The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-03-16
TRIDE IND FINANCES.
The ra,, Of Gold and Its Effects.

The Fnll of Gold and Its Effects.
The tumble in gold and its effects on the
makct form the subject of an elaborate article
in the New York Tribune, from which we con-
dense the following:
The decline, it Is said. occurred at very or-
portune period for retailers, but bore most
heavily on importers; aSlas regards tLc ei-
frct of a further decline until gold should reach
mar. .the opinion seems to be quite general
that, could specie payments DC resumed,
very good business would be done IN every
branch of trade, and the merchants couid
sale trade it is stated that prints have been
reduced from one to two cents per yaru, the
present prices being based on 1.-The price OF
rold and the raw cotton, and not on what lt
has actually cost to manufacture them
Certain brands of bleached and brown
goods have advanced from one to two
cents per yard. F,rcign goods nave
been more or less aiieclea, some ue-
scrintions to the extent of ten cents
ner ward. Staple articles Of dress goods are
from 10 to Is per cent. lower than they were
three weeks ago. Carpets of domestic man'l-
fncture have declined but u per cent, and for
eirn linens about per cent. in the past thrce
weeks. Laces, embroiderics, &C., have greatly
dcclncd; also mantlcs, silks and rip1ons.
American silks and Italian cloths nave ueen
red iced In price, the latter from Is to ~ per
cent. Shawls have declined 10 to l25 per cent.
The boot and shoe trade. it is said. will not DC
affected as labor is high, and the price OF
leather is advancing. Groceries of all descrlp-
tions arc selling very fur below the ruling prices
of last year. Coffee has fallen from 45 cents 10
IS cents. Two months ago the best whllc
sugar was quoted ut 20 cents by Inc barrel:
The same quality of sugar Is now onered ~
&c off r,il n =
Which last year cost SIG. Teas declined last
week 10 cents TO Is cents. \ year ago Tie pest
butter sold Tor 55 cents. At present 1t stands
at 40 cents.
The Funding Gill.
The New York Express Of Saturday evening
says:
The gold rooin presented very quiet aspect
this afternoon, strangely in contrast Win the
excitement and activity OF the previous Gays
If the week. The Funding bill was much dis
cnsscd but il is rapidly losing its charms us
scarecrow in the gold room. This was plainly
seen in the strength Of the market during the
afternoon. There is q growing conviction that
the bill, as it passed the Senate, must faii IN
the House, where the national bank influence
is very great The discussion in the Senate on
this Funding bill has seriously injured the
spring trade, and caused general snrlIiRage
in values to the extent oil hundreus Oh iiill.
lions of dollars. The passage OF the Fundins
bill in the Senate was made the basis ol
fresh raid on the gold market. The price
opened at T., fell to Iii ard closed at l23.
A letter from Washington of Saturday says;
Il is stated that on Saturday senator Shcr-
man saw President Grant shortly after the
Executive had been visited by Il delegation OF
hank officers in regard to the Funding bill. and
that the senator said he felt sure the banks llat
been well treated in the Funding bill, and was
positive that they would ultimately bc bcnc'
fitted thereby; besides aiding in placing the
government on a sure fooiing. The President
EXPRESSED himself cmphatically i'll lavor of The
bjli MS nassed, the amendments having been
explained TO him by senator Sherman.
Specie Resumption.
Tic Chicago Tribune, in an article on re
sumption of specie payments, makes the fol
lowing suggestion
The law authorizing the C of the frac
tional currency leaves the provisions for Its
| REDEMPTION to the discretion Of the Secrctar,
| of the Treasury. only restricting its total vol
| umc to s50, 900, 900. II. then, Secretary Bout
well really has specie resumption in view
there is an opportunity for linn to take tht
| first step In that direction BY importing few
millions OF silver from Canada, aud ann0unc
| inr thathe will redeem fractional currency il
fractional silver. If, ut the same time, TN
small bills of the grcenbacks be gradual,
Withdrawn and large denominations issued il
their place. the necessity tor small bills ant
fractional money would be the means OF estao
fishing specie resumption at once on s4O,0UO,
600 OF $50, 900 of our circulation, ant
would eventually be the means OF drawing
| gold into circulation.