Year: 1868




cred to use 3 per cent Certificates, or new Green
backs. Should the pressure for money for CONNER
cial purposes be so great to again make panic,
Mr.. Van Dyke is authorized TO buy Government
bonds enough to relieve the market and pay for
them in Certificates or Greenbacks No issues of cur
rency will be made however, unless forced upon
him. MIR. McCullocbs whole record has been
against imitation. The verdict of the people in elect
ing Grant, If 1t has any significance, more
paper money and an early return to specie payments
The country so understands the issue and the Secre
tary besitates to go back upon his whole record in
face of its emphatic Endorsement by the people.
The present lookup. by clique of spectators, of
few millions. and the consequent loss to holders
OF securities is not considered of importance
worthy of notice by the Government, unless
1t is run so far as TO seriously damage
commercial and industrial interests. That
clique should interrupt trade and commerce. in their
attempts to break the prices of securities for their
own profit, is to be regretted but it is not thought
that the policy of the Government should be over
ridden to meet the exigences of Wall-st. specula-
tons, combinations Ill the breadstutf market The
people want to go back to specie payment, and the
incoming Administration bound to use every
effort in their power to bring it about, by economy
of expenditure and by reducing their indebtedness.
An issue of $4,000 600 legal tender at this time is
step backward. The Treasury Department is man
aged with great indecision and feebeness. Had Mr..
McCullOch seen what three-quarteTs of the business
men of the country early in the Summer. he
would to-day have had $4,000 900 less of gold in the
Treasury. and would have had currency enough on
hand in September to have supplied all his needs
until after January. Every dollar ho has added to
the debt by sales of gold-bearng bonds was unwar-
ranted. His surplus gold lying idle in his vault,
yinta haua haap cntH in fhp
on 4per cent money market at 1450lis so that
when the crop movements commenced the depart
ment would have been out of the market instead OF
doing as he has done in forcing sales of Bonds and
Gold on a declining market, with money worth any
where from per cent in gold to per cent in cur
rency, with a commission of per cent added. These
mistakes were made, and it rs too late to rectiiy
them now. The Government IL as poor as the banks
in legal tenders although they have sCOcOoOOo gold
lying idle. The great fault of the Treasury Depart
ment has been want of q settled policy, whereby
business men conld have regulated their transac-
tions, but it has been entirely wanting and the pub
lie were first made aware of the movements OF the
Secretary through the operations of brokers known
to be in close connection with him. This is the worst
feature in tho whole business, and has become so
great an outrage that the whole commercial pubhc
are ncensed at the frequent repetition oi IT, FOR the
past few days n number of dispatches IN the
interest of the Treasury ring have been re-
ceived here that have caused frequent rises
in Government Bonds and equally sharp declines
and has produced a conviction III the public mind
that almost approaches certainty that the whole
thing is a thimbe-rg.ing game, whereby few peo-
pie are in control of the Department, and have the
power of advancing or depressing values as they
choose II is not believed that any more greenbacks
lo; uaI audif I il IN doubtful If there
is any law under which legal issue can be made;
but the public have been led TO suppose that it could
be done and have been buyers of stocks on that
hope which now is likely 10 fail them. Under this
state of affairs no reliance he placed upon the
sem-official announcements from Washington. which
are all of stock obbng character but the business
community must look to natural causes To brng an
adjustment of prices 10 our present currency and
should base little hopes OF any increase III its
volume


or Printing cloths The Prorid,Hce Journal says:


Market dun AZ 7id7lc for extras The following are
do SiXst extra 7tc 80 days; 500 do 6irC' 5ic o0o
do esICi common he; soco do. 6't6' 7ic. heavy 300
So CO. sic'' StA's days. isy Total. 5000 pieces


aud the seem 10 favor tho Central rsche
that IL is estimated that by end the month
maning Incomplete and Of that distance good part OF
the grading will be done Inc great anssoh non %, os ei
have discovered on the headwatcr 0i the iiuolht
River and on the slopes OF the Wasatch Mountains where
the Eastern and Western Links Of the Road unite Next
summer will undoubtedly witness the binding OF tho
Atlantic and Pacific waters by continuous line OF rail-
road 500 miles In length. Fifteen thousand men ana
5000 teams engaged on the Inc Three hundred mics
of iron have been laid the 10th OF June last or at
an average rate and onehalf miles per working
day From salt Lake 10 Pacific Ocean the ne rises once
only lin crossing Nevada Range, 10 the anu


tudc Of heavy over this stretch Of about 81 miles


substantial sheds have been built which VIII enable to
line worked all seasons, IN spite 0i drifting SHOWS
The business on the Pacific end of the ine - already
greater than the present facilities VIII ACCOMMODATE