Weekly Calaveras chronicle., 1866-11-10
TWO per Cent. per Month

prosper under the incubus of such an ex-
horbitant rate of interest as two per cent. per
month. For over seventeen years California
has groaned under this tax upon her materi-
al industry. and to-day We find the mining
counties depopulated and devastated for no
other reason. The very life blood has been
| sucked out of their soil, and the profits given
| to race of Shylocks, who have no sooner
accumulated their ill-gotten wealth than they
leave us alone in our poverty. and migrate
either to San Francisco or the Atlantic States
While the precious dust was easily acquired,
and fortunes were found in almost every
gulch, men did not notice the amount paid
for interest on the money they borrowed for
few months in order to open their claims
or erect their places of business. Miners and
business men were equally improvident
but the merciless usurer was as sleepless as
/ Nemesis. and as inexorable as fate. In early
tines, three, five and even ten per cent. per
month was customary, and, as a matter of
course, the bulk of property bearing such
extravagant interest, fell into the misers'
hands. County officials were as prodigal as
the balance of the community, and from
carelessness or knavery allowed debts to ac-
cumulate, which the present population have
either got to repudiate or pay. Placer min
ing has ceased to be remunerative, and we
must either work our quartz or succumb to
the pressure of events. Quartz mining is as
legitimate business as manufacturing cotton
cloth or making iron. 1t requires an equal
outlay of money, for machinery, and as close
attention to the details of the concern. 1t
has been reduced to science, and can be
worked to certainty. But who would think
| of manufacturing cloths or iron when the
rates of interest were two per cent. per month
The main reason why Great Britain controls
the markets of the world is. that money is
cheaper there than almost anywhere else. 1t
is a popular delusion that her success is ow-
ing to the cheapness of labor; but the real
secret is her low rate of interest. Capital is
constantly preaching cheap labor, but takes
care to keep up high interest, which enables
the rich to take advantage of the necessities
of the poor. We find the organs of the mo-
nopolists in this State, favoring an increase
of Asiatic population and a reduction of
wages, but never word of condemnation
for those who give US a metallic currency
and "two per cent. interest" Money is
Il ~ L. L.. =. = 4
own advancement. The mass of the people
are poor, and unless they take political pow
er into their own hands, and control leg
islation for their own good, we must submit
to the dictation of the cormorants. So long
as gold is the currency. to the exclusion of
national paper, just so long shall we be at
the mercy of the bankers. If Government
paper was adopted in this State, legal rates
of interest would follow. Let us illustrate !:
Suppose few miners were in the possession
of quartz lode the rock of which would
average ten dollars per ton. In order to
make it pay they must erect suitable MILL
hosting machinery. and buildings they find
they can get all these put up for $2O,OOO.-
By giving security on the lead and improve
ments, they can have it on time, providing
they will pay two per cent. per month. Now
it is well known that by working such rock
economically, living profit can be made, in
case the owners do not have to pay interest
on the money invested. while at two per
cent. it would even break the company.
The interest on this investment, at our
rates, would be $4,000 per year, while for
the same amount, in New England, invested
in her manufactures, would amount only to
$1,000, making difference of So, 600 in one
year, which of itself would be good in
come. This is really small amount with
which to commence quartz mining, but the
greater the outlay, the larger will be the diff
ference IN the rates of interest. If $1,000
were required, the difference in interest
alone would be $4,000 per year. Any SEN
slole man knows that we cannot successfully
reduce quartz unless we can get money
cheaper. Now, how can this be dones We
know of no other way than by introducing
greenbacks into the State. The influx of
paper money would Immediately reduce the
rates OF interest on this coast. But SO long
as the bankers control legislation, we cannot
repeal the Specific Contract Act. Thank
Heaven F! there is something superior to the
capitalists of California. The laws of COM
merce follow the lines of trade and the rapid
completion of the Pacific Railroad will soon
revolutionize the currency of this country.
Currency, like the cholera, follows in the
wake of travel. but instead of proving pes
thence, it will be welcomed as a blessing.
Utah and Nevada have already adopted
greenbacks, and soon as the iron horse
reaches the slope of the Nevadas, the paper
money of the Government will be recognized
as the currency of the State. The guilty
Shylocks will then shrink from the gaze of
the public, and legitimate banking will be
done at regular rates of interest. Then quartz
leads that are now valueless :.ill be opened
and worked; our mining counties Will in
erase in wealth and population, and the
people become prosperous and happy. God
speed the time!
BALANCES on hand in the County Treasury
Oct. 3lst, 1866:
County General Fund. d.,S q 73
School Fund.-. .....-....... 628 %
General Road Fund. d............. 26 rs
b. l. and y. V. X. Fund. ....-.... 251 81
NJ. IL. and Z. ,. II. Fund. ..,..... II 90
Interest FUND, 1891 ...... :....... l So
1859. -. $1,000. II 81