Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-05-31
Federal Currency,


At the request of fellow citizen who IA
vors the greenback movement, we publish the
following article upon the subject, which
originally appeared as communication in
the San Francisco Flag. II its arguments
are Of any avail to the greenback party they
are welcome to the benefit Of it:
81 find in the ikG of this morning an arti-
Gle on ''greenbacks"-j just such as would
expect to find in your paper whose publisher
ShameleSSlv claims that his columns are his
merchandise. Such being the case, he Will
of course sell them, as any other merchandise,
TO the highest bidder. To promote his own
interest, he must needs labor for the interest
OF his patrons. As his patronage consists
chiefly of advertisements, and these being de-
rived in great part from the mercantile COM
munitv, ne must advocate that system OF po-
Ttical economy that will most promote their
interests. The text of the article under con-
sideration is the following resolution, adopted
BY Committee OF the Board of Brokers Of
Virginia City, and afterwards sanctioned by
the Boards OF Brokers OF Washoe:
Rssoired That in tho opinion of this Committee,
It would be O great public benefit TO :he whole
people Of Nevada Territory and Of the Pacific
coast. to adopt greenbacks Is the currency OF the
county.
The author of this resolution, and those
who approve it, evidently understand the
public interest, not only of Nevada Territory,
but Of the Pacific coast when they include
the ,chole people, the language is rather COM
prehensive. There are several classes IN San
Francisco, some Of them very useful, indis-
pensable indeed, to the prosperity Of not San
Francisco alone, but of the whole State and
almost of the whole coast, who together con-
stitute considerable portion Of the people
of our city, whose interests would be most
seriously affected by the adoption Of the pol
lev recommended. | mean our money lend
ers, importers and money brokers. Without
the first, where should we find capital to de-
velop the vast resources OF the State: Even
Nevada Territory is greatly indebted to them
for her prosperity. And our importing mer-
chants-thc whole coast is indebted to them
for L large portion Of its supplies, both OF
foreign and domestic goods. As to the bro
kers, many Of them are rather a nuisance ;
but then they must live, and If we have but
one kind of currency, one-tenth part of the
number would suffice, and the rest would be
thrown out OF employment. But the services
of the monev-lender and the broker cannot
be dispensed with. See how the measure
recommended would affect their interest.
1t will readily be conceded that we cannot
have greenback currency, without one or
more National Banks TO furnish it. These,
bv the amended law, can only charge seven
per cent per annum on their loans. What
then would become of our capitalists who,
loan at from one and half to three per cent
per month The owner Of city lot who
wanted an accommodation on steamer-day
the farmer who wants to improve his place,
the miner having discovered rich mine,
and wanting to erect machinery-ln short,
every man or company that wanted to bor-
row money, would prefer paying seven per
cent per annum, to even one per cent per
month. Would our city capitalists who have
been accustomed to the higher rate of inte-
rest, especially foreigners who daily curse
the Government that protects them-would
they condescend to enter into competition
with the pet banks Of "thc tyrant Lincoln !:
The bare supposition is an insult to their dig.
nity. They would fee the city in disgust and
leave it desolation.
And our merchants, especially those who
purchase in our Eastern cities, what would
become of them: For two or three years
they have bought with greenbacks and sold
for gold. They say they sell at Eastern
prices. Suppose they do. Then the differ.
|
| of costs and legitimate profits, is so much
wrongfully transferred from the pocket Of the
| consumer to that of the merchant. Suppose
the premium on gold to be 60 per cent
| Twenty per cent. on most kinds Of goods vii
cover costs and allow fair profit. Then
| there remains forty per cent, just double the
ordinary profit, clear gain to the merchant
| and the same amount clear loss to the con
sumer. Ever since the Chamber Of Com
merce arrested the Act Of Congress making
| greenbacks a legal tender, the merchants o.
| San Francisco have enjoyed this privilege o.
extortion. The resolution of the Nevada bro
kers would annul the decree of our Chamber
of Commerce, put an end to extortion, and
con6ne our merchants to ordinary Legitimate
profits. 1t is not to be supposed that they
will submit to this without a struggle, anc
their mercenary papers, seeming danger II
the breeze, are sounding the alarm.
The Alta, consistently with its States Righ'
proclivities, recognizes the right Of the PEG.
pie of Nevada Territory to adopt the Federal
currency, but cautions them not to "come
into California to urge the adoption Of thai
system here" And it attempts to throw dus
in the eyes of It's readers by assuming thai
the object of "the brokers of Virginia City, i.
to ''get chance to speculate n buying anc
selling gold" If it were so, have they not as
good a right to do so as the brokers and mer'
chants of San Francisco? 1t is fair to pre-
sumo that most of the brokers of Nevada are
interested in mines. 1t is known that the
great body of its people are. Gold and silver
are products of the earth, obtained at great
expense Of labor and capital, as wheat, bar
ley and potatoes are. Why should not the
miner have the full value Of his products a,
the farmer of his' Why should he be com
PEELED, as he now is, to give forty per cent. o
it to the merchants, brokers and money lend
ers of San Francisco:
The Nevada resolution expresses the opin
ion of its authors and those who approved il
Amended as follows it will express mine, ant
if am not mistaken, that of all who have
taken the trouble to think much upon thu
subject.
Resolved, That it would be a great benefit Il
the whole people of Nevada Territory and OF thu
Pacific coast, except the money lenders, money
brokers and merchants OF San Francisco, to adop
greenbacks as the currency Of the country.