by IT. Real estate will tumble; but there
rs room for tumble Spectators ia gram WIN snner
undoubtedly professional speculaors must lhevita
bly suffer whenever gold goes to par They can suner
and bear IL as well now as at any tlmc. ---.
is idle. however, To speculate Oh VIM N'oninS
Walst battles all prognostoatons. and IS az uncer,
tain a the weather The great decline has Deeh Drought
abnut without any organization and at the present time
there ia no combination either to put or put down the
premium and II the market shall continue 10 po .o
rinnr the premium must become nominal before many
more days. -, . ....... ,,rror, sna
clio n,yment is being attended with so little lncOhNe-
nence nnembarrassmcnt At first the result was 10 par
Awe trade Last week our importers anu "hoieSils
! merchants wore long faces Customers were leW ana
sby Country dealers afraid to buy. MANY "Oulu
not even come into the market but an on,s a h
changed Puyers have been more numerous ana dust
nos. has been far The latcness ~ the season comeH
the country merchants to seek supplies Tor thelr oPuB
trade or orego It altogether Hence they are OuyhB'
though apparently falling market Therefore they
- Ight Rut lthe fact Of smany being behhdhahh
i IheIr niIrchsses and that all now rushing III 10
secure their stocks at once makes Drsk ahu utINng
E,st and West yet TO come ana gOod lrade may Do
noked for for several weeks yet winch VIII greatly aS-
- ,b smaller class merchants IN getting over the
tempOrnry embarrassment consequent upon the decline