Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-07-11
Ruined or NOT,

| tuatShe have yet seen. we cOnulenu It's
perusal to those who look upon the country
and all its inhabitants as irretrievably ruined,
because there is tremendous" war debt,
and greenbacks are not worth hundred
cents on the dollar: .
"Gold is 100, and the property Of the
country will be destroyed" says Mr.. Faint
heart.
"Gold is going to 200, and shall be broke"
says Mr.. Weakness.
~ am ruined! My bank balance is worth
only fifty-fve cents on the dollar" says Mr..
| Neverthink.
Let US stop n moment, gentlemen, and
look into the matter. Facts are better than
fears, and principle is better than prejudice.
You are suffering-yes suffering, there is no
other word for it-under the delusion that
the amount of gold and silver coin in the
country is an equivalent ofits wealth. Now,
do YOU know that the highest financial
authorities have never estimated this amount
at over two hundred and fifty millions, and it
is probably much less, even in time Of peace,
| But suppose we admit that it is three hun
bred millions and now do you know that,
according to the United States census of
lS5 ;, the wealth Of the country-its real and
personal property-was estimated (rather too
| low than too high) at fifteen thousand mil
lions? II you will just take your pencil and
cipher out the proportion that three hundred
millions in specie bears to fifteen thousand
millions Of property, you will discover that 1t
| is-whats fifty per centum No. Twenty
| five per centum? No; but exactly two per
cent.-that is, the whole amount Of specie IN
| the country never was two per cent. or tif-
teenth part of the specie value of the proper
ty and if at any one time the whole property
the country had been forced to sale for the
specie in the country, it would not have
brought two cents on the dollar Of its actual
| specie value.
Specie, or the currency that may stand for
il, is only the convenient and recognized
medium for making an exchange Of products.
1t represents property in the market, proper
| " in transit, but never the fixed property of
| a nation. Money is the lubricator. ltdon't
| make values it simply lubricates the ma
chinery, and keeps the wheels Of commerce
running smoothly. When too abundant, the
| wheels run too fast; and when scarce, there
is too much friction.
And now, Mr.. Faintheart, can you pick
flaw in our statement Is it not absolute
truth? But what shall we say to Mr.. Weak
knees, who is afraid Of bankruptcy, and Mr..
Neverthink, who is only afraid Of his bank
balance: If Mr.. Weakness is in debt, it is
now easy to get out. Pay up while money is
plenty, and be happy.
Ii mortgage on your land will be due next
year, or any year, provide for It now while
YOU are getting high prices for everything you
sell. But, Mr.. Neverthink, you have, say, a
bank balance of $4,000. You are afraid that
gold is going up or paper going down, about
out of sight, and you wish to invest this bal
ance in some productive property. Will you
buy house worth only 900 in specie and
pay for it $4,000 in currency: Suppose
| YOU wish to sell that house after the resump-
/ ton of specie payments, it will bring you
only $4,000, and you will have lost exactly
| $4,000. Will that be a shrewd operation
We think we can put you up" to something
better-something by which you can make
| your bank balance or currency not only
worth its face in gold, but a premium be-
| sides. Invest in Government bonds; buy
! the 10 40's. After the war is over they will
! be worth par in gold and something over,
and they pay liberal gold interest from the
| beginning. If they are not safe, then no prop
erty is safe. The same spirit Of anarchy that
would repudiate your property in the national
debt, would repudiate it in your house. If
| the law will not protect you in one descrip-
ton of property, il will not in another, and
your greatest safety as well as profit is in
maintaining and strengthening the Govern
ment that maintains and supports the law.
FISANcIAL.-The following is from the
| Stock Remarks" of the $. F. NetrS Letter
| of last Saturday The full effect Of what is
| popularity known as the Repeal OF the Gold
Act'-a term not strictly correct, since that
Act was arrested in its progress through the
Senate-cannot yet be fully ascertained. 1t
| is believed, however, the removal of this pro-
posed restriction will work well in California.
| OF our own knowledge, we can speak to
transactions which were suspended, whilst
the uncertainty on the subject lasted,
| and the very highest mining collaterals
were unacceptable with the fear Of
| the possible redemption in Greenbacks of the
main loan. But yet it cannot be averred,
| since the bill was known to be lost, that the
| Stock Market here materially revived. The
attention of the Board and Of outsiders, has
| been concentrated on few prominent stocks,
nearly all of which have declined in price,
some of them to an extent never even antici-
pated. Commission business, with the eX-
ception Of Eastern orders, and here and there
a panic-struck mob, anxious to realize, has
altogether ceased. The richest specimens,
the most favorable reports, fail in these days
to attract. II it is known or supposed that q
| trustee has sold, the rush to get out at any
| NOulu UC luulSlOuoy ~ NClC uOI pain
| full to witness such abandonment of valuable
property. The picture is not an inviting one.
| We are probably assisting at the Reaction Of
| 62-3. And reactions follow faithfully, only
| oil the reverse of the medal, the mad i'm
pulses, the extravagances, the inconsistent
| cies Of the original fever. Not to dwell on
this subject, we will proceed at once to such
| details as we have been able to obtain re-
| specting the mines which have monopolized
| the week. The fluctuations in Gould & Cur
| nv during the past week have been numerous
and important. Rising from 81, 600 to ST.
800, and falling again to the former point,
at or about which it now remains, every one is
seeking the cause or causes Of such vacillat-
| ing prices. From the minutest inquiries we
| hare made of well informed parties-one of
whom has just left the mine, to which he
was an accredited guest-it is apparent that
there exists no reason at all, in the appear
ance or prospects of the mine itself, to ac-
count for this sudden want of confidence.
During the past month, no less than $3.50 600
in bullion have reached this city from the
Gould & Curry; and if we subtract $4,000,
sufficient to pay the late $50 dividend, the
question is, to what purpose has been put
the rather large balance? 1t is further
stated, that in prosecuting from the
shafts below the adit level (the deepest in the
mine), in order to recover the ledge inter-
rupted BY the horse, there was found east
ward mass of ore Of exceeding richness
in fact, snch a pocket, or aggregate Of ore, as
we stated last week, usually accompanies
these announcement porphry masses. Alto
gether, we are of opinion, as we have been
all along, that this particular panic is with
out foundation, and the mine is just as valu-
able, and more under control, while We
write, than at any previous moment since it
was first worked.
An enterprise has lately been set on foot
in France for the manufacture Of guano from
fishes. The refuse from fisheries has been
for some time past employed in this manner;
but it is now proposed to organize fisheries
for the purpose Of manufacturing the article,