Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-11-15
FINANCIAL.

The following article upon the curren-
cy is we'll worthy of attention. We ex
tract it from the New York Commercial
correspondence of the Alta, and bearing
date Oct. 18th. 1t points to the inerita-
Die crash which must come with ruinous
fleet upon those who are doing business
upon the basis of the inflated price of
gold, and commends the course pursued BY
the Pacific Coast in adhering to gold as
the true standard by which the value Of
all other commodities should be measured.
The writer says:
We have now arrived at that stage in the
history of the war when gold has become the
treat indicator OF prices-instcad Of paper
money us it used to be-and no man who
bases his wealth on the latter knows the
value Of his own property for the time being
without consulting the standard. Hence
the extreme susceptibility OF real estate, and
more particularly merchandise, to the infu
nee OF the gold premium and gold itself is
Just as sensible to the influence OF the war
news as the currency value of all property is
to its rise or fall.
Every business man now is as directly in
terested in depreciating the paper issues Of
his Government as he is in enhancing the
premium on gold. 1t is the first instance
knOwn in the history Of any country where
the mercantile and industrial classes are
placed in direct antagoniSm to the financial
success OF their own Government. 1t Is not
from a want of patriotism that they place
themselves in such hostile attitude, but d.
rect pecuniary interest in their own imme-
liate success-and advancement in worldly
wealth is more powerful in its influence over
their minds than the policy of any party or
the victories of any army which would bring
about a contrary result.
Were the rebels 10 lay down their arms to-
morrow, or be suppressed next week, it
would bring about Il financial storm that
would overthrow every mercantile house,
every manufacturing establishment in the
North that had based its wealth merely on
gold premium and not on the gold itself, and
mad operated on this fictitious premium in
the belief that it would continue. A hatty
peace now-even with the restoration Of the
Union, or BY quietly permitting the bogus
rebel government to set up for themselves,
and put stop to the war-wOuld be more
deplOrable TO the entire country cast of the
Rocky Mountains than its continuance with
a still fuSher enhancing debt, until HOSTILE
ties could be gradually brought to close,
md the daily expenditures OF the Govern
ment gradually lessened.
People foresee the exhaustion of the rebel
armies, for they confine themselves at pres
ent to the defensive behind earthworks, and
never venture pitched battle in the open
field. Yet, with all the accommodating evil
dences of speedy downfall Of the rebellion,
they seem 10th to profit by the indications to
save themselves from an overwhelming dis
aster to their business.
This antagonism between the fictitious
wealth Of the people and the perpetuity Of
their own Government is one Of the strang-
est anomalies in our social condition which
the war has produced. The Pacific States
ha We shown more foresight, craftsmanship
and patriotism among their people, in pre-
serving their metallic currency from the ill.,
noyation of paper issues, whether OF State
banks or greenbacks, than all the other
States put together. Stick to the gold and
silver as a circulating medium, and as the
only real intrinsic basis of doing business or
perfecting credits, and financial storms will
not only be impossible among you, but the
great distinctions between capital based on
paper promises and that on labor will be ma
terially lessened, and real wealth become
more generally diffused among the masses,
instead Of being confined to the few.