Arizona miner. [volume] (Fort Whipple, Ariz.) 1864-1868, 1864-10-05
THE CURRENCY.

as their actioH, particular JDaC ol NaIioln'" "'''
le the precedent for this Territory. We arel
glad to notice that the leading journals, both OF
,alifornia and Nevada. are beginning to see that
in refusing TO accept the paper currency as
necessity of the times the people OF the Pacinc
coast have most unwisely arrayed themselves
against an inHexibe law, and as a consequence
have paid the penalty of folly. The result Is
seen in the general depression extending through
every department of trade, poisoning every branch
Of industry, and threatening financial ruin.
1t is not to be disguised, that as general
rule, coin as circulating medium and basis oil
trade, is far preferable to paper and Tor the very
apparent reason that it is the adopted standard
Of value, to which all things must conform. Butt
true aud just as this maxim is generally 1T utter
" fes ct this nncture of our financial affairs lori
the reason that in no State IN this Union, ex-
cept California is it now made the basis OF trade.
but on the contrary, it is driven wholly out oil
circulation, and become a mere article oil mef-
chandse--bought and sold as; are our many
stocks-uncertan and flnctuatiDg in its price
now inflated, now depressed, as the tricks and
devices OF Wall Street gamblers are more or less
successful.
Nor is it at all surprising that in this crisis
in view of the financial events that have trans
PRED, and are now transporting coin should
cease to be medium Of circulation. Its with
drawsl is the inevitable sequence.of the unprece
tiented issue of treasury notes, demanded and
neeessitated by the exgencies of thei war--a
.4.a.44l .-.~;I~.. 49, ~-~.ssra avnp-nhnlre-
ing necessity-a small Inconvenience. growing
cut of wise, just aud indispensable act, as
suffering sometimes results from the Providence
of God. is e-H va.gsl1 ~ l.sl.
The San Jose Mercury, one Of the foremost
Of California papers, speaks in this. wise
judging from the unprecedented prosperity 0
every Free State, except those which have rigid
ly adhered to a specie basis, we infer that the
people of this coast have made great mistake.
In the east. the embarrassments resulting from
an expanded aud deprecated currency have been
more than couuterbalanced by actual benefits.
The business of the country has been steadily
angmenting aud the greatest activity prevails
throughout all branches al manufacture, agricul
ture, trade, and commerce. To them q uniform
medium of exchange has proved one OF the
greatest blessings. gsanad ~ ...
While the unwritten laws of commerce have
made, and will continne to make, gold the stand
ard of money valuation in the dealings of one
nation with another, it does not necessarily fol
low that it should DC the standard OF valne in the
domestic dealings of the people Of one nation.
In fact, we think it can be shown that the appre-
citation OF gold in the time of war is an actual
benefit and blessing 10 the nation thus engaged
in war because. it renders importations difficult
and forces the nation to rely on ITS Own re-
sources, thereby teaching the people lessons Of
economy aud industry. t.p ,lt yaf+r..l. ~.
One of the chief obstacles in the way Of the
realization OF the fall benefits which might have
been made TO result from our system of curren-
cy, is the obstinacy with which the gold produc-
ing states have adhered TO metallic basis.
With our treasure as merchantable commodity.
and with many millions of GoyeFnment paper 10
circulation, as the basis of all monied trans
actions, we Of the Pacific coast would have been
doubly rich, There would have been none Of
that uncertainty and want of confidence which
now prevails throughout business circles Capt.
tai in abundance would seek investment We
should BIO more thoroughly identified with the
Union. The great mass of the people would
not trouble their heads about the fluctuations Of
gold. And when they ceased to do that gold
would naturally seek its level with the currency
Of the nation which ls based on everything oil
value within the entire borders of the Govern
,nent.
1t is held that gold and silver have an intrin-
sic value, in themselves, recognized by the whole
world. So also have lands and houses and prop
erty of every other description. The legal
tenders Of the nation are representatives of value
.a r,.aI and tanoiI,la IA cold fsalf This nrono