Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-05-25
Report of the Joint Committee ON the
lsreeubacL Question,

lhat they nave auOpteu the lOuoWlilS pan OF aC-
ton: $500
l. To request all trustees OF mining companies to
levy assessments payable In greenhacSs. and pay
out the same for all demands against their COM
Panes paying for their labor ut rates equivalent to
gold
. To recommend to the waShoe Stock Board
ami Virginia Stock Market that all transactions In
their respective boards be made on legal tender
oasis.
3 To circulate petition or agreement for sigma
lures among all classes of the community, that on
and after certain date they will receive anu pay out
.egal tenders at their par value.
That in order to more effectively introduce legal
tender notes as currency, We recommend that
Convention be held on the 18th day OF June next, al
Virginia City, at the hour OF 10 O'Clock to suggest
cy, and take such other action in the premises as
may be deemed advisable, and that we invite the
people Of the different counties 10 send delegates to
said Convention and that the representation al
owed will be double that OF the Convention for
framing State Constitution under the late appor-
tiOnment made by Governor Nye: and We also
tecommend that the mass meeting, TO be held next
Saturday evening" select the delegates TO represent
storey county In said Convention.
Said Joint Committee have also adopted the fol-
lowing preamble, resolutions and address:
WHEREAS, By our present monetary system We, of
the Pacific States and Territories labor under many
Inconvenience arising from the high rates Of pre-
mium on gold anu silver In Eastern markets, the
tendency OF which is TO deprive us OF sufficient cir
cuIdting medium for carrying on our financial trans
actions and
'WuEEEAs The grievous risks attending loans in
consequence the nsuttciency OF special contracts
TO secure their payment in gold coin, have caused
capitalists to withdraw vast amounts Of money from
circulation greatly 10 the detrment OI all branches
of business; aud
WHEREAs Believing II TO be expedient and neceS-
Sary ur the promotion, security ami permanent
prosperity OF our financial transactions that We
lOpI Legal Tender Notes the basis oil our opera
lions only SURE means OF OONlating the exist
ing evils therefore, be II
ResOlrsd That we invite all business men through
out the Pacific States and Territories 10 assist III
carving into eject the adoption Ui L. $ Legal Ten
NgI,S hlSlS business transactions.
RsSOlged. That in the event OF the adoption oil u
paper currency, We hold that all bound by special
contracts TO pay III gold com are morally obligated
10 make such stipulated payment.
Resolred, We hold that all debts contracted upon
gold should be paid in gold coin OF It's equva-
ent anu that We shall regard none VINO Nloate such
.SpreSS or implied contract In any less degree oil
contempt than ii no change had been made IN our
currency
To THE PEOPLE OF THE TERRITORY or NEVADA.
TRe undersigned Committee. appointed by the
WasnOe and Virginia Stock Boards Tor that purpose,
respectfully orr Tor your coasIIeratloh Jew OF te
reasons wnich induce US 10 favor tae Adoption oi
Gated states Treasury Notes is the basis oil our OuS
The uliness ia all branches of business which now
exists In this Territory Is, We believe Justly atrOu-
ted TO the ABSENCE Sufficient capitLi amongst us TO
supply All adequate circulating ntcIium. Though
We are producers OF Il large snare OF the bullion Wnch
forms the coin used IN the commerce OF the world,
Vet great Is tn premium reaLlLcI III other arAetS
uy the sale Of that bullion that We cannot retalu
enough In the country TO supply our local wants. 1t
Is no uUubt that mitch Vi that whIca Is retained
among Us at the present time hoarIeu up anu III
active, account OF the feeling VI Insecurity preva-
lent among capitalists, owing ~ the failure oil the
Legislature TO provide for enforcing contracts iof
que payment oi UId coin, anI the increasing cOnvc-
ton that even such legislation would De Noiu auu
useless, Ii not uurtiul.
Tine contrast between the dullneSS Of this seasons
business ami the lille ami prosperity OF the last, Is
painfully apparent 10 all. We VI the Pacldc coast
nave been long accustomed To the Use OF metal
&c currency that We are NATURALLY reiuclant to give
up our preIuiCeS in Its favor, ami aopt III It's steal
an inferior or cheaper currency. Necessity alone can
reconcile us TO tIt Change. 49,
Since the prosperous times OF last year, the pre-
MUM gu. sOid an SILVER, III tne great narts OF
tue East, has more than douoed-treDeJ, III tact-
thuS drawing with GouOled lOrce our CURRENCY from
US while We have tau> lar refused 10 accept the
substitute otered by Government. Ii the premium
laI remained as low twenty or thirty per cent.
We msli pToOaDy retain an exclusive metallic cur
renCy being extensive producers OF button. But
W. have w;hstooi the drain caused by tine high pre-
mum on goi;i during the last SIX months, until the
supply has become inadequate to the dciilaiId
As the difference between Soiu ana treasury NOteS
becomes greater, the risk Of capitalists Is ihcteaSeJ'
Ii is now Sucn to drive much Ul the capital,
which We have here, from circulation; AMI SnOuiu
this difference be Increased, tue rSG wOuId become
still greater than now, anu the traction caused DH
the advanced premium ON the gold which COnSti-
tut,s our currency would be 50 much Increased rs
still farther reAuce the present dIequdte supply
We believe Il remedy Tor this state VI tnlltSs can
only b. found In the adoption VI Unitei States Lee
gal Tender Notes currency, to supply the price
OF the gold which We ma Impossible 10 retain
among U.s. We must have more money In circuia'
ton or curtaiI business, Instead OF increasing L,
As all desire TO du. LttuS then auOpt the next best
currency We can obtdin-guaralteed by our Govern
ment, in the StaDuty anu sOOu kth VI WHICH We ali
have confidence.
By the adoption of such currency, the amount
of money in circulation would be Immediately dCu-
Uled. Ii the amount OF gold and silver ordinarily
used OH the Pacific Coast circulating medium Is
S2pUOOU, ami one-iourth OF this IS hoarded or with
held at this time by capitalists through fear OF the
risks, are reduced 10 SlJlHDtNJ,
while II We adopt the Legal Tender currency, the
S5uO,OOO are released, and the whole S2p,n,UoJ In
gold becomes S5Ulh,UdI, when changed into green
backs.
In the Eastern States money is very abundant,
and seeking investment in every chInnri. The diff
ference between our metallic currency and the cur
rency OF those States eiectuaiy prevents the abul-
dant capital OF the East from seeking investment
here in our mines mills and other property. The
immediate and positive loss in exchanging his
rency for deers the Eastern capitalist from the
venture and Induces HIM 10 invest his money where
II less profitable, il is at least not attended with al
Immediate sacrifice of large portion OF his capital
Pubic opinion In the Eastern States Is now pre-
pared by better knowledge oi our resources TO III
vest largely In our mines such Is the excitement
there in mining stocks that millions OF their surplus
capital will soon b. invested here, when We adopt
the currency Of which Il consists. Money would
now in and become more abundant than We have
ever yet seen it III this Territory. We should IND
an active market for our mines, ami our immense
mineral wealth would soon be In process OF 4 more
rapid development. Our individual wealth would
be greatly Increased by the activity in all branches
of business, which would be the result OF such an
increased volume vi our circulating medium.
Nlut-tenthS Uf the nation are Using the Legal Ten
der Notes. while We OF the Pacific Coast tOuly few
hundred thousands out OF many millions, and con-
shutting only very small minority have hitherto
refused to recognize or adopt the currency which
they use with satisfaction anu pEOit, anu in doing
enjoy greater degree of prosperity than ourselves
Is NOT n currency which answers their purpose SO
we'll good enough for our use? We must yield 10
the great majority in this matter OF the national cur
rency Let uS do so rs gracefully ~ possible Oy do
ing voluntarily particularly our Interests Just
now, prOnlls Sucn action.
In RECOMMENDING the adoption Of the Legal Ten
der currency, are not uInllllIful OF the 0bJec-
tons and obstacles in the way. We have considered
them well.
all Kinds will rise in price consequence. 1t must
be so. The laws al trade cannot be evaded. Some
Inconvenience will be experienced NJ irSt, as the
change will be comparatively sudden, and will APP
pear to many, for that reason, seriously objection
able But We shall soon get accustomed to 1t, and
90 on more proSperOusly than ever before. Our
business and our profits being enlarged, shall not
feel the Increased price OF the neceSSaries Of life In
a time of general prosperity We can afford TO pay
more for them. The prices OF all things will soon be-
come adjusted TO the new order Of business.
LabOrtng men are particularly interested In the
proposed change. Many Of our mining companies
have already suspended work on their claims while
Others are reducing the number Of their hands, thus
throwing many persons out Of employment. This
state OF things is owing TO the lack Of sufficient capt.
tai In the country, and is this scarcity becomes
greater, Others will be compelled TO suspend opera
tons and still further aggrdvate this evil. All can
fOreSee the consequences OF such suspension OF
our mining operations. Poor men, who are the
owners Of partially developed mines. must abandon
them and lose all, and with ii the hope Of fortune
from their development
We would not have the change We propose affect
existing contracts. Let all who have contracted to
pay their obligations in gold be required to perform
their promises. They are In honor bound TO do So
The change viii BY no means release them, nor fur-
niSh any excuse for evasion. Let all gOoI citizens
discountenance such conduct, they now do, anu
publish to the world the meanness of those who
holt h.. mill nj