New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-04-20
MP. BOUTWELL's FINANCIERING.
EdftOr Of The Tribune.

TO 1he L dftOF OF Ihe
SIR: A few facts, which exhibit Mr.. Bout
wells method IN lie most recent applications, may be Of
interest to your readers Certainly they have been Of
moment to the bankers and brokers Of this financial
ter and have grave criticism among those
who object Of your structures upon the Secre
tarys policy. on Wednesday, the 10th inst, monetary
distress prevailed only Wall-st. and Change.
but throughout the mercantile community Mr.. II. ".
Smith, by his 'ock-up" operations had enhanced the
quarter month sringency that from to per cent
freely paid for the Of funds night The banks
were alarmed. and unable to afford any assistance
camille paper unstable the street. But Wednes
day the day for the purchase OF bonds by the
Government and IL hoped and believed that
the Secretary would the means in his power, and
break the force Of the lookup" by accepting more
bonds than the 100000 advertised for. This
often has been adopted under like circumstances
when the surplus OF money in the Treasury has been I'M
duly large. strenuous appeals, by OF high stand
ing. were made TO Mr. Boutwell, and the Assistant
Treasurer delayed his Of purchase. prob
ably IN expectation that he would be directed 10 accept
were offered at Under in gold, and thus legally
open 20 purchase From 10 o'clock 10 y hundreds
OF business gathered the Treasury wait
ing hear of the desired relief. Shortly before the
close OF bank hours was announced that only 100000
OF bonds accepted, and disappointment and
distress ensued. Mr. smith other bear operators
awaited themselves Of the OCCASION bought large guam
titles Of their short" stocks, and then ready
manipulate the market for rise in stocks and gold.
By the end OF the week, the lookup funds had been
restored circulation and money began to IN from
were mnen higher and money had became almost a
drug Yesterday, the nth. the time for
chase Of bonds round again ani 10 the astOnsh
Of every body, Mr. Boutwell,, without solicitation
and with discernible puDic necessity. promptly
cepted 100000 OF bonds. instead OF the called
for Stocks bought Thursday Of last cOnse-
duently marketable at most profitable advance. 1t
claimed by the Secretarys Wall-st friends that he
would to-day sell sOOOOo Of gold, instead Of the $1,000
900 advertised. and that yesterdays extra pur-
chase OF bonds the preliminary movement.
on the contrary, he has this day. IN face
of pressing need for gold" Lea" having
been paid by merchants for It's usecOnned himself 10
the sat Of one million although bids made for over
four times that amount. In short. Mr.. Boutwell,
played into the hands OF our most dangerous gold and
stock operators. "a 10 sut their most
desires. Undoubtedly he quite dIslnteresef In his
tom but could hear theanguage current among the
best GLASSES Of Wast men, and the mhucnIOes thrown
out by ewd fellows Of the bascr sort win reference TO
MI II. y. Smiths presence in Washington during the last
few days he wOud unders and that he has been 80
successful 10 avoiding the appearance OF eNu' Of
cial policy WOaid setuu 10 require.
A Mit,LBEK OE TaL STOCK EGCHAhGE.
Rrnad II a Dfil U.s. 1874