Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-08-12
THE cuRRENoY.

II Is LeSefueu oy tnosS WIZ AAA'NS 49,
and cry in its favor. 1t is ever stated
with broad generality. that has failed 70
convert rs to the creed. The Union OF
this morning waltzes into US in aspirit OF
opposition and rebuke, but still fails to
make the thing clear to what it considers
our benighted mind. 1t simply reiterates
its dogma, pronounces US hereto, and
orders us to be burnt. 1t sends us over
to the left hand among the goats, and
| says:
"The Ala, Sacramento Union, Gold Hill
News, and some other papers which oppose
the adoption Of the national currency, are
publishing articles on the subject which dis
play either an unusual degree Of stupidity,
or a willful blindness. The writer's certainly
cannot have thought or studied much on the
subject"
Begging our cotemporary's pardon, we
share thought and studied much upon
the subject" and that too with most
earnest desire to comprehend it fully, and
to trace out, if possible, a path to better
and brighter condition of things. Our
opposition to the adoption of the green
back currency is not founded in bigotry
or prejudice, and although we may be
open to the charge of " stupidity" yet our
a blindness is not of the wilful charac-
ter charged upon US by our contemporary.
We. like himself, are engaged in bust
ness, not of barter and exchange, but one
conducted upon cash basis, and requir-
ing convenient and plentiful circulating
medium. Such medium is to US espe-
ciany an indispensable. What that medi-
UNI shall consist Of, so that it answer the
purpose, is to us a matter of Indifference.
Whether gold, silver. paper, or cowrie
shells, it matters not so that 1t have
Fixed and certain value relative to other
property. A paper currency of such
fixed and permanent relative value would
answer the same good and sufficient pur-
pose for the conduct Of all trade, as it has
done elsewhere. But in the United
States, as in all foreign countries where
paper currency has been in use, the bank
note has been the "paper representative
of the CON-" of equal value with the coin
which it represented, and convertible into
that coin at necessity. Its value was con-
sequently certain, and contracts made on
the basis Of the one were fulfilled by pay
ment in the other. Under such condi-
ton Iof the currency, a paper representa-
ton not only answered all purposes of the
coin itself, but possessed a great advant-
age, especially where the amount OF the
transaction was at all considerable. The
legal tender notes of our government do
not possess this representative value.
They occupy no fixed relation to gold and
silver at all, not being convertible into the
metal upon demand. Their relation to
coin is ever Auctuating, and contracts
made with those, notes as basis, lose all
character and certainty, and must partake
in all instances of the character of gam
bling, or, in milder phrase, speculation.
Those notes now bear a relation to gold as
about forty to one hundred, because
to-day they are readily convertible
at that rate, but what relation they viii
bear next month, next week or to-mor-
row, is uncertain. A contract, therefore,
made for month, week, or for twenty
four hours is not certain but speculative,
The miner or mechanic now under con-
tract to work for four dollars per day, to
receive his pay in gold on the 18th day Of
next month, would be perfectly willing
to agree to receive that pay in greenbacks
at ten dollars per day had he any assu-
rance that the paper would not, in that
time, depreciate so far as to reduce the
amount of necessary commodities which
those ten dollars in greenbacks would
buy to-day. His employer would be
safe in contracting to pay him the ten
dollars in greenbacks were he sure that
the paper would not appreciate and over
throw all his business calculations. All
calculations which have the price of
labor as an essential ingredient, have to
be made closely, and admit oflittle margin.
They certainly do not admit of the huc-
tuations IN the circulating medium the
government currency is subject to, and in
this country labor is the staple commodi-
ty. All this, however, is not exactly per-
tinent to the issue between ourselves and
the Union. The question is, would the
adoption Of the paper currency bring into
the Territory an actually greater amount
of cash than we have at present. We
have said that we cannot see hoto it would.
Our contemporary imagines that he can.
That is the point of difference between US.
| he has made our question of "Where
are the greenbacks to come from: ;" the
subject Of more than column of edito-
rial, and has answered @ US at last in
these few words:
Adopt them as currency and they win flow
here from the East where they make them,
and where they are plenty. The eastern
capitalists will come here to invest in our
mines, and engage in business, and build
mills, houses, railroads, and make times
lively generally. Have we not all got plenty
Of claims in mines or lodges that we sincere
| ly believe to be good, and would spend mo-
ney to develop Il we had it Would we not
all sell a portion Of our interests for green
backs, and let the men with plenty Of green
backs help US prospect our claims?
We. give him the benefit of this argu-
menf, if tits an argument, but still aver So
lemnly and sincerely that 1--WE don'tsee it"
Those greenbacks which these " eastern
capitalists " have in such abundance, bear
a relation to gold and other commodities,
which neither our contemporary, ourselves,
the eastern capitalists, nor the devil him
self can alter. If brought into this Terri
| tnr,r thew would no more be thrown away