Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-09-05
FINANCE. i'm the Eat.
The following money articles are from
lnahin, Eastern naners of the latest dates

Finances In the East
The following money articles are from
leading Eastern papers of the latest dates:
HERALD OFFICE, n. Y, Aug. 2.
The expectation Of certain of the city bank
managers have not been realized with regard
10 the object CT Mr.. FeSseuden's visits to New
York. which, il has turned out, was merely a
nights stopping place for him on his way
home to Maine, he came and went, but did
nothing.
There must, however, come 4 period when
the grave importance Of this question Of the
currency will be fully appreciated by the peo-
pie in consequence of the depreciation to
which its own weight will lead. Beyond a
certain limit, United States Treasury notes
will be exposed to the same dangers which
attend the issue Of the French assignates and
the old Continental money but the conse-
quences in our case would be much more
disastrous than in either of these great his
torical Instances.
The best course for this country to pursue
at the present time would be found in the
passage Of an act of Congress authorizing
the withdrawal Of the Treasury legal tender
issues from circulation, by their conversion
into five per cent. gold bearing bonds within
u
longer available as currency, the interest to
be provided for BY special specie tax on
property. The immediate etfectof this would
be fall Of prices to nearly their normal
standard, and this would be preserved by the
passage of an act, contemporary with the
other, prohibiting further issues OF paper
money. The government, as great pur-
chaser, the property holder and the working
man would be proportionately benefited By
this check upon the imitation of prices, and
the enhanced value OF real property, as repre-
| scented BY currency. Every mans dollar
would be worth more to him than it is now,
and persons living on fixed incomes would be
especially benefited.
Gold was steady to-day. 1t opened at
2571, and afterwards ranged between 256a
and 2574, the latter being the closing price.
Con- BULLETIN OFFICE, Boston, July 81.
The tone of the community Is fast tending
towards one other experiment, and that Is
specie payments, the hard dollar liquidation
and eiucidation, coute Qta coaEte, the solid bot
| tom first as last.
l, is remembered that England, with pop
ulation Of only fifteen millions, raised BY
taxes and dutues alone during the twenty
years war with Napoleon, five thousand MD
! lions of dollars, and from 1918 to 1916 $500,
| 0OO, 900 each year. And that too without the
use Of any Government paper whatever, while
the issues of Bank Of England notes never
exceeded Sl35, 5000; contracts were still
enforced in gold and silver and specie, the
| import and sale OF which was wisely and nn-
rrammelled, never rose higher than 80 per CT,
| premium.
! 1t is recollected that Napoleon, at the same
! period, took France, reduced as she was 10
, the very lowest paper embarrassment, and
StranSled in the stock jobbers' hydra wide
| Thiers' Consulate and Enpire), brought her
! At one spring to the clear-headed level OF
| specie payments, maintained them through.
OUT all his exhausting wars and fought au
Europe without the use of single paper
dollar.
What man has done, our people, rich, pow.
! erful, replete with every element of great and
recuperative strength, can, or should be able
! 10 do.
The Chicago Post predicts " that on or be-
/ fore the first day Of January next, the actua!
| currency Of the country in all commercial
transactions will be gold and silver. Treasury
| notes will be discarded, and all contracts in
business affairs will be upon gold basis.
| Treasury notes are legal tenders, it is true,
and will answer all purposes OF paying debts;
the depreciation Of paper money is greatly To
( the advantage Of the debtor and to the loss OF
/ the creditor; and every cent taken from the
value of legal tenders is 4 cent which is
eventually to come out Of the creditors peck
! cts. The more money there is due man
the greater will be his loss, and that loss is
now Inevitable. No doctoring or legislating
can give value to paper which it does not
possess, and the sooner the crash comes, a.
come it must, the sooner it will be over, and
the business Of the country restored to a
Pre- per basis" Chicago is the great currency
center of the country, and the opinions eman-
ating thence are deserving OF reflection.
The Union Bank Of London is said to have
a uniform line Of deposits to the extent Of
ninety millions Of dollars.