American citizen. [volume] (Canton, Miss.) 1864-1890, 1872-11-02
The Financial Conspiracy.

As the proofs grow more clear of the
ScandalouS prostitution which has Just
been made of the Treasury OF the United
States, to the profit of clique of Wall
street spectators, by President Grant :
financial minister. the Indignation of the
commercial community deepens against
the offender. 1t is openly stated in Wall
street now that the foreign and tardlly
naturaliZed banker in whose hands Mr..
Boutwell, has placed himself. and who is
understood to have gone on in person to
Washington to effect the violation by the
Treasury of its published programme on
Saturday last, has rcaped direct profit of
nearly or quite 500. 200 from his secret and
scandalous toreknowledge of the sales of
gold which We're made on Monday last in
consequence of that violation. This large
sum was deliberately taken by the specu-
iator who made it, with the connivance
and through the help OF the Secretary of
the Treasury, out of the pockets of the
legitimate merchants and bankers of New
lork. 1t is an insult to the intelligence
of the whole finsncial community to put
in the hypocritical plea of n zeal for the
relief of commerce in excuse of an opera
ton so barefaced as this in its reckless dis
regard of official decency and of
the private rights of the mer-
chants and bankers of the country. If it
were possible to aggravate such an Of
Tense. Ii would be aggravated in this in
stance by the cool assurance with which a
certain clique of the friends of Secretary
Boutwell, openly substitute for this hypO-
critical plea the plea, less hypocritical but
more outrageous, that the Secretary of
the Treasury perpetrated this practical
fraud upon the financial community not
in the interest of commerce but for the
sake of its political effect.
1t is melancholy symptom of the po-
litical Generalization of the country I'M
der this long reign of lawleSsness that
men can be found openly to claim as Il
clever political vancouver for an American
Secretary OF the Treasury an operation
upon which no British Chancellor of the
EXchequer could venture, were it in the
power. as happily for England it is not,
of 4 Chancellor of the EXchequer to ven
out mourning instant Impeachment and
degradation. The commercial results of
this performance are already beginning to
be felt as disastrous and full of danger
The price of sight exchange on Europe
has already advanced. under the gold sales
of Mr.. Boutwell, and through his depart
ure from his duty and the law, to within
a quarter of one per cent. of the shipping
point of specie.
In the actual condition of the money
market in England it is far from improba-
Bile that within the next twenty days the
English demand viii! absorb all the gold
which Mr.. Boutwell, has sold. The threat
of an enormous new issue of green
backs which yesterday went out
over the country from Washington
is justly interpreted as indicating
the serious possibility that Mr.. Boutwell,
may really attempt in this way to tide
over the results of his folly, or worse than
folly, of the past summer by a fresh and
more disastrous folly. All through the
summer months when money was cheap
and dull Mr.. Boutwell,, plant in the hands
OF his speculative clique of friends, slim
ulated their reckless speculatiOns by SELL
ing gold and buying bonds. Even when
some of his nearest allies protested against
bly, under the delusiOn that he was assist
ing the political prospects of his chief by
making money plentiful when nobody
wanted it, at the certain cost of making it
dear when everybody should want it.
That cost the country is now bearing.
The fall trade finds banks and bankers ex-
banded by their loans upon fancy stocks
and in aid of wild speculations. and una
Bile to contract rapidly enough to meet the
demands of legitimate commerce. And
now, plant as before in the hands of the
same speculative clique and craZed with
the same political decisions under new
form, this astonishing Secretary rushes
into the money markets he has deranged,
still further to derange them and, by up
setting the legitimate calculations of legit-
innate commerce based upon his own pub
lie official action, supplies new resources,
through secret conspiracy of bad faith
and folly, not to the legitimate commerce
of the country for its legitimate needs, but
to his speculative clique for fresh expert
ments in the thimble-risging finance of
Wall Street.-N Y. PdDer,