Year: 1865

~ FRIDAY, March lo-e P. NJ


There has beea very unsettled and panic-ike feeling
the Stock Exchange and In the gold room today At
one time during the forenoon the premium declined 10
s8k, under manufactured report TO the effect that
Richmond being evacuated but towards the Close OF
business the demand from the "shorts' impaired
hrmer the market with which stocks pafuaiiy
sympathzed


The idea widely prevails that extinguisher is about
70 be put ON the pickering dame Of the rebellion,
and that with the end of the war win come speedy
resumption Of specie paynents People do not stop to
reason about the amount OF the public debt-two thou
sand four hundred millions more or Lessor the out
standing and sti rapidly increasing volume % the cur
reney. They anticipate results without thought or
question and the blind follow the blind with similar
impulse which governs flock Of sheep in jumping
imaginary obstacle discovered by the leader.
The consequence is that decline is precpitated which
has no permanency and does more harm than good by
the upward reaction to which il leads The premium is
undoubtedly stili very HIGH and much higher than il
would ever have been had finances been properly
administered from the outset Of the war but we have
facts TO deal WITH which, after ALL govern the price OF
gold to ignore which for the moment Is to court dis
appointment


It must not be overlooked tha. the greater the fall OF
gold under the excitement Of panic the stronger the
action is likely to be- Meanwhile spectators on the
''bear' side enriched and the mercantile community
impoverished by the decline induced in tho
value Of their stocks Of goods and the general
settlement and depression Of the markets which In
variabiy attend a rapid lowering Of the gold pre-
MUM. II the fall not likely to be wholly
partially recovered FROM there would be every reason
for congraulatng the country the appreciation Of the
currency AS is Spectators the great gamers by
violent fluctuations and they 'bear'' the market
vigorously as they sbun it where there is az equal
chance Of profit.


The address OF Mr. McCulloch, the Secretary OF
the Treasury his subordnates in the department.
which he speaks of his desire to bring the country
gradually back specie basis is construed as indca.
ing willingness on his part to adopt temporary expe
dients for reducing the gold premium, and accordingly


report has been telegraphcd from Washington stating
that he intends shipping the Savannah to Europe
on government or the truth OF this we have
knowledge, but 1t would be clearly better for the
government to sell the whole considerable portion OF
It here the surplus not required for domestic purposes
would be certain to obey the national law Of trade and
seek foreign market By exporting the whole 1t would
lower tho market for exchange here without materially
affecting the price Of gold and At the time lower
the price Of the staple abroad after which
ufacurers would be compelled to purchase tho cot
ton in England probably higher price than the gov



would subjected to all the expenses OF importation


II idle talk what the Secretary OF the Trea
sury may do' as II it lay within his power to work
miracles He has tho burden OF . huge
tonal debt inflated currency, the National
Currency act, and expenses exceeding income
by about two millions a day 10 confront, and
he do nothing than pursue conservative
course and prevent aggravaton Of the currency evil
far possible for legislation compcs him to resort 70
certain forms Of loans and legislation in the samo man
ner provides his Of income, while the legal ten
der act offecuay prevents any attempt being made to
return to specie payments But with continuance Of
military tho ond OF the rebellion viii be brought
definitely in Wow, and by vigorous development
Of taxable resources the may be made to
approximate much TO tho expenditure TO
materially strengthen national credit and permanently
reduce the gold prehlam but withou: permansnco it
operates TO dcrauge commerce by unscting nil
values


For tho ultimate future need have no fears Our
country justly beast possesses the elements OF
national wealth IN boundless proluslon- Our mineral
lands are every year becoming moro productive and
may be considered isexhauslIble in their aunserous
riches The geld bearing region extends throuabeehtecn
degrees Of latitude and twcnty degrees ofSa Sasitude
stretching from British Columbia TO Mexico the
hand aud from the eastern decivites OF the Rocky
Mountains TO the Pacific tho other II includes Call
fornia Oregon Nevada Utah, New Mcxico asd Washing
ton Territory and portions OF Colorado, Nebraska and
Dakotah, and forms oc morc than million
square miles. But cannot profit by the wealth OF this
extensive region without lime and labor and al
though year by year industry may unfold the gilt
tering' treasures which nature has in store for
in an increasing it will, be prudent for TO keep
our expectations under this head within reasonable
bounds We have FIRST dea! with aud provd Tor the
present. and In doing ibis should place our immediate
reliance only upon what Is within actual reach
Speculation In the gold has been almost entirely
in favor Of fall during yesterday and to-day, and con
sdersble excitement has consequently prevailed among
the large holders of coin Gold IS being actively talked
down and lenders arc distrrsul OF its value Loans
therefore made upon IL ih very wide margins only,
and under tho cusiaimeut Of borrowing facilities IL be-
dead weight to carry. The quotations varied