The New York herald., 1871-09-05


subsequent notice was gwen that In the pro-
poeal OF bonds invited each Wednesday no Offer
ings Of nve-twenties Of 1852, included IN the list
whose numbers have been announced for special
redemption, VIII be entertained. In other words
the secretary OF the Treasury intends to buy and
cancel bonds after the usual manner over and
above the amount refunded by the operation so far
Of the Funding law. S. mst s.l. fa1
GOLD sTRoNa-ll3 l13,<. 70
The dealers in the gold market on entering upon
business this morning were inclined to believe
decline in the premium would be The result OF the
enlargement OF the september gold sales to
So oo0o 900, but were not long In the Geld Room be-
fore they became aware OF very different senu-
ment on the part OF those sending In orders which
were 70 "buy." The explanation OF the PARADOX
lies In the revival OF the clique operations but IN
allegiance by Mr.. Boutwells gold sales few weeks
since, which so dampened the ardOr OF the 'bulls'
that they abandoned the market until
lis policy In the matter OF gold sales
for September should DO declared. This policy Is
now known, AMI the "bulls'' in figuring upon 1t
have made up their mind that with only eight mil
lions to out OF the Treasury, and with sixteen
millions to 20 In for customs provided the import
duties for September are anything near those for
August, when they were close upon seventeen mil
lions Of dollars, Mr.. Boutwell, viii be the "noblest
bull OF ALL" In other words, he will, during the
month Of September, extract from New York RbOnt
eight millions OF gold. When the entire amount in
the banks, shown by their statement last Satur.
day, after counting all their silver and gold checks
on each other, was about twelve millions.
This is an important array of facts. The only con-
ISOLATION afforded by them Is the opportunity which
they promise Of letting the exporting merchants get
q ready market for the crops OF cotton aud wheat
whion are now moving TO the seaboard from the
South ana West With gold spool" ready to keep
gold up, and with the Treasury operations con.
Quoted rs to assist in the maintenance of the pre-
MUM, 1t is happy coincidence OF gooo luck for the
merchants, the farmers and the planters, although
| Mr. Boutwell, Is apparently innocent OF any inten-
ton Of being SO skllful q dnancier. Some people,
however, who can look little farther than
others think thar it IL very shrewd
| game which the party in power at
Washington are playing when they please
| the importing merchants by running gold down TO
no. as they did last spring, and then in turn make
| the farmers and planters good humOred by running
1t back 10 113 In the fall. At least the cliques
operating in the faith Of some such policO financial
poles, and their dlstrust OF Mr. BOutwes plans
September we're only, perhaDs, q part Of the pro-
Gramme for keeping the pubic from seeing the
game within the game Tie ''poOln advanced the
price to-day from lis TO I13,s, and also put the
screws the loan market tightly that the
'shoris" were compelled TO pay average OF
about 1872 equivalent TO ten per cent per annum for
the OF gold. The course OF the market is shown
In the table,