Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-03-08
THE PRICE OF GOLD.

el9n anu uOmeSllc, Lndlntdlh theN
standard, rising as gold rises, and falling
as gold falls. This custom of quoting the
price of gold " is all wrong, and conveys
false notions to the popular mind. Gold
does not rise and fall. l. is the money
standard the world over; and it no more
"rises and falls" than does the zero mark
on the thermometer. 1t is the paper dol
lar of the United States that 1uctuates in
price. and not the eagle, the sovereign
and the doubloon. The proper quotation
of the money market is that given in San
Francisco. There the daily price of green
backs is quoted, and that is precisely what
Auctuates. A gold dollar will buy as
much merchandise to-day, with gold at
1854, as it would when gold stood at go !;
but it will buy less greenbacks; and if it
keeps on falling, as We hope it may, to 100,
the gold dollar will be worth exactly us
much as it is this afternoon, and the green
back will buy twice as much -four, pork,
boots and blankets. If gold crises" to
500, the gold dollar will buy no more,
while the greenback will buy infinitely
less. Gold is quoted at one figure to-day.
at another figure tomorrow, but the fact
Is that the gold is always at 100, always
at par .immovable. 1t is the American
paper currency that rises and falls with
supply and demand. as the mercury in
the tube has been falling since noon, and
will rise again in to-morrow'S sunshine.
The why's and the wherefores Of this
money fluctuation is a source of great
mystery with the mass of the people.
Volumes have been written upon the sub
iect, and We have written, and copied
from other journals, dozens of columns,
explanatory of the causes Of the fluctua-
tons in the relative value of gold coin and
the paper currency of the United States.
1t seems to be next TO impossible to
destroy the notion that the price of green
backs depends upon the military successes
of the nation. Such an idea could have
only had its origin in the belief that upon
those successes depended the solvency of
the United States; that if rebellion was
successful greenbacks would be worthless,
and that if the rebellion was crushed,
greenbacks would instantly be worth their
face IN coin. The idea is false and foolish.
The nation never was in danger of bank
ruptcy and if rebeldom were to lay down
its arms tomorrow, hang its leaders, and
hoist the stars and stripes on every flag
staff and church-steeple, from Canada to
Mexico, gold would not fall to $50.
Other causes, and not the state Of military
affairs, control the "priee of gold" The
San Francisco Bulletin, of Saturday, has
an article on this subject. 1t SAYS:
1--WE are asked almost daily the price Of
gold. 1t has puzzled the brains Of many peo-
Die here, as well as at the East, why it is
that when our armies are every where victo-
rious, and the rebellion apparently losing its
power of resistance, and showing its utter
inability to fight successfully against the
loval North, gold should remain above 2O0,
and the price Of almost every article should
be high or on the advance. The South main
tains bold front still. Mr.. Blair's mission
of peace has proved unsuccessful, yet every
one who knows the true condition of affairs
believes that the days Of the rebellion are
numbered, and that the South must soon
succomb."
1t then quotes from the New York o.
serrer:
"The true secre. of this tirmness of gold
lies in our halls Of legislation. The civil
Government is not equal to the military.
The Treasury Department and Congress are
not inclined to take the first step towards
bringing down the price Of Gold; but on the
other hand are disposed to place more cur
rency on the market"
The New York Times, in late issue,
SAYS:
The heaviest possible war tax is the de-
probation Of the currency. The nation
doubles its debt every day, because its paper
representative of values has lost half its
worth. Every person dependent on salaries
or fixed wages, is Just one-half poorer to-day
than he should be because Of the reduced
value Of our currency. The dollar is only
worth 80 cents. Every one knows this. The
people see that what is called the price Of
gold is to them the most important of all pc
cuniary matter, and that the tax on currency
far outruns all other taxes"
The Bulletin continues: There is.
therefore, but one mode of bringing down
the price Of gold, when victory is assured.
The volume of currency must be reduced.
There may be objections to such move
ment now, on the ground that it will
bring ruin on many; but how will this
remedy the evil: How much worse will
it be if we go on increasing the obstacles
in the path: 1t will be more difficult, a
year hence, than to-day, if Congress will
persist in giving the Treasury authority to
issue more Legal Tenders. Why then de-
fer returning to the right course: Why
continue financial course which has
proved ruinous. to all other nations which
have tried it,"
These extracts, with ten thousand
others that have been and might be
quoted, all tend to the same fact, that it is
the disproportionate amount of paper cur
rency, necessarily set ahoat by the emer-
gencies of the war. that depreciates its
value relatively with gold. This species
of currency has a value only within the
limits of the United States. Beyond the
lines Of our national domain, the green
back is not worth the paper it is printed
on. For ali purposes of foreign trade, it
is as utterly valueless as the promises-to-
pay of JEFF. Davis. 1t will not even paw
our own Government duties on imports.
Among ourselves, and for our own internal
purposes, we can and do make use of it,
permitting it to represent, for the time
being, the amount of gold which is its ac-
+,aI o,n;v.lepft All the a Gao" which