The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-04-03

prices Of speculative stocks has been merely
the incid- ntal tail to the Gould kite.
TIE Pacific railroads and Pacific Mail
st .amship Company will profit from uniting
their fortunes, of course, but the effect OF the
consolidation has been too heavily discounted.
Other railroad properties have sympathlzed
very illogically, as the concomitant OF the
buoyant course OF prices has been genera
break in railroad freights. Altogether the
sneculation is based on fiction and fancy in
stead Of fact, or faith in jay Gould iusteAd OF
the natural results Of legitimate causes.
In further development OF tue great trans
ccntinenta! monopoly, it is stated that the
Central Pacific Railroad is about to commence
active operations in building the Southern
Pacific, the plan being to open work Oh about
300 miles, ending at San Diego within the
wear. The design is, of course. to defeat 'he
Texas Pacific road. by occupying the field
with road belonging to the ring.
The stock Of Gold In the Treasury.
The presen. condition Of the gold market
makes the movement of Treasury gold Tor the
next few months matter OF considerable IN
terest to the mercantile community, who
have to pay duties on imports in gold, and IN
fact to every class of the community, from
the National Banks that are debating what to
do with their bonds to the people who have
to pay in tie prices of all that they consume
a percentage, of insurance to the importer
against the fluctuations of gold. The p'ice
Of gold will largely depend upon the stock
controlled by the Treasury and the manner
Of it's dishnrs+ ment. The only receipts OF
gold the Treasury can count on in tie mex:
quarter are from customs. The next quarter
i, one OF moderate importations, and the
customs receipts are usually small for that
season, and can hardly exceed $42, 500, 600.
The disbursements Of the Treasury for the
same period are to be;
Over. due interest on March L.. st.9l6, 81
March interest NEUTRALITY-SUSPICIOUS.. 4,8H, l57
Nav interest ..................... 14,242.yZI
July interest ........ ~, O35, 956
Called bonds for sinking fund ..... $4,000, OF
The disbursements will exceed the receipts
by s:,6, 100000 The stock of gold in the
Treasury March was $50, 400, 900, and it is
therefore likely to be reduced to about $l7,-
900, OOO-a lower figure than it has reached
for many years.
About $50 coo. coo Of the bonds called on
account Of the sinking fund, and $4,000. 900
Of the interest due in the next quarter
$40, 900, 600 in all belong to foreign bond
holders, and must be settled either IN gold or
in exports. Our exports are at q low figure,
as is shown by the extraordinary number OF
European steamships now lying idle. The
demand for gold in Europe is unusual: Ger
many is bidding for it to substitute for her
| silver coinage; France wants it for the re-
serves of tae Bunk of France. The nation
that can give most for it will give it.
Our interests are involved not 50 much in
the expectation OF the gold, for that is g
movement incident at times to the trade o.
ali nations, but to its fluctuations. What
hurts us is not that few millions more Of
less are to leave the country, tor the United
States are exporters of gold, but III 1t our sys
tenn of currency is such that gold is demone
tized, while it really remains the measure o
values. The consequence is before us. 4
clique of spectators have Ii in their power t.
corner gold, Just as wheat, or corn, or oat
are sometimes cornered by Chicago Board Q
Trade operators. The price is in their con
troll, and they put it up or down to suit thei
own interest.
Tie injury that they do the country is ia
beyond the million or two Of profits they ma.
divide if they get out of their corner. The.
disturb and distress all markets, and it is NJ
exaggeration to say that every interest Ia tn
country will have to pay the penalty. s.
long as the plain necessity Of a resumption Q
specie payments is evaded by Congress. tn
trade and industry Of the country are subjec
to just such conspiracies, and the worst OF
is that the people who have no power to pre-
vent it are those who must pay the COST
Chicdgo Tribune, 31s! ut.