The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-30


According to custom Secretary Richardson has
announced in advance his programme for the
month Of July. He has instructed the Sub-Treas-
urer In this city to purchase 100000 OF bonds and
to sell SIS, 500 900 OF gold during the month. 1t is
mooted question among considerable class OF
thinkers in Wall street whether this periodical OPP
portunity Afforded TO operators at the expense Of
che government will In the end work out the good
which the Secretary seems to anticipate. SO far
the sales OF gold have prevented no pres
sure. They have relieved none. Indeed, the
gold sold for the last two months is
derstood to have been mainly absorbed by
SPECTATORS with view to future lock up and
rise. The true policy of the Treasury Department,
In view or all OF the information we have from
abroad, would seem to be itself to lock up gold
that IT, to accumulate 1t until there Is reserve
hand sufficient to constitute an element or power
In any disturbance that may occur. 1t is general
admission that as people we are Iamentably weak
In the matter Of coin. For years II has been stead
lily going abroad, and every dollar exported only
adds to the difficulty OF resuming specie payment.
Our entire commerce, in short, Is based upon pub
Tic faith in the public funds just 1t in England
but without the substratum which there exists and
In the time of financial earthquake heaves to the
surface and becomes buwark OF protection.
THE GOLD MARKET
was not cnJlreiy unattractlVe during the past
week. although 1t presented none of the phases IN
c.dental to Wide nuctuation in price. it is alleged
that new clique has been organized, having q
direct understanding with the Old one. and that
the present manipulation OF gold Is due to its
plans. 1t may not be true, but it is evident that
some influence has been at work to force gold
abroad to the extent that has been already re-
ported, with the reward of but an immateral
profit. The total outflow OF coin was 81, $50 600.
Double eagles now command in London seventy
six shillings Jour pence three farthngs. Hence,
with sight exchange at 10 lie or ITO, shipments
may be made advantageousy. The cause OF this
advance is unquestonably
THE BARONESS OF THE GOLD MARKET
OF both England aud France The German require
ment for coinage is 81 900 monthly, FL 900
more per month than what the receipt in gold
from France will be. Hence the German govern
ment is constant buyer of gold IN the London
market, and II the Germans continue the present
rate OF coinage for a few months longer the de-
mand will not only make gold specuatively vaua'
bic in England, but force drain upon the United
States. The subject is eliclting not little discus
sion on the other side OF the Atlantic, and the
English papers comment strongly on the action OF
the Bank OF England In connection with the
HEAVY EXPORT OF GOLD
that has lately taken place. The London Economist
presents the following:-
.The Board or Trade returns for MAY throw adj
ditional light upon the present baroness OF the
bullion market. As we have frequently pointed
out, the. exports OF gold have for a long period
exceeded the imports, although the balance Is
usually the other way; and this was the case
during last month. The imports were COOS, ass and
The exports s2,aSS.Soa, A COMPARISON Of the Ave