Year: 1865

SUNDAY, March 20, 1866


The continued panic In the gold room nearly all last
week produced extreme depression on the Stock Ex-
change in every branch OF trade The produce and
merchandise markets almost paralyzed, and the
whole financial, mercantile and manufacturing commu-
nifty excepting the few who had sold gold stocks
-'short," looked with Wis bic apprehension upon
the stormy scene one portending grave
disaster to themselves With the fall Of gold from 254a
in January the 'bears had acquired such strength IN
the gold ard stock markets that they found themselves
in almost undsputed control of both The whole herd OF
gold spectators nearly all the members Of the Stock
Exchange we're pulling way and selling short
with vigor which promised in the course of no long
time, in the absence Of opposing force to reduce
everything nothing Such bear gardens as the gold
room and Stock Exchange turned into reduced the
rocs of the bull in the China shop to tameness II not
insgnincance There was general hammering and
smashing without regard TO consequences. One large
gold house several small ones, and couple OF stock
houses whe happened TO be the wrong side
perished in the onslaught and others have been
nearly pressed out OF existence few Of the bears
have retired from the field satisfied with their spoils but
the majority still stand L okng at gold as a thing to
undergo further sweating" and at stocks lemons in
the hands Of punch maker, to be more and more
squeezed till there is very little juice left in them


tLcoC-sHc
species government securities with tho same
rayenous propenstes that they displayed towards gold
and railway stocks They sold them ''short" in large
amounts and although of them have covered,
there is still a consid rable short interest outstanding
But although they cannot close their contracts un-
less at loss, they still confident of being able
to so BANNER the gold market that governments and
stocks generally will have TO give way. II these gentle
'cornered" in Fort Lafayette or elsewhere it
would hardly coil FOR outburst of public indignation
The public credit not thing to be played with for the
self aggrandzement of Wall spectators and the
who forms one OF combination to produce gold
panic and panic in governments at critical juncture
like the present. when large supplies OF money alb
soutey edad from day TO day for carrying on the war,
has no real patrotism loud his professions
that may be


But the tide of panic has turned The gold market has
been fortunately stcaded and there is good to
look for recovery the sudden heavy decline both
in gold and stocks Five twentes, which sold at l1lH
at the beginning of the month, sold Saturday at
although they had fallen four per cent below this point
at the Stock Board on Tuesday morning The sudden
of this fall presented OF the strongest practical
arguments against the panic which was being promoted
the gold to those best acq anted with all the
bearings the II the currency should be appre
cated 70 par specie payments be resumed all values
would to certain extent be gradually adjusted upon
the hard cash basis But Of this there prospect for
very long time to come, and therefore we
must calculate by the existing standard rather
than by any future Which may be established Five
wenties sold at l07 l10 when gold varied from 159 to
169x in March, 1854 and high ia in April of the
year The present depression is therefore exces
Ten-forties sold at 102& last month, and they
only 9lH The following table shows the prices Of
six per cent bonds during the first half year of 1854
when gold ranged from ISL to 19SZ:-