Year: 1869

WEDNESDAY, Sept 10, 1scg.


Secretary Boutwell, who is now a sojourner in
this city, should make his present visit more than
nying one. He was generally expected on 'Change
this morning. but as the day wore on word was
received that he did not leave Boston uutn the FORE
noon, too late to reach the city IN business hours
lie be tie guest OF some OF his friends this even
,ng and tomorrow WIN come down 10 Wall street.
1t TO be hoped that he win not satisfy himself with
q cursory glance at the Stock Exchange and iooS
in at The SubTreasury, as he did last spring. but
VIII stag among us for week II need be. and ex-
anime mnuteiy al the various branches OF business
in ana around the great money centre OF the city.
He Rhonld hold himself aloot from tie political
theorists who on the one hand would force an I'M
mediate resumption OF specie payments, and Of tue
speculating bonaholders on the otner, who wish to
enhance Their property to the utmost possible value.
The problem which he has 10 solve is an intricate
and diiicut one. The instant he arrives In Wall
street he VII be beset by the TWO classes OF specu-
lators who care naugnt for the prosperity OF the
mercantile aad manufacturing sections OF the COM
munlty. and are only anxious TO convince him OF
policy which VIII rebound TO the success OF their
own selfish plans. Nr. Boutwell, has done well so
far, because he has always acted deliberate
ly. In the spring strlngency in money he
bought bonds ana gave the money mar
ket the advantage OF generous distribution OF
currency When the gold gamblers locked up gold
he sold gold and defeated their plans, so that tue
merchants who had TO make their remlttances in
the summer were able 10 buy all the way down to
I3it4. lie comes now at a time when another con-
spiracy is reported In the gold market, but he Is
met al the door OF his old plan by an outcry from
the bondholders that il I've attempts 10 se gold he
will tighten the money market and derange the
already nattering condition OF the fan trade. The
bondhoders say sell the gold directly for bonds
thair 10 npt in


II s or should be- the wish of every one in the coun
try to see god lower. Every decline in The premium
is q step nearer the fun restoration Of the national
credit. But haste toward such desirable end
should be made slowly, lest the pathway be stfewn
with bankruptcies. If we can continue TO reduce
the premium on the precious metal year by year 1t
VIII be fast enough approach TO specie payments.
In this view the bondholders right in trying TO
induce the Secretary to exchange his gold for their
bonds. The gold thus given TO the market would
occasion decline in the premium. But here another
set OF circumstances is presented for Mr.. Bouiwelps
consideration The only people who wish gold
cheap at this season are the few merchants who
have borrowed gold instead Of renting bills OF
exchange in the summer when their payments be-
came due. Those who wish TO see gold higher are !
the great body OF produce and cotton merchants
who constitute so important ap element Of the CON.
mercial community. They say to Mr. Boutwell,,
"Dont interfere with the market.n Their reason is
their desire to market their goods in Europe for tue
greatest sum of greenbacks possible. They further
say TO him. I'll the importing merchant has
Dos RENTED when he should have done
so, ana when his calculations OF profit
were made on the former price Of gold
then by paying With borrowed gold expecting
TO get it back cheaper he has changed his character
from an importing merchant to gold 'bear.'n Such
are some OF the considerations which should weigh
with the Secretary of the Treasury In formeryears
We paid for our European goods when gold was
highest and sold home goods Europe when gold
was lowest. We paid out gold in summer when II
was high and we received gold in winter when 1t
was cheaper. What mastery stroke OF finance it
would be on the part Of Mr.. Boutwell, should he
verse the old rule and let sell our goods for the
best prices and buy at the lowest The
gold market to-day was quiet and strong at 136
1SoK. The rise was due to the delay in Mr.. Bout.
Wells arrival and the decline in the afternoon to
the prospective sale OF million OF gold at the Sub
Treasury tomorrow. The course OF The market is
i'm