Amador weekly ledger., 1857-11-14
PAPER MONEY IN CALIFORNIA.


Passing strange are a thousand and one
events that occur annually in California. III
this is an age Of wonders, California is their
great centre. Not the least of passing won
ders, following the great Bank crash at the
East. is the establishment of daily news
paper called the Argus, in San Francisco,
processing Democracy and yet seeking to
establish Paper Currency for California
the last State in the whole Union where this
exploded Whigism should be tolerated The
establishment of banks of issue-whereby
the miner would receive rags, filthy, worthless
rags, in exchange for the pure gold which he
digs from the earth-could only have the ef
feet of beneftting illegitimate commercial
speculations at the expense of the laboriDg
and producing classes.
Years ago, when the great crash Of Ad-
ans & Co., Page, Bacon Il Co, and humer-
Gus smaller banking institutions occurred, we
predicted, Through another journal than
this, that the next dodge to get hold of the
miners gold without rendering him an equiv
alent would be the establishment or attempt
to establish paper currency. Then the
very idea seemed so ridiculous, in country
where the chief product is precious metal, that
few could be led to believe in the possibility
of such proposition ever being seriously ad-
vocated Now, however, there are those who
openly contend that q paper currency is the
only hope for the future commercial prosperi-
ty of the State, from which the conclusion is
drawn, upon general principle of reciprocity
in trade, that all interests, including the pro-
6uctive, would be advanced and promoted.
Banking schemes in all countries are sus-
tanned by plausible argument, and to this rule
California is not an exception their enormity
can only be exposed by practical, common
sense view of the subject. In the present
condition of political parties in California, it
would have been sheer folly to propose the
establishment of banking system in direct
hence, the journal that is to be the paper
money organ, (apparently so at least is
called Democratic in politics and advocates
Democratic doctrine upon other political sub
jects. This movement of the embryo rag
mill influence is sufficiently transparent TO
cause smile, and not sufficiently dangerous
to excite any very great alarm Bank aristo-
Gratis and kid-gloved politicians generally are
ever disposed to underrate the intelligence
and quick perception of the people.
The Daily Argus is properly located at
San Francisco. The bank men of the State
are confined almost exclusively to the larger
cities; in the mountains the idea is secuted,
as it should be; and even among the business
men of the former, we are strongly of the
opinion that it is only the reckless speculator
who desires paper currency. The San
Francisco Daily Globe, a sound and able
Democratic journal, whose editor understands
the commercial interests of the State as well
as any other man, closes an article upon the
history Of banking in the United States with
the following well-timed remarks 1.-THE les
son that is deducibe from this veritable his
tory is, that in time of general prosperity
paper currency adds nothing to the wealth of
the country, but gives false value to prop
erty; when reverse takes place, instead of
rendering assistance, it seems to make the
general distress more deeply felt. We can
not see how California is to be benefited by
such financial medium