Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-06-13

our mines have ceased in any measure to
produce, that we have a scarcity of money,
for neither of these causes exist; but it Is
because the coin minted from Nevada bull
lion has been used to pay duties on goods
in the bonded warehouses in San Fran
cisco, and has not been returned to devel-
op our newer mines, and carry on pros
pecting as it legitimately should have
done. The stoppage OF coin in San Fran
cisco, we think, will be found to be gen.
orally the cause of tight times here. At
the present time, that is undoubtedly the
chief cause, but it has added TO it several
auxiliary causes, which, however, mostly
sprung from the same source. We are
informed that about $4,000 has been
suddenly taken from circulation and paid
into the Custom House at the Bay; and
that certain heavy bankers in San Fran
cisco have refused to loan money on
mining securities. The result Of this sud
den change in the course of large amount
of capital is, as sudden a crash in mining
business from which the capital is with
held. All the surplus money is being at
the moment used for other business than
mining. Bankers, having a call for all
their loans, refuse to lend on mining secu-
rites, because at the present time they
can get those which they consider sure,
and which, at least, are nearer home.
The usual amount of money does not
come back to the Territory to pay men
laboring in the mines, and the work is
therefore stopped; men are thrown out of
employment; assessments accrue; labor
ing men, who usually have from 200 to
1000 feet of mining ground, are out of
employment, and have no money to pay
their assessments they put their stocks
into the market, but other men, too, are
in want of money, and there is no sale.
Over at the Bay, men go to the banks
with their irst-class stocks, but are told
that no loans are made on mining securi-
ties. Their stocks are then, too, thrown
on the market. The markets, both here
and at San Francisco, are glutted. Oper-
ators here see that stocks are falling in San
Francisco, and operators there see that
they are falling here. All parties make
haste to sell, and, as a necessary result,
stocks tumble down to almost nothing.
These crashes are injurious to the country
in the greatest degree, but for all that
they cannot for long time stagnate bust
ness here. Work will be recommended
and trade revived. If our mines were
failing it might be different. But they
are not. The Gould & Curry pays as
large dividends now as usual. Another
dividend paying mine has within few
days been added to our list, already
large; and the weekly exports of bullion
from this Territory are greater now than
ever before. 1t will be but short time be-
fore times will be flush again. In about
month from now heavy banking es-
adjustment is to be opened in San Fran
cisco by foreign capitalists, and then, if not
before, the wonted course of business will
be resumed; for as soon as there is sur
plus of capital on this coast, great pro-
portion comes hither for investment. So
many men have made fortunes by invest
ing in our mines, and so many are now
every day making fortunes by investments
here, that the temptation is too strong for
any man to withhold his surplus funds
from investment in our stocks. They
reason, and reason soundly, that the
chances of making "raise" are as good
now as they were a year and half ago;
and look back to that time when Belcher
ground was offered for four or five dollars
per foot, and see that if they had invested
their surplus money then, they might now
be classed among the "nabobs," and re-
solve not to let such chances pass by un-
needed hereafter. One thing, besides those
heretofore spoken of, which has thrown a
great many men out of employment, is
the suspension of work in several of our
leading and extensive mines, while they
are putting up machinery. At nearly all
of them, however, the work is now far
advanced, and at some of them nearly
completed; and operations will soon be
resumed so as to give employment to
great many of our working men, small
stockholders, the first and greatest suffer-
ers BY the crash. The Overman will start
up in day or two, and the Uncle Sam in
few days; the Cresus is almost ready,
so is the Dardanelle the New Oregon is
working vigorously at its hosting works;
the North American and Justis companies
will have machinery and go to work in a
short time; machinery is ordered for the
Nelson Consolidated, and machinery is
being put up at both the Minerva and
Omega claims.
Ali this is being done within the circuit
of mile of this place. And much more
is being done outside. which will soon
create employment for every idle man in
the country. When these get at work,
money will be more free; yet times will
not be so flush as they generally are. until
the capital which properly belonged to
mining, and has been taken from it, has
been restored. But this viii be done in
a short time. the purposes for which it
was taken were temporary and not likely
to recur soon. And hereafter, until some
such call does occur, all surplus capital
will be invested in mining stocks, as has
been done heretofore. The introduction
Of foreign capital viii hasten around that
state of affairs, and we will soon have
prosperous times again.