Year: 1865

Tho official announcement that Wilmington was In pos
session OF troops the main cause OF the de-
preston but the fact that the premium declined little
shows tho lirmness with which gold is held both by
speculative and outside parties We have recently had
succession OF substantial successes which have realized
the sangune expectations, and yet gold
mains fraction below above two hundred; and but
for the impression that Richmond may be speedily
ated the probability is that it would be higher With
the evacuation Of the rebel capital the premium would Of
course cline from ten to twenty per cent on par &C
cordng TO the extent of the panic which might prevail
but the fact that host Of mer-
chants and spcculators would rush in and sell
the market down in such event, leads
to the in erence that it would violently under the
demand from the 'shors" only subside slowly
under tho most favorable ausp .ces.


The natural tendency of the market at present is down.
ward and but for the efforts OF spectators would sink
under the popular The leading "bul" opera
tors gold however, supported by nearly the whole
mercantile and speculative community, who are aversc
TO the decline Of gold, because with It comes
more or less corresponding depreciation OF
the value OF their goods and other property in currency
II indeed matter for regret that tho great majority Of
the financially influential citizens Of the country should
be commercially in sympathy with the "bulls'' Of the
gold market. But II has been always the same under
like circumstances It was England during the



France while the ossonots were in vogue Imitation 10
Invariably popular among the mercantile and speculative
communities although the among real estate
owners and others, who nnd their property vir-
tuaily deprecated and BY persons with hxed
incomes Contraction, on the other hand, is painful
and therefore, proportionatsly unpopular But the
maintenance Of the public credit Is dependent upon the
process Of gradual contraction The latter, however
less cus to practice than to bear and cannot be
dono without very heavy taxation and judi
cousIy strict economy Of resources II as a while
the lasts.


There are three courses which may be pursued by the
Secretary Of the Treasury. he may endeavor
70 pave tho way towards tho ultimate apprecia-
.ion OF the currency 70 par by contraction, or
make the best Of the existing maksshft
policy trusting TO the end to justify the without
attempting 70 contract he may yield 70 the popular
taste for fresh issues Of paper money and blow the
bubble OF imitation TIL It bursta


Mr. Chase deprecated the paper money system while
he fostercd IT, and Mr. McCuoch who is mentioned -
the probable Of Mr. Fesssnden differs just
widely between his theory and his practice At the end
OF December 1884, he issued circular 70 the national
banks in which he predicted . financial collapse
from the policy Of the government He said
that the seeming prosperity Of the loyal States
wa Sowing mainly 70 the large expenditures Of





seemed render necessary, and yet Mr. NcCuloch has
been that time at the head Of branch Of the Tes
sury Department which increased the volume Of the
currency by not far from hundred millions and which,
unless the law amended promises 70 increase two
hundred millions In the future The contrast be-
the preaching and the practice Of our nnancers
has wide reflect discrsdit upon them and
make them utterly unreliable.


What the Secretary OF the Treasury whoever he
may be, may do viii depend 10 great extent, upon
contingencies and therefore, the less he says 1t the
outset OF his the less he Is likely 10 be fasned BY
events like Messrs Chase and McCulloch whose ofcial
anecedents better hidden than revived Should the
latter gentleman be appointed Secretary there Is pros
pect that Mr. Van Dyck the Bank Superintendent Of this
State VIII be appointed comptroller Of the currency.


The money market continues easy ai six per cent with
exceptional transactions at Ave. Commercial paper OF
the FIRST class in limited supply and passes at
per cont


Foreign exchange Is held with greater nrmness, but
the demand is light Bankers sterling at SIXTY days 10
quoted a. l01x l0sk, and at three days at 1osx
lo9k. Merchants bills offered 1t 1o0x 107k


The highest cash prices Of the leading railroad and


miscellaneous shares the nrs session Of the Board Of
Brokers to-day compare with The quotations on Friday