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The Gold Clique

The Gold Clique image
Parent Issue
Day
2
Month
April
Year
1875
Copyright
Public Domain
OCR Text

The operations of the gold speculators in Wall street have lately boon invostigated by the New York limes, aiulsome light is being thrown on the aims which they seek to aooomplish through the I medium of Uio Gold Boom, now the j sceue of thoir machinations. Up to the present time the cliquo is said to have purohaaed about $11,000,000 gold, -and withdrawn most of i! from the banks,the taal statement of tlie Clearing House showing a docrease of nearly $7,000,000 in the gold aTerages. Of the gold held bythia combination, 15,000,000 is held off tho markets, and the balance loaned from day to day at ratee varying from 1-64 to ] per diem, acoordhag to the whims of the leaders of the movement. The combination is said to be reccing aid of several banksin high standing and of individuáis oecupying prominent posiiions in the business comnmnity. In importing cirolos the feeling agaiust the gold speculators is represented as very strong. The leading liouses uniie in denouncúng the aotion of the gold clique as rninous Lo trade in general, not only in dry goods, but in othor branches of merchandise. Houses whieh had arrangod their sering tmportation on a basis of gold at Í12 to 113 arenots either foroed to mark uj their goods to the amount of the recent rise, or continue to sell at a loss. Mr. August Belmont expressed the opinión tliat the gold scareity oould not last long, beoauBe if it oontinuod gold oould be bzought from Europe in suffieiont quantities to reduce i the demand.

Article

Subjects
Old News
Michigan Argus