American citizen. [volume] (Canton, Miss.) 1864-1890, 1872-10-19
Secretary Boutwell, and the Money
Market.

Mr.. Boutwell, begins the month of Octo-
| Der, as usual, with his little comedy of /:
programme setting forth the weekly sales
of gold and the weekly purchases of bonds
which lie proposes to make during the
next thirty days. The next thirty DAYS
will be a season of supreme Importance to
the legitimate business of the country land
the Treasury programme would be a very
valuable guide in their financial calcutta
tlOns for the business men of the United
States We're it possible for them to place
the slightest reliance upon its statements
and promises. But the experience of the
past warns all practical men that this can
not be done. Financiers in New York
who are able to keep a close eye upon the
transactions of small clique of persons
known in Wall street as the Sccretary's
friends may indeed be able to guard them
selves against the disasters resulting to
the whole community from sudden
changes in the published programme of
the Secretary. But business men out of
Wall street and business men throughout
the country do not enjoy this advantage.
They must move forward into this season
of financial pressure and commercial
activity without the slightest confidence
in the programme of the Secretary. What
Mr.. Boutwell, will or will not do on the
I'd, or the 9th. or the 10th, or the 23d, or
the Both of October. is i'm nowiSe to be di-
vined from his published declarations. 1t
will be determined on each day by the
financial condition at that moment of two
or three speculative houses which possess
the secrets of the Treasury. A good
deal of anxiety has been excited
of late in London. and the bank rate has
oscillated considerably, simply because the
financial world of London could not be
assured of the course of action which
the German Government meant to pursue
in regard to the formidable sum of e20,-
000, 900 sterling, being one instalment of
the enormous French indemnity which
has recently been paid over in bills by the
Government of the French Republic to
that of the German Empire. Mr.. Bout
well, by his control of the sales of gold
and of the purchase of bonds in the New
Y Ork market cXcrts over this market a
control equally mysterious and equally eX-
asperating with that which the bills paid
by France to Germany give to Prince Bis
marck in London. The extent to which
MIR. Boutwell, has it thus in his power to
dcmoraliZc and cOnvulse the market of
New York is quite as great, when con-
sidered relatively to the bulk of the trans
actions in the two markets, as the extent
to which Prince Bismarck is enabled to
demoraliZe and convulse the market of
London. If we take into the account the
further element of the relative bases on
which the transactions of the two mar
kets are conducted it is even greater. 1t
is not surprising, therefore, that prudent
business men and fOrcasling financiers in
New York should view the immediate flu
ture with anxiety, and even with certain
measure of alarm. 1t was bad enough
that the law should introduce into the
financial operations of the country the alb
normal and incalculable element of Gov
eminent interference. But the case as
sumcs desperate features when this ele-
ment of Government interference takes
upon itself, from the ignorance and UNI
scrupulousness of Secretary Boutwell, and
from his entire Difference to the wishes
and the schemes of clique of favorites,
a character of personal caprice, determine
able only by personal interests and by the
ever-shifting necessities of speculative
cabal.-N. y. World.