The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-02-09

From the New York Tribune, Feb.i
The Gold Exchange presented "a scene
of excitement Yesterday which has not
heep observable for Il considerable time
wethin its dingy precincts: Gold opened
at 1l4I advanced to ll5i, went back TO
I143 and closed ut ll5. The cause or
This sudden advance was attributed to
tLr continued heavy loss of bullion by
the Bank Of England and heavy exports
nf onld from this country. There has
been Il steady decrease in the bullion Of
the Bank of Eng and for several days past,
and Yesterday 1t was announced
that e58O,OO0 had been with
drawn. Outgoing steamers have
taken large quantities Of gold which, 1t
has been thought, might find it way into
the Bank OF England and perhaps change
the flow Of bullion, or, at all events, sup
ply that which had been withdrawn. The
latest advices, however, do not indicate
that this result was accomplished. All
sorts of theories are atioat rs to the cause
of the disturbance in monetary circles.
One story was to the effect that the city
of Paris was about to negotiate lone OF
25OOOOOOO frances, and for the purpose
of placing the loan with advantage.
bear movement had been begun on the
London market for the purpose Of driv-
ing cold to Paris, and by making money
easy in the latter city, to aid in securing
subscriptions TO the loan. This story
however may be taken with many grains
of allowance.
4 prominent banker Yesterday attri-
butcd the advance mainly to the opera
ton, of the Syndicate in placing the new
United States bonds. The government
is calling the old hvc-twcnty bonds from
the other side. The European nations
are not freely taking the new iivcs offer
ed the United States are exporting very
little, and the result is that the called
bond, must be paid for in gold. This
accounts for the outflow of specie from
here and the advance in the rate. The
banker concluded his remarks with this
propo.ition: "If the action of the
I Syndicate in placing SS00O0,OOO of the
new fves cause gold to advance from
/ lOgl6ll5j, what will, be the price OF
/ cold when the remaining SlOI 100000
| OF bonds are placed within the balance OF
/ the wear" Behind all these theories one
/ fact j, tolcrnbly certain, and that Is,
/ that the bulls in gold have taken adj
vantage Of natural and unnatural causes
TO bcgin vigorous upward movement,
the full power and effect of which is yet
unknown.
Joseph Sclisman, of the firm of j. "
W. Scligman, at No. Il Broad street,
said the immediate cause OF the sudden
rise in the price Of gold was probably
dine 10 the withdrawal of large amounts
from the Bank of England. 1t was gen
rrully understood that about el,GOOOOO
had been Withdrawn during the past
three DAYS. His firm had not received
any adviccs from London on the subject,
bui # was rumored on the street that the
gold had been drawn by tn" Bank oil
Berlin. Others supposed the drafts TO
have originated in Paris. and the money
IN have been sent to the Bank OF France.
There did not seem to be any positive
knowledge on the subject. There were
also other reasons which may have
affected transactions in gold. a million
dollars in gold had been sent to Havana
| within few DAYS. 1t was also known
! that amendments to the tariff, increasing
the duties ON certain Articles, would be In
force in two or three days, and merchants
interested would be obliged to buy hcaV-
/ lily to meet their payments ut the custom
/ house. As an individual opinion, he be.
/ licvcd the movement originated with the
/ bulls in gold, and the values were merely
/ speculative and fictitious. There was no
/ real or substantial busis for an increase IN
the price of gold, but in the present state
/ of the finances temporary advantage
| could be taken, and these sharp opera
| tions must bc expected
\ prominent city banker said that
/ these disturbances originated in the pres
cnt financial system. or rather want OF
financial system, in the management OF
the affairs of this country. The recent
acts of Congress were not, properly
Speaking. financial legislation, but polltl-
cal compromises and makc-shittS. The
promise to resume specie payments at
ANY fixed time could not be kept unless
/ the necessary conditions were supplied.
| There must be sound financial basis on
which to work. The great laws OF trade
and finance which are recognized IN
every country rs the foundation OF credit,
| and which are governed by fixed prlncl-
nles will regulate and control
/ the market in spite of Congresslon-
al and partisan cnactmcnts. Oar Srcr"-
tarics of the Treasury have not accepted
these established facts, and therefore have
failed to give stcadincss to our finances.
/ Mr.. BristOw, the present Secretary oil the
Treasury. had not long been in office,
and it was doubtful If h" grasped the
financial system thoroughly and under
stood the proper remedy. 1t was known
that ne was not satisfied that Congress
wuuid iudorsc or sustain any policy ut
variance with partisan feelings. W hlle
our present system continues these dis
turbanccs would necessarily occur, and
were merely temporary in their ch"rac-
I ter.
Wotherspoon & Co., at No. 40 EX-
chance place, stated that the money artl-
cles in the Tribune gave correct idea OF
tho finar cial situation, and rs to tho with
drawal of rold from the Bank OF Eng
land. it was reported in certain bankers
offices that the gold had never gone out
of London. The present excitement had
its origin i'm the cndcavor of Il bull Clique
in London to increase the rate of interest
by a concerted run on the Bank Of Eng
land for gold. The government should
adopt IL financial policy that would at
tract gold To- this country preparatory TO
-,,,.in r.ymnutS and there would be no