The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-10-19
ChtGatelIiattrnr.

li,hv III clioue can easily make gold
We YEA and dear" That's II exactly. The
,s,'Ts,1IarycER ,Ia.St didn't say anything about
NJ. bcIore the election, though.-&eu0H'
riAs Gdatlie.
viii the Gqlett please inform US what
,Dsci,l call there was for us to make use
i tbeeIpression itquotes from us, before
,hs election, seeing we only use it now to
,bov that speculative influences probably
n,sv.pted slight decline in gold alter
Have, election. The remark quoted by
,bs Ga,ti,e is simply truism that is pub
G,b.J in our financial dispatch every few
mornings. When gold is loaned at rates
v,ryius from l.S? to ! and Of one per
cent per day, it Is very evident that its
p,ice /, entirely under speculative influ'
eHces,
Perhaps, however, the Gazette quotes
opr remark for the purpose OF showing
that the fluctuations In gold are entirely
artificial, and that ia price Is always ar
bi,rary and therefore it makes very little
difference, practically, whether the vol
uue Of our currency Is much or little.
such an intimation IL in direct conflict
with plain facts. Gold is always at a
premium, or rather paper is always at
a discount whenever II ceases TO be
convertible. This is the natural law.
The extent Of discount il largely mat
Ter Of popular confidence in the currency,
and condolences rests upon the evidence
Of solvCncy and good faith on the part OF
the government. There is no doubt OF
The entire solvency Of the United states,
but there is a lurking doubt abroad, as
we'll as in this country, that the Demo-
cratic party Ia not as trustworthy, as re-
CARDS entire and Scrupulous good
faith towards the public creditors,
@ tho Republican party. The gold
SpecuIalors are aware Of the fact
that every repudiatiOnist in the country,
without perhaps an individual exception,
votes the Democratic ticket They know
that there lisa very large element in that
party, at the South, who are not we'll al
ieCted toward the public debt, and hence
they naturally reason that the prospects
Of success on the part Of the Democratic
party at the next Presidential election
Oughtto advance the price Of gold. And,
vice versa, they reason that the prospects
Of success on the part Of the Republican
party ought to depreas the premium.
IldOes not follow that because the pre-.
MUM on gold ought to decline according
to this natural law that therefore II will
decline. As we have already explained,
there are speculative influences constant
y at work In the gold market, just as
there are in the grain market, to neutral
ite The operation Of natural influences.
Immense Sums Of money are made at
times by cliques being able TO diSappoint
The expectations Of those who are opera
ting in the market in harmony with nat
ural influences. ItisnOtOriouS that grain
often advances in Chicago when II should
decline-advances far above the shipping
point to the East or to Enrope-Nnd, vice
versa, It Is occasionally forced down by
the weight Of speculative sales when II
should advance. Just so 1t Is with gold.
Andyel, as In all things else, the general
run Of successful speculation must be In
harmony with cause and effect. No COM
binalion can exercise permanent influence
against the grain Of "the eternal fitness Of
things" Witness the scenes Of Black
Friday and other black days in the his.
tory Of Wall street, and the losses on grain
this season by those who held for a rise on
acconn! Of The wet weather. A wealthy
clique can give gold or wheat spurt up
or a turn down, but II the artificial MO.
menInm thuSapplied ia against the natur-
al tendency Of the article dealt In, the
operation becomes extremely hazardous
and nine times In len, in the end, proves
aIO'ins game.
In saying this much, wO do not sny
that gold should have materially de.
clinedon account Of Hayes election. 1t
was natural to expect II to fall slightly
Ont The first receipt Of the nOwS, but those
who held ii up were assisted by the fact
that gold is scarce in New York, the
available supply according to last ac.
coun" being only about $7,OOO,OOO. For
out part we do not desire TO see gold
decline, As long as our general prices
are based on an irredecmable paper money
basis, We need high gold and a high tariff
10 save ia from national disaster. Those
who ATE trying to put down gold and re.
duce the tariff, and at the same time in.
lA'e the currency, are simply maniacs Of
The most dangerous character.
IaE announcement Is made in our dis