The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-01-10
THE MARKET PRICE OF GOLD.

~ The MARKET PRICE OF GOLD.
The slow but persistent expectation Of gol
from New York to Europe which has been goin
On for the last two months and still Continues,
a matter to which we have already two or tire
times called attention. We refer to 1t once NOR
because it has an important bearing on IN
question OF resunrption.Of specie payments, an,
Is in other respects deserving OF investigation b.
business men. The causes which have produce,
the recent shipments OF specie appear to MS to b
of permanent character. and 70 be destined t.
produce considerable change In our commercial
relations with the rest Of the world. In short
| they do not begin and end with the maintenance
4 OF six per cent discount rate by the Bank o.
England, as some practical persons may imagine
During the ten years from July 1863, to June
States, as officially returned by the Bureau Of
| Statistics, resulted in an excess Of imports Of
merchandise over exports, valned in gold, OF
81 O4S 900 900, or $lO5 900 900 year. This, how.
ever, was only part Of the real balance against
| US during that period. Goods were undervalued
| at the custom houses and struggled INTO the
country by travellers. Foreign vessels earned
millions in freights, and every year added to our
| Indebtedness abroad the interest on the debts OF
the previous year. notwithstanding the fact
! the round sum Of s70O,O0O,00O in specie, over
and above the imports since we turned our
backs on gold and silver in 1862, the fact is
notorious. and not denied by any one, that we
owe Europe &u luu0u60 sum, IOr WHICH our
creditors hold good securities. such as bonds Of
the United States, the State Of Massa chusetts,
the cities of Boston and New York, the Bal more
ana Ohio Railroad, and so on. As for krie Rail
road shares, Atlantic and Great Western stocks,
Northern Pacific bonds, and other stuff of the
same sort, We do not include it in this account.
The change which is in process in our foreign
trade is briefly this: Instead OF importing at the
rate OF from one hundred to one hundred and
fifty mil!ionsa year more than we export, as we
money, we must now, for two or three years at
least, export more than we import.
We must export not only to pay for our i'm
ports, but also to pay the interest on our debts.
There are doubtless among our readers many
individuals who have at some times lived in ex-
cess OF their incomes, and who have at other
times been obliged to save enough each year to
pay off portion OF their debts. BY the latter
process men really grow rich, while by the
former they seem rich, not only to those who
to themselves. From 1862 to 1873 the United
States, in our opinion, were travelling toward
bankruptcy, yet We fancled we were growing
rich. Now we are working hard
and spending as little rs we can. and struggling
to save ourselves from insolvency.
We are pursuing the same course that every
man who has risen from poverty to wealth by
honest practices has been obliged to follow. We
are by no means blind to the individual suffering
which has been produced by the change in the |
habits of the nation. It would have been far !
better had the course OF extravaganza of 1865 to
1871 never been entered on, but since we cannot |
recall the past we must now practice parsimony |
)r cease to be q solvent nation. Free from dis.
grace we can scarcely call ourselves, but as ma
ion we have never been unwilling to submit to |
1rivation and sacrifice to maintain public credit
Ind mercantile honor.
The maintenance OF our credit with foreign ma
IMPORT, or, what amounts TO the same thing,
hat we pay the interest on what we owe our for
,ign creditors. II in addition to paying the in
crest, we wish also to pay portion Of the prin-
ipal, we must export still greater excess. Now
We take the meaning Of tho exports of specie and
IMPORTS of bonds which have been in progress for
he last two months to be this: o. We have
lected to pay of portion Of the principal Of our
ebt to Europe, and the proof of that fact is the
Importation Of bonds; ~ we have not sufficient
Y increased our exports of merchandise to bal
nee the account, and the proof that We have not
one so is the ex oortation Of specie.
There is abundant proof that the importation
T bonds and other securities from Europe is
bly, continue for a considerable period. The
avings OF the country amount to large sum,
nd az thcse savings are not now invested OF
ather sunk, in railroad bonds, new furnaces,
hines, factories and other such undertakings, a
urge share Of them necessarily take the shape
a repurchase from Europe Of some Of the first
lass securities which have been sold there since
le war. This is especially trne OF United States
onds. or the exports of specie, it is only neces-
Try to say thatthey have been made ST q season
the year when our exports Of merchandise are
their highest and our imports at the lowest.
10 our apprehension they in dicatc clearly that
10 prefniuIn gold is too low. Gold is sent q
ecause it is cheap + than grain and cotton, with
hlch products we are much heavier stocked
ian We arc with gold. What should 20 to Eu-
'pe in set lemept OF the balances against us is
ot gold, but more grain and cotton more pro-
sions and petroleum. Especially is this the
Iso il We arc to return to specie payments at
~ time daring the next ten years. But the
creased by lowering our prices relative toprices
Europe. Our import trade is already extteme-
depressed. But whether the equilibrium be ,
stored by a. increase OF exports or decrease
imports, or by both combined, the means by
hich such change can be most easily and
lturally effected is higher paper money'priee !
gold. a. q
Gold is the commodity Of all others which for
@ last two months has visib!y been growing Z
arcer, and we should be glad if VIC had any )
,od reason for believing that in this case in 8
easing scarcity will not end in higher price.
lis. of course. is too trflIng matter to arrest
e attention Of ,hose Congressman who think
ey have only to get together III caucus to settle :
ir views Of this complicated subject may be in
rect, but they did not take shape nor have we
ren them 70 the public without due reflection
4 observation of the present course Of trade,
d some attention to events of a similar nature
past times and other countries.-N. I. Til u
ne. Ell. -.
The press of the country should now do some
city plain speaking III regard to the conduct Of
:. Grant in Louisiana. Upon that subject there
q substantial unity, and tnat is that the sooner
calls Off the dogs Of war the better. He shonld
told that there is such thing as forbearance
sing to be virtue. He il exausting the pa J.
nee Of the people. The crime he has commit :.
against our free institutions is infinitely A
sa.er than that which ca used Charles OF Eng
ii. and Louis XIV OF France to lose their heads T
the scaffold. He has lately done that which :
lone by Queen Victoria would cause her depo-
ion from from the British throne. He should
advised in words OF warning to take heed to
foo steps, lest he may stumble and r. ceive s.
Iere isll.- Cincinnati Enquirer. -.5 H.
Fifty-four generals widows draw pensions
m the Unitpd States. correspondent Of the
icago Post says: When the pension paid the
lows of brigadier generals, $50 month, was
cred the widow OF brave Gen. Meade, Il am tolo
3 very emphatically declined to receive it, be-
1eA IL was az than that Maid MIRA. praa1.tent p