Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-03-16

far as the Pacific coast is concerned, show
her good sense and retain her metallic cur
rency until all National Banks get upon
specie basis at least. As for Government
being good for a thousand million Of
greenbacks, that is all right enough-she
is good for $4,000, 100000; but being
good, as a debt, and having as a currency
| 200, 900. 900 of paper dollars to $780,
900 900 of specie. that is another thing al
together. Suppose, for instance, through
some commercial move, India demanded
of England $4,000, 900. specie, more than
she could furnish, and should draw it
from the United States, all the military
power of the Government could not pre-
vent the decline of paper, as related to
gold, unless she repudiate commercial OBJ
legations.
What surprises me most is, that while
in the Atlantic States they are all striving
to get on a specie basis, here there is such
desire among sensible men to ship our
specie and to get on paper basis. MIR.
Mccullough, the Secretary of the Urea
sury, is afraid of the present condition OF
affairs, and in his ability to right up the
ship we can all have the greatest conf
dence-he is certainly the right man in the
right place. will make few extracts
from his reports which illustrates the man
and his ideas.
THE expenditures Of the Government
have created great expansion Of currency
and prices. There would have undoubt-
edly been an expansion, in less degree,
it is true, but still an expansion, II the
war had been done on a specie basis.
Prices of all the necessaries Of life, as well
as luxuries, and Of every thing which the
Government must purchase in the prosecu-
ton of the war, are enormously nigh, and
the penalty is yet to be paid for the NINA
ton in increased taxation, and the rum
which must overwhelm the thousands no
believe and act upon the belief that the
apparent prosperity Of the country is real,
and is not to be interrupted. Fortunate
will the country be if the war can be
closed, and prices reduced to former
standard without collapse, which will as
greatly excel in the extent OF It's disaster
as that which occurred at the close OF the
last war with England as the present war
excels that in costliness and magnitude
Even Mr.. Chase, the father of green
backs, in his report of December, 1862,
made use of the following observations in
reference to a former report of his. show
ing his honest sentiments in the matter
I'm his report at the commencement OF
the session. he had pointed out the neon
veniences and dangers of circulation OF
Government notes, eren though convertible
into specie, and dwelt especially on the
probability that such a circulation of
Government notes would ultimately sink
into an irredeemable paper currency"
Again he says: THE Secretary recon-
mends. therefore, no more paper money
schemes, but on the contrary series OF
measures looking to a safe and gradual
return to gold and silver as the only per-
manent basis, standard and measure Of
ralues recognised by the Constellation"
One of the great arguments used in
favor Of greenbacks BY Jealous partizans
whose patriotism is more to be admired
than their judgment, is that we had
sharp corner in our finances, and could
not turn it without their issuance.
Now I will answer this question, in
Yankee style, by asking another: How
have We done since, and when expenses
are doubled, if not trebbled
This sharp corner, excepting through an
issuance of Legal tenders, I have failed to
see. and in this connection will extract
from letters of Mr.. Pike, our Minister at
Hague, who wrote as follows:
1.-THE financial credit of the Govern
ment not only stands mistaken. but actu-
ally improves amid all the uncertainties of
the situation"
Again he says: "Our Legal Tender
measures gave heavy blow to our credit,
inspiring doubts of our financial good
sense, perhaps, rather than of our good
faith. Many of the Dutch holders of
American securities have declined TO draw
their dividends on account of the great
depreciation of the currency caused by 1t,
and await events which shall restore to
some extent the equilibrium between paper
and coin. Every step towards this result
is received with great satisfaction. and
could reversal of the poll v which
ulCldlC SudL lAShoNAS OS SNehNSS
on, an immediate elasticity in all Ameri-
can securities would result, and in none
more than in Government obligations"
From the way Nevada is pouring out
her silver Exceeding our widest dreams),
with California, Colorado, Idaho. Oregon
and Montana, I believe the product of
1865 will be 800, 900, 900, increasing yearly
Is per cent as safe estimate.
Now in view of all the facts, that the
sharp corner is turned. if there was any;
that the energy of not only.th Secretary
of the Treasury, but all the Atlantic
fnanciers, are turned to getting things
upon o specie footing; that our Pacific
States are gold and silver producing, and
that we cannot require 10 per cent of the
yearly yield as circulating medium
why in the name Of common sense should
we not retain our metallic currency:
ALMARIN B. PAUL.
Gold Hill, March Is, 1865.