Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1865-05-27


+ TEGKsrE1 IssF :. VI AsErNsxaN.s
Ma -. LEA
Fan4y s. ---f Bz- t&wx - ~ ga
l.s-&ns - r~-~Sr-A TA~ d-rs.lsz ~ N
szurx aa~ co=srs q Czlai.~u5a tS4. Unss-s.
( >.~axs Estes cua-4 nsG bs rrr-5vr. 81
taxes. and the s=5>~qEen; &Cf of tAr l~x.s-
la;zre sf the state. Which .~c=Bed Ike m
afr -sHr;c4 nalhScafiua Of the rat 1aal su-
, thoriiy nasking th-~e n1,es la~tul ras-~v.
have un6oab;cSllv done much raischisf To
the State anu ~; lutte to the county,
| generally.
| Whatever opinions nav Lavs been en-
tertaincd in rrg7rd TO the propri.;y or
necessity of the issue of these notes. ani
the making of them legal tender. when
Congress. In view OF the situation of the
country, aud on the recommendation Of
the Secretary of the Treasury. upon whom
was dcvolvcd the responsibility of pro-
viding the means for the prosecution of
tho war, determined this question. it was,
in my Judgment, the duty of California to
conform her policy 10 this determination.
The legal tender acts were war measures !;
and California could not place herself, as
she had done apparently, in opposition to
these war measures, without Indirectly
sssailing the national credit, and casting
her influence in no small degree on the side
of those who with bloody hands, were at
tempting the dismembermcnt of the Union.
That such was .he intention or the spirit
of the people of California, no one sup
poses. Truer or more loyal men than the
majority of the people of that STATE, arc
not to be- found in any other state in the
Union. Unfortunately, they permitted
their preference for metallic currency, and
the influence Of the bankers to place tn.
state in opposition to the financial policy
Of the country, and to prrvc"t her. in This
particular, from being in hearty sympathy
with the other loyal states.
Although situated upon tho Pacific. no
state has deeper interest in the prcscrva-
lion o: the Union, and none should have
been in advance of her in sustaining these
measures of accomplishing this object.
In regard to the wisdom of her policy in
adhering to an exclusive metallic currency.
as far as California herself is concerned, it
may seem to be almost indcllcatc. for me
to express an opinion. When, by rcfus-
ing to recognize the authority of Congress
in making United States notes lawful
money, she places herself in antasonism
to the credit of the Government, every
supporter of the government, no matter
where he may reside has the right to cri-
ticisc and to condemn her action; but her
domestic policy. so far as it affects Cali
fornia alone, is matter in which the
citizens of other states have no direct in
terest. have, however, very decided
opinions upon this subject. and rs you
seem to desire an expression Of them, l
have no hesitation in saying that, in my
Judgment. California would have been
much richer and more prosperous State if
her circulation had been n mixed instead
Of an exclusively metallic one; that she
has not only failed properly to cooperate
with the other States in maintaining the
government credit, but has misapprchrnd-
I'd her own interest in discoun.rnaucing
the use Of paper money within her limits
No country can prosper for any consid-
cradle time where monsy scsmmands SO
high rate of interest us it does in Cali
fornia, and nothing would tend more di-
rcctly to reduce that rate Of interest than
the introduction Of q sound paper circulat.
ing medium.
Paper money has been found to be a
necessity in all commercial countries, aud
especially in the United.States; and what
is true elsewhere must be true in Califor.
mia. With her splendid climate. her fer.
tile soil, and her inexhaustible mines, her
wealth and population ought to have been
more rapidly increased than they have
been for some years yast. With her great
| advantages. what has prevented her from
receiving a constant flow Of emigration
from the other States. What has pre-
vented her from being commercial and
manuiac turing Stai.i What is nov ~.
pressing the enterprise Of her ~n,crprisinx
people. bu; the fact ,ha, moacy is dear,
and cr.-!if. to a grca; dscree. ignar~di
California nerds vel regulated credi.
system; 'h- n~eds 4 psp-r circulation 10
quicken enterprise ard give imp-sus to
basinrss; she nes<ss lower rate of inter-
ct; she nee4s to he cared os ID. MAMA
ix ss excaa-ive Ha~salie enrrsnry; IN a
wora- sbe ne~lx. N sa4ztssa 10 -sl.~ rue.-x-
I~.isis9 u nls-d S,zs-- nssss a. I. ezrr~ssrr.
s'aa< banking ssxsers-~srk ~ j. yrs-
nd s"~ ~ the sxss~naa Csrr-n~y srs-
ssa ss~ on Asr~ m III czr-~~ af ~~z.-
b. ard rr~rrrs uxaa sAe~< >~~xs. ere
suFpssr,d
k~xren< ~ s~c~~ars sm znArs. -
r=zpsA IT r~-~~aa< s@sraA &.z.-.. s.6 s~xSs-
a. sAa- sEsess aa& h.~sls y y~~x arr-sx.
an ssry s-~sy sa44rs-
III Mo- aAsxGm-
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