The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-01-17
THE PLACER HERALD.
AUBURN, JANUARY, II, 1862.


THE SENATORIAL QUESTION. The Abolition por-
tion of the Legislature, which comprises we
believe. l0l out Of the l20 members of that body
have been in caucus several nights this week bal
iotting for Senator-but so far without su ccess.
The candidates are T. G. Phelps and A. A. Sar-
gent, our present members of Congress, John
CONFESS. Treanor w. Park, Harvey Brown and
James Mem. Shafter. After the first night of
caucus. the Is votes of Park were transferred to
Sargent, an indication of trade The last and
18th ballot on Wednesday night stood as follows:
Phelps. 81; Sargent, 34 CONFESS, "a; Brown, 5;
Shaftcr /.
Fifty-one votes are necessary to choice, and
the transfer of the CONFESS vote TO either Phelps
or Sargent would secure nomination. We hear
the opinion expressed that the combination will
be mnde on Sargent-of course a bargain, the
development of which must be looked for in the
next Abolition State Convention.
Phelps, it seems. has the support Of he Fede
raj officials of the State, while Sargent is backed
by Gov. Stanford and the State officers Other
interests are also involved in the contest such
Ms Sacramento and the northern portion Of the
State against San Francisco. And not the least
element in the contest, as We judge from the
Sacramento Union, is the Central Pacific Rail
road Co. vs. San Jose Railroad Co. Sargent has
the influence of the first named Company Phelps
of the latter.
We look upon this Sena toral squabbe with
the utmost complaccncy-no not caring who is victor
knowing. whoever the successful candidate
may be, that he indorses Lincolns illegal pro.
rhi thn esSi,, of
free speech and free press, the confiscation bill
Camerons steaings, and all the other abomina-
tons Of the present Abolition Administration at
Washington.
Our readers are assured, that in the selection
Of either of the candidates named, California will
not be represented in the Senate of the United
States by a statesman or a Constitution abiding
man.
GREAT RISE IN GoLD.-Private dispatches re-
ceived at San Francisco from New York on
Thursday evening, say that the premium on gold
is fifty cents or in other words that legal tender
notes are fifty per cent. discount. 1t would
seem from this that something like money pan
ic is prevailing at the East ms gold has enhanced
from 3S cents to the above price since the 9th
inst.-an advance Of II cents in six days. The
telegraph does not state the of this sudden
advance but 1t is doubtless caused by the propo-
stion to issue $500 100000 legal tender notes
In addition to the $500 600 900 authorized by the
act OF Congress. $500. 000, 900 of paper money,
in addition to the Bank note circulation of the
country, is an amount of rag currency truly
startling, and no wonder that financial circles
are in panic.
For some time past legal tender notes have
been selling in San Francisco at "a and So cents
on the dollar, but the late Eastern advices have
caused further depreciation. The S. F. BuNe-
ii" of Thursday. says that
Parties holding Legal Tender Notes of the
make sale of them to-day better than 69c. while
q moderate amount only of small notes nre sale
able at zoe on the dollar
1t says their advices from New York arc that
all kinds Of goods are going up in like ratio to
the advance of gold.
This financial question is one of great serious
ness to the country. and in which every
business man is interested. Economy and pru-
dcnce should be the rule, in order to escape the
whirlpool that threatens to engulph the country
in financial ruin. We have not yet reached the
end. The advance of gold will continue, and by
the end of another week VIC may have to record
the premium at 60 cents.