Year: 1869

From the Herald.


'The fact is definitely settled that there will be
no change In the present programme OF gold sales
and bond purchases by the Government before the
lst OF July, when the new fiscal year will begin.
in Washington, and hence the dis
credit OF the rumor in the street last night,
which was subsequently verified, that he
would so modify his policy and after the 1ss
proximo as to provide for the sale OF less than two
millions OF gold weekly. The letter OF Instructions
the subject it will be noticed, is signed by the
acting Secretary OF the Treasury instead OF bv Mr..
STnT om %nP Ss through @ the city to-day IN re-
to is addressed to the Assistant Treasurer Mr. Van
Dyck, and says:-


seSres % the sSsuy yS S ao.,
THURSDAY July and viii OTTER million Of SoS


"Under the new programme the annual contribu-
ton to the sinking fund will be about S25 100000.
Boutwell, is therefore simply about to nut in force
during the ensuing year the law OF the sinking
fund. In buying s26,0O0,000, he will be acting no
to its spirit and viii discharge his duty Should the
revenues OF the Government continue to warrant
greater reduction OF the debt than per cent per
annum, he win be able to avail himself OF his unds-
puted right so TO employ the Treasury balance
az ao any ti,nei Ut 10 tnose VINO wish to see fair
perfectly correct. The Sinking Fund act was never
put In force until he first made it operative His
PLATFORM Is simple one. In future he will cancel
the national debt at the rate OF one per cent per
annum If there be surplus in the Treasury he win
feel himself at liberty to buy bonds to an amount
not greater than a sum equal to one per cent for
the time the law was allowed TO remain dead let
ter by his predecessors The street was disposed Ia
fayorably interpret the effect OF the change and n
buoyant feeling set in The earliest rate for
money mo yV;ao was GOLD interest upon stocks but
all they wished at per cent. currency. Discounts
remained as heavy as on Monday, and some gilt
edged paper was onering at to 10 per cent ntho
afternoon there was rather sharp demand for
funds, and the stringency OF previous days again
visited the market, as high as one-eghth and in
terest being paid to make accounts good at bank


which, from the fact that cash stock was sold as
maned open beyond their usual time to accommo-
date dilatory customers. The bears were again at
work operating on the feelings Of their opponents
OF the Secretary of the Treasury would not
bring relief, for the reason that his new
rency balance by the difference between the
price OF million of gold and that OF a million OF
bonds. Even If this difference be trivial, the new


plan win disburse none OF the thirty millions which
the present plan has transferred to his vaults and


that extent until he finds some means of returninr ID
to circulation. The foreign exchange market was
nomiinaiy steady the the prime bankers maintaining
sterling Bills out of second hands were sold ut
concessions Of an eighth to quarter per cent upon


these quotations. the holders being forced to realize
or choosing to employ the money on call. -4r
Government bonds Irregular with the


buoyant feeling which carried the price OF the latter


up to 1881 the 67s sold at l9tf; but the whole mar


ket reacted late in the afternoon with the decline in
| gold and the renewed activity In money


.cIhe gold market was quite Irregular, the opening


price DeDg 1919, tne nleSJ 1851, Jne lowest 1855
| and the closing 1871. 1t will be seen that these


figures indicate the fuldIment of the clique strategy


knowledge OF Mr.. Boutwell's change of policy they


bought gold at prices ranging from 1868 to 1871 and


sold it to-day at 1877 TO 1884, The cearings of the
Gold Bank were hundred millions yester-
day. It is fair to presume that they were
purchasers OF large fraction OF this sum.
Even profit OF one per cent. would net an
| enormous amount. The surreptltious obtainance
| OF this knowledge by the clique is matter which


Mr.. Boutwell, should immediatey,investigate other
wise he will lay himself open TO the charge which
was so frequntly made against Mr.. McCulloch, viz,


that he was the tool.of the gamblers of Wall street.
The market to-day exhibited lack of faith on the
| part OF the clique In higher premium, for they
steadily nnloaded at the advanced agures The street


1867, but the recovery at the close in sympathy
with the general upward turn in values late in the