Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-08-15

ter, constitutes the great stumbling block
of objection. The objection to the adop-
ton of the paper currency IS not the sim
pie fact that it is paper currency, for we
have already said and still say that pa
per currency convertible at pleasure into
gold, at par, is, in all heavy transactions,
the preferable and most convenient me-
dunn. Neither is it the fact that the pa
per currency is of less gold value than its
face indicates. That is matter of no
moment at all, so long as its relative value
to gold is known and fired, 1t is the
Huctua6on, the daily change in the rela-
tive value of the paper and the coin that
renders the former a troublesome basis of
trade. This proposition our contemporary
has not thus far touched upon, and we
are strongly impressed with the belief
that if it ever does so it will find it q
troublesome one to dispose of. The grand
point of difference between oursef and
the Union, however, is our incredibly
upon the subject of the vast increase of
the amount of the circulating medium
which the change it proposes would bring
about. Upon that point, the Union of
yesterday does US the honor to present US
with an argument of some length. 1t
says:
But our friend of the NEWS "don't see"
where the greenbacks are to come from, be-
cause he was thinking Of the Alas brilliant
proposition that, adding nothing to nothing
will not ELL his pockets with greenbacks. He
will doubtless see that it is easier to NIL his
pockets with greenbacks when they are
abundant than with gold when it is scarce.
When currency is abundant business IS i've
", and we can all earn money. II was so
when gold (which is our currency here was
plenty one year ago. Why should it not be
so when currency is again plenty, even
though composed Of greenbacks itmust be
clear that currency would be abundant If we
would accept it in exchange for our exports.
We are exporting gold and silver from this
coast to the amount Of several millions OF
dollars per month. Can there be any doubt
that if we would accept them We could get
ten millions in greenbacks for four millions
in gold and silver? Does that proposition
need calculation ?
Correctly assuming that We demand that
calculation, the editor proceeds to eluci-
date, as follows:
The country produces enough, certainly,
to exchange for them. If you have no gold
in your pocket, your more fortunate neigh
Dor has, and he can employ you, and thus
YOU will get portion Of it; but he cannot
keep you employed any longer than his gold
lasts. He may have thousands of dollars
worth Of valuable property, but no one wants
it, or those who do have no gold with which
to buy IL; therefore. though your employer is
rich. he cannot paw YOU. Now, there are per-
sons who want to buy his property, but they
have got no gold u pay for it with, though
they have plenty of money Of another kind.
II your employer will take that, they can
trade, and he can still employ you. 1t is use
less to tell the man with greenbacks to go
and exchange them for gold, and you will
trade with him. Unfortunately for you, he
can dictate the terms of purchase, and you
must accept them or keep your property, for
he will not reduce his $4,000 to 81 900 for
the sske Of trading. His money Is good
where he lives for $1,000 worth of property.
Take his money for your property and II you
want gold exchange the money yourself. He
is willing to trade and give Your price. If you
will take his money. His Sl0,0 5000 in green
backs look larger TO him than 81, 900 in gold,
while to you they are Of the same value. de
will give you the ten thousand dollars for the
property YOU value at four thousand in gold,
but will mot give it for the gold of the same
value in market, because he does not want
the gold, and does want the property. DE
would count himself loser to exchange his
money for gold to effect the trade. In other
words, he measures or values property by
one standard and you by another and as he
is the buyer, and he and his kind the only
customers you have, you must trade by his
standard or not at all. The trade, when
made, puts six thousand dollars more in cir
culation than there was before. THAT is the
way the amount of cash-which means cur
rency or money-in the country is increased,
and becomes plenty. II, when money is
plenty in a country like this our friend can
not get his share of it, then his case is hope
less.
We have thus copied literally the whole
argument of our eotemporary, for two
reasons. The first was dictated by spirit
of Justice, prompting US to give him the
benefit of his argument with those persons
who might otherwise have heard but our
side of the discussion; the second was
that our readers might see the abyss into
which they are to be plunged if the Union
and its co-workers succeed in their de-
signs. He says, when his argument is
condensed, that the " eastern capitalist"
of whom he has talked so much as the
saviour of this country, will be willing to
buy our gold and silver bars with green
backs at their market value; but that our
other property of every description. they
viii only be willing to purchase at oar
GOLD valuation soih gresnbacks at par /!
"The capitalists" says the Union, " can
dictate the terms of purchase, and you
must accept them!! The staple COM
modify of this Territory is labor; the cap
italist can dictate the price of labor, and
we must accept it. We have mine which
is worth one hundred dollars per foot, we
must sell it for forty The miners labor
is worth ten dollars per day to-day, in
greenbacks; he must work for four. The
four dollars in greenbacks are worth to-
day 81 co. The capitalist "can dictate
and we must accept" That is the hosc