Year: 1870

and the Cable. u


Two good causes for the decline Of gold are
obvious, even to superficial view. One Of
these is the effect of the Atlantic cable, the
other the effect of the administration of Gen =
eral Grant. They have acted together on the
common mind of the great financial centres of
the world. The operation of the great
machinery of the telegraph tends in matters Of
finance to the equalization of values at differ
ent places in the most straightforward way,
simply because it points out to the merchant
whose goods are depressed in one market to
what market of the world he may turn with
the greatest advantage. This was felt in the
earliest use of the telegraph, at first between
neighboring States, then over whole con-
tnent; and finally the ocean cables have
linked the continents and bound the' so u
they are as one in the calculation of .nanc
who operate on a large scale. In view
this fact let it only be remembered that tn
has been for many months plethora Of x,
in London and Paris, and that it's ~
was consequently very low


points while it was very his
and we have one great point in expla "a
tion of the recent fall. Gold actually, in
Frankfort, in Paris, or in London, takes pa t
in the operations in Wall street because the
promise great profit; and for this effect ,
gold on prices here it is not even necessary I,
move the metal. At most only margin
moves; and that is not necessary, for the
movement may be felt the other way in paper.
Thus the cable brings into transactions here
the boarded gold of Europe. People will
shortly become more familiar with this fact,
and will see all the financial capital operating
in common with as little surprise as they now
note operations between this city and Boston.


But why do we feel this effect SO much more
now than hitherto? Because it is now more
than ever that foreign fnanciers comprehend
the true character of the administration of
General Grant. They perceive that the onlv
point that was regarded as a weakness in Oh =
securities no longer exists. They are con-
vinced that we have government resoute to
be at peace even against popular clamor;
government determined that the nation sha..
mind its own business, and devote its great
powers and resources, not to Quixoting aroun
on behalf of the nominal liberties of others, but
strictly and definitely to the Improvement of
our financial condition. This fact once
impressed on the European mind there is not
a financier beyond the Atlantic but knows that
American bonds are the best securities to hold
that are anywhere accessible. In face of this
fact who will permit his gold to lie idle in the
vaults, earning nothing with this splendid
investment open? 1t is thus that the effect
of the cable and of the careful administration
of the government act together upon our
finances. If the moral influence exercised Ivy
the government in this way is continued gold
will 60 to par, and in q little time we shall be
once more the honest, prosperous, plain, prac-
tical people we were of yore. Only our inter-
ference in the case of Cuba could possibly turn
us aside, and on that point the nation is pretty
well decided that the advantage is greatly in
favor Of peace, and the government will have
the support Of the country in leaving that
affair alone. Prosperity is general throughout
the country There is, with the exception of
the vagaries of such men as Fisk, but little
speculation, while there is an enormous fnan-
cial activity The legitimate money transac-
tions Of New York for 1869 were thirty-seven
billions, while those of London were only
eighteen billions, showing very great pre-
ponderance in favor of this city. With all
this every one is careful. Our merchants have
been so long anticipating the possibility of
crash, with fall in the price Of gold, that
they have set their houses in order for it and
SO taken the best security that there shall be
no crash, and with this danger aside we have
before us a promise that should make US
prouder than did the capture of Richmond.
We can exhibit to the world the spectacle of a
republic waging great war for the liberties Of
the people, satisfied with its legitimate tr-
umph and content with peace and the pros
perity Of its people.


ONE OF THE RESULTS of the new rule in
regard to printing undelivered speeches in the
Congressional Globe which we predicted some
time ago was exempliied in the case of Mr..
Lawrence in the House yesterday. He had
an hour to speak upon the Georgia bill, but
colloquy ensued between him and Mr.. Farms
worth which consumed his hour. Then the
consent of the House was obtained and he