Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-08-19
/ nv Indictment less than sin Or seven hun.

indians on the plains is general or stimulated
by rebel agents, but that q few Indians are
taking retaliation for supposed wrongs com
mitted against them.
General Sully, with 5000 troops, left Fort
Rice ON the 18th, for Fort Alexander, on the
| Yellowstone.
Seventeen hundred lodges Of hostile Indi-
ans encamped near Berthold are prepared 70
give Sully battle.
The Postmaster Generals about concnd.
ing contract forthe mail service from the
Missouri river TO California, for -four years,
from October LIST, at the rate Of SI50,OOu per
annum.
Pfratical Depredntions.
Six vessels were destroyed BY thesp1rate
Tallahassee on Monday, six miles from Cape
Sable. She destroyed twenty-five vessels on
Martinique, and took the ship Manuel 70
Nova Scotia.
Views of the Fiscai Policy Of the Late
Secretary. a
The following isltaken from the BANK
ers' Magazine, published in the city Of
New York, an old and standard periodic
cal, representing the financial interests Of
that great emporium. Its loyalty and
hearty support of Government measures
since the beginning of the war have been
of the most marked and unequivocal char
acter. Since the following article was
written further depreciation Of currency
has taken place, as was to be expected
There is a general conviction in the minds
OF those most familiar with the subject, that,
the finances of the country have been sadly
mismanaged, and that a continuation OF the
policy adopted for some months past will
lead to still more extravaganza, among the
people, and to more severe loss to the Gov
eminent. The creation by the United States
Treasury of a large volume Of paper money,
now amounting to over eight hundred mil
lions of dollars, unaccompanied by an ade.
quate system Of taxation, has gradually and
rapidly undermined the commerce and imam
ces Of the country, and has disturbed prices
Of commodities to. such an extent that our
whole social system is in violent conmotion.
The persistence with which these paper
issues have been forced upon the country
was in; direct violation of sound principles OF
| finance, and in opposition TO the views and
| warnings of the ablest men in the country.
The measures OF the Treasury, which, we
may, say have met with universal condemaa-
ton, and which have led to the present chaos
in public and private affairs, and to the loss
| of confidence in the Treasury management,
may be enumerated as follows
l. AL increase of paper currency from
$l50, 900, 900, as reported in July, 1852, TO
SSl0,0O0,000, as officially reported in May,
1854. The latter comprising as follows:
United States notes, legal tender SAL ,0O0,-
900. One and two year legal tenders $685.
900, 600. One year certificates OF indebted
| ness $l46, 0O0,0 900.
Three-fourths Of these issues were totally
unnecessary, and contrary to sound advice
and to the experience OF the past
With knowledge of the growing burdens
OF the Government in 1862, the. surplus capri
tai of the country should have been absorb
ed in thity-year loan at six per cent, even
at seventy-fye cents per dollar. The urgent
friends and defenders Of the administration
deplore the policy, now unfortunately fasten-
ed for generation upon the people, The
New York Commercial Advertiser, one of
the able defenders ofthe Government, says,
in June, 1862. All the errors of-ous fnan-
E.cialpoliey, from the issuing Of legal tender
notes to the present day. are due tolgno.
rant vanity and presumption. The combined
experience Of the civilized world has demon
sstrated the sad doom of legal tender notes,
wherever and whenever issued Science
gives the reasons why governments cannot
supply proper paper currency, and shows
why every attempt to force governmental
currency upon people Injuries not only the
nation at large, but more especially the gov
eminent resorting to such a measure to sup
ply its wants. Every arbitrary measure 10
force down the price of gold and raise the
price Of currency is an error, because gov
ernmental credit depends upon the same
basis as the credit Of private individuals to
wit, confidence. Confidence cannot be called
into life or fostered into vigor by force or
violence"
The creation Of a large volume Of paper
money, payable on demand, Instead OF defer
ring payments to periods Of twenty and thirty
years, has led to an advance OF prices fully
one hundred per cent. beyond those current
in 1872. Every contract entered into by
the Government since July, 1852, has been
based upon irredeemable paper, and the
losses to the Government thereby have been
at least five hundred millions Of dollars.
This is only small part OF the evil The
contracts BY and between individuals have
been affected in similar ratio, and the
aggregate loss by the people is far beyond
that sustained by the General Government.
The Evening Post fone of the a6test defend
ers of the administration, except as to its
finances said very properly in their paper Of
the l0thcJune: " We have tried the strength
Of legislation, and found that statues ayailed
us little while the volume Of the currency
kept expanding. We have INDUCED in de-
nunciations with no better result. Many a
man has tasked his brains to prove that there
was no actual depreciation in the paper
money of the Government, but that the en-
hancement of values was caused mot oeca-
sionedj by wild speculation. And still gold
kept going up, up, upward, until we find it
,,or oa,,f ,,
It has since reached one hundred and ninety
premium.
II. The neglect to give seasonable notice
to holders of the FIVE per cent. loan, due Jam
nary, 1853, as to the money, in which such
bonds would be liquidated.
Repeated applications were made to the
Treasury, by holders of these bonds, in Dc
tober and December, 1852, for information as
to whether the bonds would be paid in specie
or in paper. The premium on gold then
ranged from % to "a per cent. No public
notice was given to this effect and many OF
the holders, in suspense up 20 the 3lst De-
cember, as to the mode Of liquidation, were
induced to sell out at a sacrifice. All this
could have been obviated by a fair notice OF
sixty days or more, as to the real determin-
alton. Of the Treasury. It is generally sup
posed, in New York, that certain prominent
brokers had some clue in advance as TO the
manner Of payment that would be and ac-
tually was adopted.
III. The recent action in Congress, as to
sales Of or dealings in gold, has been aseribed
to urgent Intervention on the part Of the
Treasury in the halls OF legislation.
The passage Of the gold act win long be re-
membered as the acme Of folly at Washing
ton, The best friends Of the administration
at New York, and those most familiar with
commercial and financial affairs, have depre-
Gated any movement Of the kind in Congress,
and have wafhed members Of i'll effects OF
such an absurdity as m attempt to control
the movements Of commercial circles-bnt in
vain.
Il is as well known as the sun at MONDAY,
thaethe fluctuations OF and advance in gold,
in this and other markets, are produced, IN a
Ueyy slight degree only, by operations at the
Stock Board. The true cause Of such changes
lies in the large volume Of paper noney-in
enhanced prices OF commodities-in exiraor-
dinary importations from abroad, and 10 the
p. 80. ii Jn,n a n 4 fnr n fha e,rId no ca,, 49,,