New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-03-17

very slight f0undatl0n OF actual GULL inoiuu
ing under that designation the gold certih-
Gates issued by the Treasury. These gold GER
tificates perform the same Office here in regard
to the payment of duties to Government, In
the speculatiOns of the Gold Room and
in the mechanism of foreign commerce
as the notes of the Bank of Eng
land do in tho banking operations
of London. There is, however, this important
difference. OF Bank of England notes there
is definite, well-known, and adequate sup
ply, while the quantity of our gold certificates
is subject to the greatest fluctuations and I'M
certainty. Hence arise variations in the rates
of interest charged for the use of gold, rang
ing from zero to one hundred per cent per
annum. At the present moment the supply OF
gold is insufficient, and the bulk of the stock on
hand is controlled by spectators who are plainly
resolved to make the most of their oppor-
tunity. The upshot of the matter is that
there is great disturbance in the foreign
trade of this port, business being interruption
Oh account of the utter uncertainty III Che
minds of business men in regard to the 1u-
ture. They cannot tell whether gold Is 10
continue scarce and dear, or is to become
plenty and cheap; and for the moment sew
eral important branches of trade, so far as
current profits are concerned, are converted
into so many lotteries.
| The worst effects of the gold famine are to
be seen in the import trade. The importer
has to buy gold with which to pay duties at
the Custom house, and he also has to buy bills
of exchange to remit to his foreign creditor
in payment for his goods. Considering that
specie payments are promised within four
years he very naturally considers 116 very
high price to pay for gold. In compare
son with the range of the premium
for the last five years the current price OF
gold clearly is not q low one. Out OF the
sixty months preceding the present March
there are only ten in which gold sold at rs
high premium az it did yesterday. But
what can the importer do He cannot borrow
| cold unless he will consent to take 1t at
rate of interest ranging from twelve to ninety
ner cent per annum. He cannot buy 1T out
fright without running the risk of loss on
his importations through the competition
of other merchants who have been or may be
lucky enough to get their gold at a much
lower price. Under the circumstances he will
do the best he can. Where it is practicable
nostnone his remittances to his foreign credi
| tor as long as possible. For the first sixteen
DAYS of the current month the receipts from
customs at the Sub-Trcasury have been
eJ. CPS 200, against S6O02,800 for the CORE
spending period of last year. The falling
off has been entirely confined to the last
nine days, the receipts for the first week in
the month having been greater this year than
| they were last. The effect on tho price OF
bills of exchange has been still more marked.
4 wear ago the quotation for the best bankers
sixtv days' bills on London was 81 Sj, while
Yesterday the corresponding quotation was
s. 70. q rate which under ordinary circum-
stances would afford profit on the importa-
ton of gold. Only few weeks ago, as our
readers remember, we were actively exporting
our gold COIN
For several months we have been warning
business men to be prepared for such aeon
dition of the gold market as that which now
prevails. When the supply of gold certificates
available for the transactions at New-York Is
brought down below twenty millions, such
disturbances as we now witness are almost
certain TO occur. But under our system
of paper money it is losing business for any
one 10 Keep IL slOCh VI uHPlou"N'i'" SO-N
merely for benevolent purposes AS reason
ably might we expect railroad company 10
maintain large number of engines and cars
of which no use could be made, merely for
The sake of lending them to other roads In
an emergency. AS long rs this country up
holds commercial relations with the rest of the
world the interests of importers and export
ors are just az intimately connected with the
general welfare of trade and industry as
those of farmers or manufacturers. An IN
Jury cannot be inflicted on any one great
occupation without spreading to the others.
All occupations are more or less seriously
affected by the present depression, and
no occupation can afford to rejoice at an
injury inflicted on the foreign trade of this
MOTT. That the present state of things in the
gold market is q serious injury to both i'm
porters and exporters is very apparent. For
several days past the question of profit or loss
ON thousands of pecuniary operations, directly
and indirectly connected with foreign COM
mcrce, has been as purely a matter of chance
~ though the issue were determined by the
dice-box. Morally and materially the green
back is the most costly money nation can
employ.
HINTS TO FHPLOYERS.