Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-05-27
THE GREAT TOPIC.

Every man on the streets has, metaphor
cally speaking, his mouth full Of greenbacks'
All the papers are filled with editorials, COM
munications and circulars on the subject OF
greenbacks. From the Spectator who mas
safe full, down to the individual who never
saw one, there is but one subject that occu-
pies the minds and the tongues OF all. Inc
say on any subject is, however, incomplete
until the Sacramento onion has had its put
in" In its issue of yesterday that paper has
an article on the subject which slashes away
at the greenback proposition, and "fancy
stocks" generally, with trenchant pen. Al
though not aatteripg to the unframed feline,
there is enough of the disagreeable truth
mixed with its unjust exaggeration to serve
as a wholesome bitters. Viewed in that
light, we recommend small dose Of the arti-
Gle to those who are troubled with the green
sickness. The following extracts will serve
for one day:
A golden mirage in the wilderness of Idaho
may persuade few indiscreet persons to sell their
homesteads and journey thousand miles TO
search for what they may find near home; but
the exchange of farms for feet in washoe rock
will not prevail as an epidemic this year. In this
distressing condition of things, it is generally pro-
posed by parties in Nevada to get the needed
money by adopting paper currency. They
would make greenback dollars standard of
value, and then persons in the East who are en-
loving paper prosperity would shower this kind
ofcapital on tho Territory, and the silvery opera
tors of Washoe could snap their fingers at the
Golden State See what sensation Colorado
has created in Wall street. That Is merely rip
pie on the surface of speculation compared with
the sensation wsshos might excite. For Washoe,
be il understood is rich enough TO pay off the Ma
tional debt, at least she will be, after she gets
through borrowing paper millions in new York.
The question is not eShaustively discussed in the
Virginia journals, but the communications
thrown out by way of reconnaissance Indicate a
growing disposition among certain parties not to
permit Colorado stocks to monopolize the green
back investments of the East We should sup
pose however, that the ruling California element,
with its invncible prejudice In favor OF hard
money, would frOwn upon this subsection; but 1t
may be that the Safeguarding mania has de-
rnoralzed this class, or that the dull times pro-
woke eccentric dreams.
The proposition that the present languid con-
dition of things in Nevada results principally from
a want of working capital is open to dispute
The Territory is in the straits OF merchant
who upon the strength of a large capital extends
his business operations until they get beyond his
control, notwithstanding the original amount OF
his means.
When merchant finds that his operations are
covering too much ground and getting beyond
his supervision. he begins to retrench and con
centrate his means We surmise that similar
policy would be wise in Washoe. Consolidation
and concentration Of capital are the available
remedies, if it be honestly intended to develop
the resources of the Territory. If, however,
there be prevailing disposition to multiply the
bubbles of fancy stocks, to keep them dancing
between Virginia and New York TO dazzle and
deceive the people, and so win for Washoe, in
the end the odium that attaches TO the discovery
of a glittering humbug. we shall not be surprised
at the Introduction of paper currency or the
adoption Of any other expedient TO facilitate the
work of fraud.
These considerations are worthy Of the atten-
ton of persons who honestly favor ahasty change
of the currency of this coast II the rebellion be
substantially suppressed this year, the credit of
the National Government will be established on q
firm basis; the Southern States will absorb a
large amount of the greenback paper, because
thew will have no other trustworthy currency /;
the high tariff will greatly diminish the exporta.
ton of gold specie which has been boarded
during the war will again get into circulation,
and greenbacks will gradually appreciate until
they reach par Then the currency question will
be settled for the whole United States II, on the
other hand the close of the present year finds the
war still IN progress financial revulsion can
hardly be ayerted in the East, and, in that case,
supposing that we adopted the paper currency,
all kinds of trade and business here would be AZ
fected by the crash. Is it prudent, for SO doubt
ful a gain, to incur so fearful risk'