, 1870-01-27
MONETARY AND CVMMERCIAL,
MONETARY.

WEpHEsnAy ESES1H0, Jan. ~
aerator Morton, In bis remarks 10 tho Senate,
Yesterday. On Nj. shernan's pa7Kicg bill, sati
thai he did no. acqa'esca IN the optnioa inat gold
would cpntilue to decline unt.l tne fctufn Of spe.
eie p.yuentA The tenor Of bis tcDasks on tnis
po,n. won d lead 10 the isfereucc tnst &oCe con-
sdtraele portion OF the business community were
ol 1he opinion that gold would SO decline, though
We believe the e1act TeverSa 10 he the Truth In re-
gard to general puollc opinion on rnls
uGtter, and that tnoee who speculate On
the 11se or iAl Of gold are
calculating on very decided advance TWO o. three
L ouihs ren:c- II Congress does not rkss SONS
cu1rercy bill that snal provide tor the retirement
OF gretnbacts to some exteEt, the only question
IN 1egsrd 10 vhen gold viii rlae will BE- as TO when
tre preset AnundAts expor.a CT douarssto pro-
ducts shall fail OF Just u preseas eyeIJth,nR Il
sdvkrte to rte IN gold. TINS active exports Of
cottcn, brcadsEuIs, and government bonaa, have
alunss stepped the e1postsnoa Q! gold tor soas
mouths rass, ana toe fAts 1t which the
latter Is accomplishing In tns county nsy be
approximately esttaAted from the Iac+ that,
wnereas the nsnks Of New York CITY held only
S3l,1sa,oos OF epec1c On January l, they he'd
fao, ~ COS On the 7a5-sn tncrene Of orer eight
n,llnzs IN three week. Tho national credit does
rot stand much higher now In foreign mAtkets
than It did When tho average pl.ct OF gold Hls
100; and It ID plain that the decil5e IN gold G1ace
ttep il rot doe TO IN appreciation Of Eree1aacss,
tut to q depsesaion Of gold nom It's practical ex-
cuslou from exposts:,on- Aoout ninety
Gays hence, when e1por:s Of produce
,au op. the caose Of the depression
VIII te reCovtd, go.d Will reack nns only to ITS
IorneI Ave1sRe. but, Is 10 al~a}f tho ca.c IN re-
ccuots Of pf.ces, will Temporarily 20 higoer taaa
tssi average. The only th!sR which viii prevent
this protpecsire r,se viii be the adoption bJ Cou-
r.ese, this winter, Of 1cme currency measure
which shau provide for the gratust retirement OF
TEE ertenoacks By furdug into tn,erest.oearug
bot d., ard sEostre the baas'ns capital Of sns
eouItrJ 10 fGrr4tn the c:1c1!a:!sD. As long
rs there IL 1Gsher Reduction IN
tie 2mou1t Of the deuknd
totes OF the eosen mept outstanding. roE any
tteps taten for theH paycsnt, It cAncoe be ex-
rccred thst gold will Ferr.a-enilT dkcnre- The
KrtseEt IL the lnvoraole tide IN tnc AFFAIR." OF the
government which Il tAksn At the present nood
Ct exro1tai,on Of piod1c.s, will lead 70 specie re-
suup;lcr, eus u a.oTed TO pass By custi gold shall
rise aGatu Dt1t spring. al The depre1tlou th1s
las been experienced IN bus:neSs during tne lat
thiea Ecnths VIII have 70 be eLd1Yed Recond
ttlc.
The trcleas.rg abundance OF mocey In New
1ors, and the lcc@eas!rg disposition OF tho own.
sEp OF It TO bold II for sncrt speculative opesn-
tlons tlstead or nve.e.pg II IN any regular Trade.
or evtn leItirg 1t out On discounts or merchant
paper, u prepar1 8 the zay for ssaso1 Of active
speculation In stocks and government bonds,
which vii. IN III probability, mate them much
higher wlsnta the next TWO Heeka than II present.
in reEArt to government potds, It nouss also oe
Jemen bertd stAt the supply, to meet tbs fuvess-
meet densnd In this couttry. Il continually du~
| inixhrg oxe. The exPoHa1nn Of bonds
10 Eufope goes steadily oa and this nott eatafAc-
tory ard Available form OF invested capital u b.
ccrnlpg more e.arce IN American narSeu every
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