Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-08-29
nc Rinancial st.aatien.

To THE EDfroRs or THE BosToN DAILY
ADVERTISER = Mr.. Fessenden's beginning
is full of promise. he has not only refused
to increase the issues Of paper money, but he
has, most wisely, declined (eyen ifhe had had
the legal power TO accept il the well-meant
but dangerous offer Of a loan Of bank credit
instead Of money, or Of those government
promises which pass for it.
It only remains to appeal to the people, and
this, we rejoice to learn, will be done without
delay. Whatever loan Mr. Fessenden may
call for, let the people take it, promptly and
boldly. Every dollar thus turned away from
unproductiye speculation TO the legitimate
wants Of the community, increases the real
value of every other dollar, which the lender
retains, and drives a nail in the coffin Of f.
nancial, as well as military treason and re-
bellion. Let every man who has bank bal
ance Of cash awaiting investment, offer it to
the government, instead Of exchanging it for
stocks or merchandise, which may easily
decline Is or so per cent. in price within
year. ~
But where is the money to come from :
Legal tender notes are already very scarce.
Yes, and they must be scarcer still, before
they can regain their proper value. But is 1t
not perfectly evident that there is no alterna-
tives A fSe dollar bill has no appreciable
| value, unless at SOME future time it can be
exchanged for FIVE dollars in gold coin, or its
equivalent. At the present moment the gov
eminent is paying, or promising to pay, every
day three or four millions Of paper dollars,
for each of which it receives the equivalent OF
less than 40 cents in gold, but each Of which
| it promises to redeem, at no distant period,
with 100 cents in gold. At this rate, how
soon will the redemption commence and
where are the funds for redemption to come
from There is absolutely no salvation, but
in steady, resolute, persistent course OF cur
tailment. No doubt it Is much harder work
to go up hill than down, but when safety lies
in ONE direction, and the abyss OF bankruptcy
with its nameless horrors, in the other, what
wise, what honest man will hesitates
The banks are the financial agents OF the
people, and through them the process Of cur
tailment must mainly be accomplished. II
their depositors demand of them legal tender
notes to lend to the government, they must
supply them. To do this, they must draw in
the loans they have, in many cases, SO impru.
IDENTIFY made The borrowers must then sell
the stocks, merchandise, gold, or whatever
they have hitherto been abletohold on specu-
iation, or course prices viii fall. Green
backs, which have been travelling over the
country in search of cotton, or 10 carry on
worthless mining operations, or boarded for
future use, will gradually find their way back
to the commercial and monetary centres, and
will supply all, and more than all, the curren-
cy needed by the government and the people.
Fictitious values will gradually collapse, and
the present brilliant show Of pretended wealth
may suffer grievous eclipse, butno real loss
will be sustained by the community, while
the industry and economy Of the people Will