The Nevada journal., 1855-03-09
JOURNAL.
TUESDAY, MAR. 6, 1855.
Tor tho Nevada Journal.
To EDITOR JOURNAL:

Tor tho Nevada Journal.
To EDITOR JOURNAL:
Dear Sir: THE following ideas were
suggested by an article in your last num-
Der upon banking. You can make such
disposition Of this as you see proper;
The present financial crisis appears to
have awakened many of the citizens of
this State to the fact, that a credit system
and paper currency are not necessarily
destruction, nor is the reverse always safe
ty, and that the clause in the Constitution
which prohibits corporate banking does
not prevent as serious commercial revul-
sions, as befall other States where paper
issue is in full operation 1t was under
very different auspices from the present,
that the bank prohibitory clause Of the
Constitution was discussed and adopted
But few Of the thousands represented in
that Legislature looked upon California
as their home. Still fewer cared to es-
tablish that local credit and representa-
ton, which are indispensable to successful
banking. The mines also as they were
then worked, yielded much larger returns
in proportion to the labor expended than
do those of the present day, while the
bitches, tunnels, and other improvements,
which now lock up so much capital, were
then unthought Of The Legislators of
that day enacted laws for the time being,
nor did they suppose that they were es-
tablishing precedcnts and unaltcrable de-
Gre os for all future time. The privilege
which they then exercised Of lcgislating
FOR the best interest Of the people has
doccndcd unrestricted to us, and now in
view of the great changes which few
years have wrought, it becomes US to en-
quire il some alteration in our banking
system might not prove beneficial. That
there is a deficiency in the circulating
currency of this State is sclf-evident. The
high rate Of interest and the difficulty
with which works Of the greatest public
utility are carried on proves this. The
cause of this is, that while we incur all
the labor and expense the gold which
that toll produces is transmitted to the
Eastern States, or deposited with some
private banking house, where its use is
entirely lost to The public, and unless he is
fortunate 10 the owner himself
Were there instead Of these houses
| (Which swallow the treasure Of the State
to disgorgo it in another land) few
banks whose notes were secured by State
Stock, and whose affairs were subject to
the supervision Of State officers, the
advent Of such an institution would con-
stitute new era in the history of the
State, and instill new life and yigor into
the mines the more gold that was taken
from them the greater would be their
value, as the means increased to develop
their resources. Each dollar under the
influence Of such an institution would
double itself and its utility and the bank
would stand perpetual endorscr to the
miner, whose claims required but start
to sustain themselves, and thus acting
upon the credit of the buried treasure tho
gold would anticipate the eager laborel
and half dig itself. The banking system
thus conducted would proceed the pick O
the miner and give life and vitality to thC
dead metal though the hills were piled
upon it. Under It's magic influence the
mountain lakes would be brought to thC
plains, Transforming in their course into
, Ophirs, what are now valueless wastes
once in effective operation and the only
limit to It's power is the Accomplishment
of its task. To realize these benefits We
have but to retain in its native hills, thi:
all powerful genii-whom our labor liber-
atos and arms, to add to the steel anC
muscle of the miner, the gold of acquire
capital and thus retaining the revenue
Of the past to give force and effect to the
action of the present, and anticipate the
resources of the future. Acting through
the representatives of the people it re-
moves the responsibility from the few and
places it upon all, thus securing the
community against and by itself. Thus
much for paper currency. In Other
States it has proved powerful engine
for good and why not here /: 3.
HUNG.-On Tuesday evening last, a
Frenehman called at the tent OF Chileno
on the North Branch of the Calavnras