Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-06-30
Production Of BulIioa.

Among the last words Of the lamented
Lincoln in his instructions to Speaker
Colfax, were that during the war, when
we were adding couple Of millions OF
dollars day to our national debt, he did
not care about encouraging the increase in
the volume Of our precious metals. At
that time It would have been absolutely
impossible to have conducted the financial
affairs of the Government SO rs to have
maintained the cash or metallic system.
There was scarcely coin enough in the
world to have supplied the Government
and at the same time to have in circula-
ton the amount sufficient for ordinary
business transactions. Even had the coin
been accessible. its great weight and bulk
would have been a serious obstacle to its
safe and speedy transportation. in large
sums, to the many points where required
in the United States. As consequence,
a system OF paper money was such a ne
cessity "a could not be avoided. This
adopted by the Government, 1t was neces-
sary that i, should be adopted by the peo-
pie wherever the Government had bust
ness transactions. Fortunately. the peo-
pie of the chief portions Of the United
States were accustomed to the use of pa
per money and readily and gladly adopted
the paper of the Government al par value,
in lieu Of corporation issues. The section
where the Government currency was not
adopted was small and unimportant, and
took little or no share in the war for the
Union. Consequently it was not neces-
sary that the Government should embroil
itself in any difficulties or arbitrary legis-
lation to enforce the adoption. The plen-
tifulness Of gold and silver on the Pacific
coast rendered the Government currency
almost valueless at times, and had the
same condition existed at the East it
would have been almost an impossibility
for the Government to have sustained
itself. at least not without having created
debt of two or three times the present
amount. Rejecting upon this. gives one
an appreciative sense of the broad views
and great financial ability of President
Lincoln. He would not encourage the
production of gold and silver during the
war. Had the East shown such patriot
ism as California. it would have been
necessary to have stopped the production
Of the precious metals, prohibited their
coinage, allowed only United States paper
money TO be legal tender, and thus en-
forced their acceptance. To the noble
patriotism of the masses of the East does
America owe for her triumph over sell
fshness. avarice and speculation, as well
as for the triumph Of her form of govern
ment.
The course adopted BY the people Of the
Pacific Coast has but little if any affected
the Government, its injury being to the
people, soldiers and others in Government
employment. But now different condi-
ton obtains. A state Of war with debt
rapidly accommodating is the reverse of a
state Of peace with large debt to pay.
President Lincoln was aware of this diff
ference when he said, ''now that the rebel
lion is overthrown and we know pretty
nearly the amount of the national debt,
the more gold and silver We mine, makes
the payment of that debt so much the
easier" This was very ably elucidated by
ColfaS in his speech in this city. He
showed how the balance Of trade demand
ed our bullion. and that so long as we
produced only enough TO make the bal
ance. we accumulated none for our own
use, and therefore were but little benefit
ted; but if we produced largely increased
amount, the surplus would remain in cir
culation in the country, and more easily
enable the Government and people to re-
sumo specie payment and facilitate the
payment of the interest and the debt. We
do not know that we report Mr.. Colfax
exactly, but are not far from correct.
Throughout the commercial world gold
and silver are the standards of value. and
at permanent rates which are everywhere
known. In extraordinary times this stand
ard may be locally and temporarily dis
placed by something else, as it has been
during the war by Government paper.
ONLY metallic standard can be safe for
any government while it is the standard in
other parts of the world. It is evident,
then, that a greatly increased product Of
bullion is almost an absolute necessity for
the United States that is, if the payment
of the debt is contemplated. Were the
Government to-day, by the gift of its cred
itors, relieved from Indebtedness, the peo-
pie would be without circulating medi-
UNI, and would be ruined when at the
same time they had made money. Should
the National debt be paid, it will be BY
the increased production Of bullion, and
then specie would become the basis Of
reliable and stable currency. The neces-
sity of this increased production is appa.
rent. and every section Of the Union should
encourage it and assist in it to the best of
their ability. All who are interested in
the welfare of the country at large, are in
terested in the development Of the gold
and silver mines of the United States, be
they in Montana, Colorado, Nevada, or
elsewhere.-Reese Rirer ReretHe.