Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-07-08
DELINQUENT SALES TOMORROW
HOW TO REDUCE THE CUR
RENCY.

The vast discrepancy between the value
of gold and that of the national currency,
is attributable not to any want of conf
dence, either at home or abroad, in the
stability of the Government or its ability
TO pay all bonds that it may issue, at ma
turity, and the interest as it falls due. 1t
is the initiation of the currency by the issue
of the vast amount Of paper money not
redeemable in gold. When that paper
money is called in, and the creditors of the
Government hold its bonds bearing inter-
est payable in gold, the national debt, in
stead of being q burthen and a source of
grievance, will become, here Us in Great
Britain, an element of national stability
and strength. The amount of green
backs" originally in circulation has been
already reduced more than S56,000,0OO,
and their issuance has ceased. By con-
verting the surplus not needed in the nee
essary transaction of business into inter-
eSt-bearing bonds, the amount in circula-
ton can soon be reduced TO 4 reasonable
and healthy standard, and gold and legal
tender notes will approximate more closely
in value. Since the Government is to is
sue no more legal tenders, except those
which it will borrow upon its bonds,
might it not be well to make an effort TO
induce all classes of the creditors of the
Government to take at least portion Of
their pay in Government bonds: We be-
ieve that our soldiers would be willing to
accept a large portion Of their aggregate
paw in interest bearing bonds; and as to
the holders of the civil offices of the Gov
eminent, if they should not be willing to
take one-half their pay in six-forties IN
stead of greenbackS, we entertain no doubt
that competent successors could be found
who would be glad to do so. So far as
the action of the Government has caused
an initiation of the currency. it has done
so by the issuing Of greenbackS, and not
bv the issuing of bonds. If the military
and civil creditors of the Government
could be induced to take the bonds OF the
Government to the extent of $4,000, 900,
where they now take greenbacks, the Gov
eminent could withdraw S5O,OOO,O0O of
greenbacks from circulation by selling |
bonds for that amount, and then, instead
of paving out the greenbacks thus re-
ceived. issuing the same amount Of other
bonds. For SjO,OOO,OOO in greenbacks |
and SO, 900, 900 of bonds the Government |
would thus substitute SlO0,OO0,OOO OF
bonds. What the Government would
lose in interest upon its bonds would be
far more than saved in the diminished
prices it would pay for everything 1t pur-
chased in consequence Of the diminished
redundancy of the currency. How far
such plan could be carried is Of course
a matter of experiment; but we believe
that our officers and soldiers would will
lingly accept bonds instead of greenbacks,
to the amount of many million dollars,
and the civil employees of the Government
would willingly accept large portion of
their salaries in bonds. If it should be
understood that all holders of civil Offices
would be required TO take one-haf pay IN
bonds after the +th day of next March,
we think there would be no lack of COM
petent applicants for all vacant places.