Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-01-31
-rWRGBrM- 1890

uproblem" of our neishbor of the UHio'i
the problem commences to stretch out
ahead of us. Like the broad lake, which
the traveller upon the desert fancies ne
sees in the distance, the shore of which
recedes as he advances, until puff Of
wind d;s,urbs the stratum of air and con-
v;nees him of the unreaity of his vision
80 does the problem" of our neighbor,
which was originally: ais there really
surplus capital in San Francisco" finally
,esolye itself into the editors fayorite
argument in favor Of greenback cur
rency. Before assuming that shape, how
ever, and while the problem" is still in
sight, the Union answers our position
that it is in our people and not our mines
that capitalists have lost condolences
follows:
Admitting that the people abroad have, to
some extent, ''lost confidence in the moral
integrity Of the people of this State" it does
not prove his position correct. The Gould
& Curry, Savage and other mining stocks
that are paying three to five per cent. per
month are not Nevada stocks, nor are the
mines under the control Of the demoralized
inhabitants Of Nevada; they are San Fran
cisco corporations and exclusively under the
control Of the good people who are so FORUM
ate as to live in better moral atmosphere
than we do; vet the idle capital Of that bull
lion-crammed city is crying aloud for
chance 70 loan or invest at one-and-a-half
per cent! These are no wildcat stocks, nor
Of doubtful title; they are bona tsde and
wholesome mining stocks, paying better than
loans, and are directly under the noses Of
your would-be capitalists Of San Francisco.
Are they badly managed They pay well
anyhow. Buy them up and manage them
better and make them pay ten per cent.
month instead Of FIVE, II you have got the
money. But our neighbor, We feel assured,
seeks to avoid the conclusion which Is IN
eyitable from the situation as we ind 1t,
rather than to convince US that We are wrong
in declaring that the surplus capital at the
Bay is myth.
We admit, and are joyfully willing to
do so, that the mines named BY our neigh
Dor are the substantial and wholesome
stocks that they are claimed to be. We
believe further, that they constitute but a
1.-THE Of the mineral wealth OF this immedi-
ate section. and that there still lies be-
meath these hills an inexhaustible and in
calculable store Of treasure that only
awaits the outlay of capital to yield re-
turns far beyond the capabilities of any
| 49, L,,o,,,,, SAID If ;nyoet,napf Whey,
however. our contemporary says that these
mines are entirely beyond the control and
influence Of "the demoralized inhabitants
of Nevada" We are forced to disagree with
him. Not only are these mines very con-
siderably affected BY the legislation of the
State, but those mentioned are within the
corporate limits of the city of Virginia,
than which more outrageously governed
city does not exist on the face of Gods
footstool-for evidence of which latter as
assertion we have only to refer to the files
of the local press.
By investing in the mines of this State,
these foreign bankers subject their property
to the influence of its laws, and place it at
the mercy Of courts, the former corrup-
ton of which was notorious. The con-
troll which is exercised over the mines by
the directors at San Francisco only ex-
tends to the management of the business
affairs and the working of the mines.
Diverging from the original problem"
the Union glances of upon the greenback
question, and accounts for the financial
crash of last Summer upon a theory
which. we venture to say, will be adopted
by few of its resident readers. 1t says:
II our neighbor will remember, he win ac-
| knowledge that money was plenty here until
the difference between gold and greenbacks
began 70 increase very rapidly. Until the
latter fell below eighty cents OF the dollar,
the drain upon our circulating medium was
not felt, because our increasing product sup
piled its place.
If We rightly remember, it was at just
about the period referred to that the So
called "spotted fever" ragged with such
terrible mortality in this part of the
country, sweeping into sudden graves
large numbers of our citizens. We be-
lieve that the rise in gold and the fall in
greenbacks had Just as much to do with
the spotted fever as it had with the explo-
sion of the wildcat bubble and the con-
sequent depreciation of all mining stocks,
good, bad and Indifferent. Our neighbor
may be of the opinion that had gold and
paper remained until to-day at their then
relative standard, the wild mania would
have still prevailed to the same extent that
it did a year ago. We have different
opinion. That mania and humbug, like
other humbugs which have become his
torical, from the South Sea Bubble down
TO the saorus n,utieGHl4s, had run to the
length of its tether. 1t had played itself
out; and the crash came naturally, as it
ever has done and ever will come in the
future, so long as mems heads are shaped
after the present pattern. The price of
gold had no more to do with it than the
price of putty. As to the argument which
the Union is again commencing in
favor Of adopting the greenback cur
rency as basis of business transactions,
we have had our say upon that subject
| in times past. When the subject was frst
| agitated here by the Union, and public
meetings were held and public demOnstra-
tons made. the people expressed, most
emphatically. their preference for the coin
basis. We believed that system to be the
soundest and safest, and we joined that
L H. .o,.-ova-.,,9 TIE ,v;sdou, of