New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-07-04
even of the bold and sagacious thinkers by
whom it was accomplished.
THE TREASURY GOLD.

THE TREASURY GOLD.
Mr. Boutwell, has directed the Assistant
Treasurer at New York to sell Sl,OOO,OO In
gold on each Thursday during the month OF
July. Without prejudice TO any interest,
either of the United States Treasury or of the
business community, we think the Secretary
might have made the weekly amount three
millions instead of one. The stock OF the
precious metals which affects the premium
and, consequently, all operations of trade ana
commerce, il that in the hands of the people
and not that in the Treasury. since last
November the price of gold has advanced f1Om
10 10 1871 and an occasion if not a cause OF
the advance and present upward tendency we
need not go far to find. The demand for ex-
pOrtation is this year unusually large, ana Dius
fair 10 continue till the middle OF September.
This demand. Of course, falls on the gold heid
by the people, and the people, as the real
owners of the gold in the Treasury, have a
right to ask that a portion be placed at their
disposal, which may be done by exchanging IL
for bonds. The stock of the precious metals
and gold certificates on deposit III the DankS
of this city has fallen from S32,OOO,OOo al the
end of June, 1870. to S16OOO,OOO for the week
ending Saturday last. The certificates OF the
United States Treasury for gold depoNlteu
there have fallen from S3j, 100000 July |, 1870,
70 s2O0OOO 900 July I. 1871. Whoever Is capable
Of putting this and that together can from
these figures easily read the riddle OF the
advancing Gold premium.
On the other hand, the gold owned by the
Treasury stands at $40 100000, against $780,
900 a year ago. In July, 1870 the Treasury
sold 81 100000 in gold each week. paid the July
interest. and held on the fst of August the net
amount of sG4,1J0000 in coin, a reduction OF
only St2,OOOOOO during the month. balance
of SGj,OOO0OO to S75,OOO,0OO IN specie Is not
necessary to the easy working, much less the
solvency, of the United States Treasury. Fur
thermore, the Government has given us and
persstertly perpetuates a paper currency. IL
is the duty of the Government to give that
currency as much stability as Is possible. why
not increase The amount of coin in the hands
of the business community and check the
present upward movement of the gold pre-
miumf Why carry, To the prejudice of bu5l-
ness men, S1000O000 of gold on which not q
dollar can be realized in the shape of in
terestY Why force foreigners TO take away
our DODuS, DtdllllS SlA pei 'iib iih'i'''' w w
tie trade balances. instead of supplying our
merchants and through them our foreign
creditors, with gold which carries no interest
at ALI
At all event, let the policy Of the Treasury
be ineligible. Mr.. Boutwelrs large hoard
has been defended on the ground that 1t
was stored away for the protection Of the
business community. If it is not to be used
for that purpose until the business community
is already on the ground. with its throat cut.
az was the case III September, 1859, what ground
of defense is left for Mr.. Boutwell, to stand
Onq The downright sacrifice of S3,00O,0O0 or
34OOO0O0 a year, in the shape of interest on
bonds which might long since have been
bought and Cancelled, should be capable of
some clear defense. As matters are, large
majority of our plain, matter OF fact citizens,
look upon it as little better than criminal OK
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