The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-05-17
FINANCIAL and COMMERCIAL.

WALL STREET,
TUESDAY, May 16-6 r. M.
On Change to-day wheat was active and strong
The cotton market was heavy and lower.
FOREIGN EXCHANGE PRIMER m
The gold paid out by the Sub Treasury still con-
tinung TO fan below the standard. the leading bank
ers have been compelled TO make a further advance
In the rates for sterling, which were nxed to-day at
tio,s Tor sixty-day bills and Ill for sight. These
figures recall the early days OF the late war; when ex
change was at first quoted IN currency, and when 1t
kept advancing paper deprecated. Now It is the
gold itself which il depreciating. Every applica-
ton at the SubTreasury goes deeper ana deeper
into the store OF small coins, dollar two and half
and three dollar pieces, which so worn as TO be
worth on nm average only about 9oh per cent OF
their nominal value. Double eagles now command
premium Of 4 per cent In exchange for the gold
certificates OF the United states Treasury. 1t Is
to be regretted that Congress is not in
session; Tor apparently, that body is the
only check upon the arbitrary and stupid
conduct OF Mr.. Boutwell,, VINO insists upon AN
income tax when the law provides for none, and
who now forces the merchants into accepting de.
based coin in exchange for the certificates OF deposit
issued from the Treasury Department. and which
are payable, therefore, only In the standard coin OF
the government. IL should make no difference what
kind Of gold Mr. Boutwell, received deposit he
is bound to pay out gold OF the stand
ard. Certainly In these days, when specie
Is not the circulating medium OF the country,
he could find plenty OF opportunity to recon
all the treasure In hts vaults especially as the Mint
and Its host OF operatives are not overwhelmed
with work In these paper money times The rates
offoreign exchange are now nearly up to the ship
ping point for single dollar pieces. Should Mr..
Boutwell, persist In his present policy the summer
Will the expatriation Of nearly all the small gold
coin of the country. He will thus break one OF the
most important links In the chain OF circumstances
conducting us to specie payments
GOLD sTRONG-l1lx A 11ls.
The gold market was strong but not more so than
was warranted by the rates OF exchange. In fact,
strictly speaking, there Is no direct influence ex.
erted by The advance In exchange other than that OF
sympathy; but the maintenance OF exchange at the
shipping point for the smaller denominations OF coin
is constant influence, by reason Of its being sign
that gold deliverable contracts IN the Gold
Room is now likely to 20 abroad. The speculative
spirit which oil this trouble about standard gold has
given rise to is rejected In to-days clearances,
which exceeded fifty millions OF dollars. Let the
spectators know that there Ii any Difficulty about
the currency ana they Will rush to buy gold. The
appetite to-day for the precious metal would not
have stopped at nix had not wholesome appre-
henson begun to spread that Mr.. Boutwell, would
sell extra amount Of gold next Thursday as sort
Of propitation of those who are clam0ring against
his refusal to pay out double eagles The course Of
the Market If Its alienation upon two figures might
be so designated, Is shown in the table,