Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-05-24
THE CURRENCY QUESTION.

The proposed change of the basis OF the
business transactions of the Territory by
the substitution of greenbacks for coin,
being the staple subject Of conversation IN
our midst, i, is well to examine thoroughly
and weigh carefully all the arguments
bearing upon the question, pro and con.
The argument urged most strongly by
those who favor the greenback movement,
is that it would cause that influx of capt.
tai which is so much needed at the pres
ent juncture, and the want Of which op-
crates so detrimentally to all the interests
of the Territory. Our mines are, many of
them, lying idle to-day for the want of
ready money to carry on their develop
ment. This is the leading interest Of the
country, and upon the activity of which
depends that of all other branches. The
prospect of inducing an immediate influx
of Eastern capital, is one SO bright and
desirable that our people are ready to
grasp at almost any plen that promises to
bring about the great dssideratum. Touch
ing upon this point we find an article in
the San Francisco Mercantile Gazette and
Shipping List, good authority on fnan-
cial matters. 1t is headed "A Word to
Eastern Capitalists" 1t says:
It is often stated by certain politicians. that a
very large amount of capital would be immedi-
a,ely transferred to this coast from the Atlantic
side il we would adopt the currency in use there.
We have always regarded this as more sham,
and too transparent in its character 10 impose
upon intelligent business men. We certainly do
accept the currency of the Atlantic States Ut more
than iia par value at home. What more can
reasonably be asked Of US We do not choose 10
substitute il for our Gold currency, simply be.
cause the Gold Is better and the change is not
necessary. Under the same circumstances the
Eastern capitalist would do precisely Us we are
doing He desires currency founded upon the
same basis as ours and knows full well that 10
other is sound and safe. He renquished a specie
paving currency in December, 1851, only under
the pressure of absolute necessity. The propo'
sitioa to us under our circumstances, to accept
their present circulating medium upon any other
terms than now do, Is too absurd TOR consider
alton We say to the Eastern capitalist, we sh'iii
be glad 20 receive his capital; we have an aonnd-
applied; We will take it at its home value and
pay better rates of interest for it than can be Oh
tanned at holne, and pay in gold Can more be
asked by the veries; hylock in Wall street!
The Eastern capitalist il content TO invest in
his own market at Sal 2 cent; an average OF say
S6 y annum for the use Of 500. One hundred
dollars of his money is worth at his own door
only about SIS of ours; II is worth here 95I a 5S
but our rate of interest is Sl642i p cent per an
mum upon the best securities, such as Mint Ger.
ritica.es prime dividend. paying stocks, improved
real estate and trSt-cass commercial names; the
average is 20 per cent. per aunum payable in
Gold Let US see, then, how the account stands ::
500 of paper money in New York yields an aver
age of So p annum in paper. The same 500 con.
yerted into our money would be in round NUN.
bers say $50 which at our rates OF interest would
Weld Sic p anaum in Gold or SIS in paper. If
here is not indncement enough to bring Eastern
capital TO this coast all we have TO say is. II may
stay at home We shall not ask for it on any
better terms, and moreover We can get along
without IT, We anticipate the reply: Our cur
rcncy will improve, il will purchase more Gold
bv and bye than now" We hope this may be so.
There is certainly room for Improvement but
can II be expected permanently or 20 any con-
siderable extent until Government is enabled to
reduce its expenses within the limits gifts income,
and the volume Of currency Is largely curtailedi !
Our Eastern friends may lose more in interest by
waiting than they can reasonably hope to gain by
the improvement when realised