Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-03-01
CHEAP MONEY

I
the exclusion of that metallic currency
which is Of universal use and acceptance,
,bo, we consider him crack-brained; for
had as we consider his taste upon that
,o;n. we are forced to admit that we have
seen and conversed with others entertain
ing the same preference; and we have
heard arguments in favor of the change of
currency, which were entitled to some
consideration. Its the style of argument,
the course of reasoning q, the compar-
isons of the editor of the Union, that mark
the difference between him and other
writers upon the same subject. His fnan-
cial article of this morning, is headed "An
Irrepressible Conflict" and its peroration
is in the following remarkable words:
This agitation of the currency question
is an "irrepressible conflict" similar to that
between freedom and slavery, and it will not
be put down at the bidding Of the money
kings. Cheaper money we must have here,
or We never can compete with the rest Of the
world"
The similarity" may be apparent to
the writer. but that among the several
hundreds or thousands of his readers, there
is one to whom it will be visible, we
strongly doubt. Freedom" in the mind
of the writer undoubtedly represents
greenbacks," and " Slavery" the gold
and silver currency to which the people of
the Pacific coast have been accustomed,
and which is the standard by (which,
throughout the civilized world, the value
of every other species Of property
is measured. These two kinds of
currency being 6guratively denominated
Freedom" and Slavery" the editor
finds that an "irrepressible conflict" exists
between them. This is decidedly as clear
and unmitigated a piece of "gag" and
"clap-trap" as ever pot-house dema-
gogue was guilty of perpetrating at a
charter election. If giving names to things
really invested them with character and
attributes. emitting them to respect or
detestation; and if men and measures had
to stand or fall by the names thus con-
ferred upon them, the party who should
have the power of naming things would
have the world "by the umbilical." So
long, however, as the old system of mea-
surfing men and measures by the hard
standard of fact remains in vogue, and
names are merely secondary matters, our
friend of the Union will find argument less
of q one-sided business. Inasmuch as We
utterly repudiate his names we deny the
premises upon which his conclusions are
so smoothly arrived at.
II, however, it should be for one mo-
ment conceded that there is ian irrepres-
sible conflict" between paper and metallic
currency; between the representative Of
currency and currency itself; between
the legalized currency Of one nation and
the catholic currency of the commercial
world; it is easy to see the ultimate result
of that conflict. We not only deny the
names. but we deny the existence of the
conflict. The paper currency is based upon
the idea of a metallic currency. The
greenback note is not five dollars; it does
not pretend to be five dollars. 1t is merely
the representative Of that amount q
coin, and it is its relation to that amouue
of coin, and the prospect Of its ultimatS
conversion into coin which gives it any
value whatever. So long as the five dol
lar greenback will buy five dollars in
coin, or as much merchandise as the five
dollars in coin will buy, so long the FIVE
dollar greenback is worth five dollars.
When it. buys less it is worth less. There
is no conflict in the matter. There is
the strongest possible connection between
the coin and the paper; and where that
intimate connection exists, conflict " is
out of the question. The Union compares
the present paper currency with the notes
the National Bank sought to be establish
ed by the old Wing party; comparison
which it will not bear for a single instant.
The National bank-notes which Mr.. Clay
contemplated, were to be notes convertible
into gold at any moment, upon presenta-
ton at the counter of the bank. The five
dollar note was to be worth half-eagle
| because it could be converted into half
eagle at the will OF the holder. The five
dollar greenhack is not so convertible, and
the Government has not promised that 1t
ever shall be. The Government itself re-
pudiates it in certain species of transac-
tons. When the Union took Mr.. Clay
and his National Bank as precedent, in
argument for the National Banks of this
dav, it shot WIDE of the mark. Inasmuch,
however, as it has evoked the name of Mr..
Clay, we will quote the following letter Of
that eminent statesman, together with the
remarks with which it is introduced in
the .Aka of last Friday:
There are few unreasoning individuals
who still cling blindly to the exploded idea
that the standard Of values can be fixed By
legislative enactment, independent OF, and IN
defiance of the immutable law Of supply and
demand, and fondly imagine that all which
is necessary to make every man in California
rich is simply to exchange our gold currency
for deprecated paper one, thus giving two
dollars Of nominal value to every dollar Of
real value, forgetting that gold is the real
standard of commercial value throughout the
world, and must ever remain such. We have
so often demonstrated the absurdity Of such
ideas, and shown the ruinous results which
must inevitably follow the change Of specie
currency into an inconvertible paper cur.
rency-our readers will remember that it' il