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THE GOLD MOVEMENT There was rather a halt in the downmovement in gold in New York yesterday. ward The market was the scene were of wild excitement, and the fluctuations Still rapid and considerable in extent. closed half a cent higher than For several days the it opened. market the and gold the maket has been greatly excited, fully decline since the 1st inst. has been cents. The New York Tribune re- as six the decline in the price of gold indicating gards "the long-wished-for financial of millenium-specie payments." Many the shrewd traders of New York were last week bringing about specie payments, least on their own account, by paying the out at silver change, in regard to which Tribune says: "These acts of small dealers and res- demay be mere shrewd not so taurant-keepers to gain popular ravor, but wealthiest vices with the banks, some of the said, and most prominent of which, it is of earnestly considering the propriety condition are an end of the unsettled of making monetary affairs by boldly proclaiming the It was whispered on resumption. with much of a tone of authority, OC street, in the event that no would reaction next that, the Chemical Bank specie curred, week announce the resumption of however, This institution, payments. as a matter of fact, suspended has never, specie payments; it has no government circulation its own, and when insuspended of it began paying currency formal stead of coin, but without any act announcement of suspension." or "Should it return to specie it must with of make special arrangements course the customers to protect itself from being curmade a mere medium for exchanging into gold at par, which no bank can afford rency to do SO long as there is any pre- it is mium on gold. But their purpose, supposed, is to merely proclaim resump- will as a theoretical practice, which without great influence. banks which have tion other not be circulating preparing Several notes afloat also were mentioned as to resume. Resumption by such institutions their means the subsequent redemption of notes in gold; and when that is proclaimed by a few of the leading banks the whole question is settled." The Tribune showsthat the cost of the necessities of life does not bear its proper relation to the great indicator of values. In the case of such staple productions as coal, cotton, flour, sugar, etc., they stand pretty near in their just relations to gold; but comparing the present wholesale prices of butter, cheese, eggs, beef, mutton, potatoes, etc., with those of December, it 1864, when gold was quoted at 2221, appears that they have not fallen, as a rule, over 30 per cent., and in some cases have not fallen at all. In the retail trade the disparity which should exist between the prices of the different dates is still further lessened, and is less than 20 per cent. against a difference of almost 100 per cent in gold. The New York Express of Friday afternoon states, however, that the gold decline unsettled trade in mercantile circles, and had a very depressing effect in the produce market. It says: "On the produce exchange provisions all kinds were lower; flour declined of to fifteen cents per barrel wheat was ten and almost unsalable, notwithstand- one cable reported an in the dull ing three the pence Liverpool advance depression market. of to the staple of cotton great the In felt, and the marked difference in views was of buyers and sellers brought Prices busivery nearly to a stand still. declined ness fully one-half percent per pound, there was a disposition to speculate The lower prices in the on cotton of late has decline and still in future. holding entailed cotheavy losses on speculators the ton in hopes of a spring rise, and market is in that feverish condition which might result in much lower prices if cotton on the spot was thrown on the market freely. Tha Express of Saturday afternoon, however, says: "Meanwhile trade has been affected the last week by the decline in gold, during have uudergone a shrinkage, the decline although and values generally fall in has prices, not been very marked. The has had the beneficial result of trade and the distributed from chandise however, stimulating amount this point of mer- duweek is larger than for any presince the year. vious ring the week opening been of the delaygenerally, who have in consequences the of gold and declining ing Buyers their purchases tendency and, cotton, of as taken hold more freely, consequence, is on the steadily a have natural increase. business The trade has now fairly openinterest of dry goods, in ed. spring the The department principal has offered centered where by the 'drives in goods generally, to the leading firms, have had a tendency stimulate trade. It is a remarkable feature of the trade thus far that the busi-