Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-02-25
Communicated.
Metallic Currency W.. Paper.

Metallic Currency vs.. Paper.
To the Members ofthe Legislature:
1 would ask in all seriousness, is the
presentation of the bill to repeal the
Specific Contract, in earnest, or is it for
political buncombe? That it must be by
the movers intended for buncombe, l can
not otherwise than believe. 1t is not rea-
sonable to suppose that you, as body
have become ready to stultify your own
acts. When we agreed to become State,
it was upon the solemn assurance that we
should have Specific Contract. 1t was
the general sentiment of the people of
Nevada. In good faith you gave it, and
what was the RESULT The Bank OF Cali
fornia comes in with heavy capital, and
relieves the wants of many of our mining
institutions. Other capital is coming, and
now when business is Improving. here
must bring up one of the greatest pieces
Of absurdities-"the introduction of bill
to repeal" Now, what is the result Of all
this? 1t is blocking the wheels that were
moving on to the general relief of the
whole country.
Until you put quietus on this BILL
our merchants will be looked upon with
suspicion, and those who desire credit, in
many instances, will be compelled to give
(San Francisco) acceptances for all the
goods they may want to purchase on time.
The renewal of this matter is worse than
foolish-it is disastrously absurd. If
you want to set all laws of trade and ex-
change at defiance, drive ahead; if you
want to benefit Nevada, the sooner the
bill is laid on the table the better. And
why: All we get comes from California.
Can we force California Suppose we
have greenbacks and California demand
gold, can we force her to take them ,
Have we not got to sell the greenbacks
and get gold to pay our bills, and this be-
ing the case, why is it not as well to sell for
gold, and be done with it. There is one
thing you may conceive it can do, Gf you
consider it good do not,) and that is
the reduction of labor. The laborer now
gets So and 81 per day in coin. Do you
think he would get it then? No. II
they got So in greenbacks, our friends
would say that was enough-it was one
dollar more than they got below. This
talk about greenbacks becoming par,
is all bosh-it cannot be done i'm
mediately; the war may close tomorrow,
and they cannot become par under three
years, and keep up our present heavy
Federal taxes at that. 1t is not the solid
itv of the Government that controls this
matter, as you are we'll aware-it is the
trade Of the world. You may talk about
your National Banks-a more impoltlc
system, under the present condition OF at
fairs, was never introduced to ruin peo-
pie. There is no patriotism in 1t, and
I pretend to say no permanency. The
whole system will burst like a bubble, and
ruin half the country. Let US move on
ward on safe, sure basis. We bave seen
our worst days-our progress is sure. We
dig the metal and only want but small
portion of it for circulation. Already the
Controller of the Treasury is becoming
alarmed at the chasm that is opening to
engulf the business community. He has
refused to increase the capital stock of
banks already organized, and in instances
refused the chartering of new ones. And
why: 1t is imitation, initiation, initiation !!
1t is paper with no specie to back it. We
have now one thousand million of paper
money ahoat, with only about ten
cents on the dollar of coin to back it.
Is this healthy state of affairs Is it
sensible for US, when we are not called
upon to do so, to throw ourselves into a
position to receive the shock that will
come like thunderbolt upon the Atlantic
States, when, by standing as we are, we
will avert the fall, and be as sound, finan-
cially, as the gold and SILVER currency
upon which we will relys There are
millions of gold in San Francisco and,
let me tell you, that it is the adjournment
Of your body that is wanted, for you to
begin to see it coming over the mountains.
I kno,o they have been suspicious Of just
such a move as you have allowed to be
inaugurated-the repeal of the Specific
Contract Bill; and, until you do quash it
and adjourn, men of capital are not going
to put in their gold and take airy chances
of having it repaid in paper. This matter
you may regard as trivial, but every hour
it is allowed to lay, it is working serious
injury to every business man and laborer
in Nevada; besides, its repeal would be
acting in bad faith to three-fourths of the
people of our State. COSMOS.