New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-01
MIR. BOUTVELLS POLTCY

NIX. DOt ELLS IOIIt
A City journal, which habtually mistakes
calumny for vigor and abuse for argument,
thus exhibits itself i'll TRADE against the
Secretary of the Treasury:
aIn the natural course Of events from improving
Rational credit Government bonds would have reached
par in gold at the close of 1862 but for Mr. Boutwels
shfess stOck.obbiug policy on the gold question, and
his efforts stem the natural downward tendency OF
gold, to ObAge his LOYAL League friends, who were at
that time heavily long of gold from 40 down There is
every to believe that gold would have reached 10
TO 15 in December last, had not Mr. Boutwell, been
bull in Tho gold market from September 25th last, and
until cutie recently and had checked the natural de-
cline by repeatedly refusing toaccept bids at the market
price from 1872 to If gold had been allowed by Mr.
Boutwell, to tako its natural downward course from
September % TO December 81 last then merchants
would have been enabled to purchase their stocks for the
Spring trade at probably the lowest prices of the year.
and thus have formed the basis for prosperous Spring
trade As the case stands now, they have purchased
considerable portion Of Spring stock OF goods when
gold was higher and Mir Boutwell, and his friends vera
'bulling the gold market and now before the Spring
season has fairly opened they find their merchandise
doprecating their hands and their customers inds-
posed to buy at all until forced to do So No words arc
severe enough condemn such reckless policy Oh the
part Of the financial agent Of great Republic like
who supposed to act for the peoples interests In any
other civilized country such lack Of ordinary business
knowledge would sweep from public existence any finance
minister.
MI Boutwell, was a bun gold at l32 down
| TO l20 and is bear on gold at 49,. These
facts are OF vital Importance TO every In business.
Their resultAon all markets ought to be considered
carefully by every that they may be prepared for
any sudden crisis which Mr. Boutwell, may precipitae
by his present bearish feelings the gold question
The people have become demorazed by the events OF
the past few days in the gold market and many, who
| ought gold "A
Thus the has lost its popular sustaining influence
1t gives way naturally under the increased pressure OF
sales which this revolution in the minds Of the commu
nifty brings with it, II there is no change in Mr. Bout
wells policy. in the minds Of the people then the price
Of gold must gravtate downward to about no. where
ought to have been and would have been last December
but for Mr. Boutwell, refusing to sell gold at the market
price of 1872 aud l2O obige his Loyal League friends
who were long OF gold"
Comments BY The Tribune.
For the honor of journalism, we trust that
there are not two newspapers i'll existence that
would thus assail a public servant without
stating some fact, real or supposed, by which
to give color TO its accusations. In this case,
not even pretended fact is given. Mr.. Bout
well is charged with having been "bull" on
gold when he was selling Six Millions of that
commodity per month"; and with being "bear''
since he has reduced his sales to Two Millions
per month. And yet. every one knows that he
can only "bear" gold by selling gold and
"bulr it by boarding it unsold. Everysmate-
rial fact is known to the public, and every one
dsproves and scouts the SANDER of The World
The naked truth is that Mr.. Boutwell, has
been neither a "bulln nor "bear" in gold
except when he broke the Could Fisk corner
by ordering Four Millions sold on hearing that
they had bulled up the price to 100. Except
in that instance. when he interposcd, at Gen
Grants suggestion, to save the Government from
disgrace and the commercial public from bank
ruptcy, he has simply used he surplus revenues
of Tie Union 10 peu tie Unions asts. This haa