The Shasta courier., 1864-06-25
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The Currency.


In looking over our exchanges we read a
great deal of printed matter advocating. or
purporting to, the Inauguration of Green
backs as currency fnssead of go..1 aud silver.
The only reason we see assigned is that it
will increase the volume Of the currency,
make money plenty, enable borrowers to en-.
ter the market ON more favorable terms, and
give an upward impetus to fancy and wild cat
stocks, that are now languishing for want of
funds.
In 1886 this same argument was used to
keep up the fictitious value of dog" towns
and wild lands. More banks were called for
and created existing ones though having
suspended specie payment made arrangements
to have their issues taken at the land offices
of the Government, thereby giving sreeula-
tive borrowers chance to enter more una
valuable lands and cry them up to wild cat
valuat ons. Times became harder. and more
banks and greater banking facilities must be
had or the country was ruined. Michigan
lent them a helping hand by creating a bank
ing law of sufficient capacity to fill the de-
mand. Money was soon plenty-frst as
greenbaeks. and then as confederate scrip,
and when valueless as the latter, the cry
again was, give us relief"
''Old Hickory" was at the helm and could
"see it, He issued his specie circular
The bubble burst, and spectators awoke to
the fact that they had been laboring and Dor
rowing and investing in unptoducfirc land
and visionary corner and water lots, and the
development of the western country was re-
tarded thereby some half dozen years. :
Money that should have been expended in
the Development of the many rich lodes in
Nevada Territory and elsewhere, has been
wasted in the purchase of fancy stocks and
in fancy living. Had it been applied to the
actual prospecting of these lodges and the
working of those that would justify it, we
would not to day hear the cry of change.
And after all, what is ID be gained by the
change? 1t takes gold to buy greenbacks,
ana they can circulate only at gold valua.
ten. The laborer demands sufficient
amount of greenbacks per month TO make his
pay equal to what he had previously received
in gold, and necessarily so too, for the butch
er, the merchant. and the farmer who fur
nish him his supplies, have increased their
prices just in proportion as gold is worth
more than greenbacks.
Again, move of this kind would entirely
unsettle the business of the country-our
9 base would be cut off. We would have
no standard for the purchase of gold dast or
bullion Of any kind. and hence every miner
would be forced to study and keep posted as
to the price of gold. In the Atlantic States,
circumstances forced gold into a false position
one that we believe i. never bef re occu-
pied-that of mechandise, while paper cur
rency was the standard. 1t is unfortunate.
but perhaps unavoidable. Let us avoid the
rock upon which they have split
When we read that patriotism demands
the change. we feel as if the writers had
thought but little about that whereof they
have written. We cannot see where the man
is less patriotic. who demands his debts in
gold. than he who sells greenbacks at cur
rent rates for gold. All these matters are
regulated by supply and demand, they are
subject to the laws of trade, and as immut.
able as the laws of nature.