The Nevada journal., 1857-06-12
REPLY.

may be heard. But it onl y abounds in
assertions which find no warrant in the
laws of trade, The only points we
shall notice are, the opposition to a pa
per substitute for money, and the idea
that title vested in mineral lands
would attach people and money to the
country. In fact these are the only
propositions of consequence in our cor
respondents article.
By what process of reasoning, or by
what law known to the commercial
world, the writer of the above arrives
at the sapient idea that certain ruin
would follow the establishment of a
system of banking similar to that of
the State Of New York, or any other
safe system - system established on
the pledge of the most secure and reIi-
able capital, we, certainly, are unable
to say. There is no warrant for such
an assertion, nor for numbers of others
in the above communication.
Paper currency is termed " artificial" "
Let us ask the Necker who writes so
wisely on currency what is a gold cur
reney? Did it come naturally as read
ing and writing to Dogberry, or has a
conventional value been given it for the
convenience of trade Did nature reg
ulate its price, or has the caprice of
man given it value to suit his purpo-
ses ! All currencies are artificial
Iron has been used, cowries, soap, and
skins, but the value of each was fixed
by trade.
The assertion that a paper currency
could be sustained here where gold is
so abundant but short time, is at war
with every rational idea of banking
Banks are founded on capital, and an
amount of specie requisite to pay all
bills liable to be presented, is necessary
to a safe and healthy state of banking
affairs. In those countries possessed of
little hard currency, banks are more
precarious institutions than they ought
to be.
In fact the reason given, why paper
currency could not be of long duration
here, is the very reason why this coun-
try is the best calculated to sustain it of
any in the world Under a wise bank
ing law, an institution can be created
which can easily command the specie
to redeem its bills on presentation. The
gold is so handy and plenty as to admit
of little difficulty, compared with that
experienced sometimes in the East.
The idea that under a system of
banking the drain of specie, would be
more thorough is certainly original, but
the reason why more So" because for
the time being it would not be felt."-
We would like to inquire if those who
are engaged in robbing the country of
its currency capital consult the feelings
of the people and regulate the amount
they take by that index? They take
every dollar they can get, and can take
no more under any state of affairs, bank
or no bank.
On the contrary, it takes capital TO
carry on bank. This will tend to
stay specie in the country, and let it be
known that firm, safe and reliable in
stitution has for once been established,
on basis not to be disturbed by acci-
dents, and hundreds of thousands in
stead of being returned to the soil again
for safety, will pour in for deposit, to
be distributed through all the avenues
of trade.
To attach men and capital to the
State by sale of the mineral lands,
will do for speculation idea, but prac-
tically we cannot see how any consid-
cradle results can come of such poll
cy.
Those miners who are not extensive
and have good titles to
their claims under existing regulations,
are content without the absolute fee
simple to the soil. They ask no better
security for their rights than they have.
1t is rare that one is wronged out of his
rightful possessions.
If ever the mineral lands are sold, it
must be in limited quantities, judieiously
devised by the body of the miners them
selves. But nothing can prevent them
from falling eventually into the hands