Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-10-05
THE TIL 3 EVENING. u NEWS.
what NIakes High Prices.

A true story, undoubtedly is going the
rounds Of the press, touching the good luck
az 4 sneculator, who commenced operations
some three and half years ago; with cap
i,al Of SlO0 in currency, which he first con-
yer,ed at par into, gold; and, subsequently,
selling at a high premium, and reinVesting
from time to time, not only in coin, but in
nork. whisky and various other articles Of
domestic produce, finally retired from the
field with a handsome fortune, fine house in
New York, etc., and is Of course promptly
admitted into the most select circles of the
shoddy aristocracy. '.i ---.
The story of this operator is the story Of
thousands with the exception, perhaps, OF
the small amount of capital originally in
yested) who have become suddenly wealthy
since the beginning of this war, not by adding
ANYTHING to the wealth of the country, but by
combining to aggrayate the evil Of depre-
ciated currency and to place fictitious value
upon the necessaries Of life. And it must,
as we should think, be 4 serious drawback tC
the endowment of this accumulated wealth, 10
know that it was gained both at the expense
of the general welfare and the public credit,
at time when it is the obvious daty as well
as instructive aim OF every patriotic citizen to
tighten the burthenS'of the one and sustain
and strengthen the other. 't.r
This record of individual success, in Spec
ulatiye transactions based upon the depreci-
alton Of the circulating medium, cannot, we
are sorry to say, be regarded as criterion Of
the general prosperity. While the tendency
of this commercial epoch has undoubtedly
been to concentrate wealth in few hands, the
interests of the masses cannot be otherwise
than correspondingly depressed. For every
plethoric fortune piled up in this way, thous-
ands of poor consumers are made TO suffer
from that imitation of prices which is the
prime agency in securing this colossal pile.
The nominal enhancement of values adds
nothing to the wealth and resources Of the
country, but it does add very materially to the
burthens Of the people andthe government.
4 given number of operators, by trading in
circle, may all become nominally rich by
keeping up the process Of imitation, though
there may be no more actual wealth among
them at the end than in the beginning Of
their career. But outside their immediate
circle, the commercial influence which they
exert is one Of unmixed and unmitigated evil.
They very likely control the general markets,
and those who buy and sell for legitimate
purposes must of course base their transac-
tions upon these speculative prices, To the
game: and If the few succeed in making it
winning one, by gaining permanent and
substantial advantage over their fellows, II is
by temporarily forcing these prices above the
level at which they can be maintained, and
building their fortunes upon the ruins Of
others, and especially the misfortunes Of the
country.
Operators for a rise would do we'll to re-
member that the present generation is living
upon and spending the resources of posterity;
and that in proportion as prices are inflated
by speculation, the draft which we make up
on these resources is increased. Superficial
appearances are deceptive. War is not
creator, but q destroyer Of material wealth.
The abundance of paper money is an evidence
of our poverty and Indebtedness rather than
Of wealth and prosperity.
The people of this epoch hand over their
surplus income, whether money or industrial
products, TO the government, 10 sustain 1t IN
prosecuting most expensive war. Tins sur .
plus, thus appropriated, is mostly put out Of
eXiStence-actually annihilated by the oper-
ations Of the army and navy, and the original
owners have only to show for it the govern
ment promises to pay, to be redeemed at some
future period. But the government having
once Spent this national wealth, the people
who furnished it cannot spend 1t over again,
though they may hold representative Of its
value. This representative, whether in the
shape OF legal tender greenbacks or interest
bearing bonds, also represents the property
and means of those who are to come after US,
and in depreciating it for the purpose Of
amassing mushroom fortunes, we defraud not
so much our cotemporaries rs posterity.-
Boston Com. Bulletin. ..s