Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-02-15
SAN FRANCISCO, Feb. ia r. Y.
Forenoon 1tock Transactions.
AAIRa.
Tho Coming Financial Crisls-Hsw
10 Prepare for tt.

70 Prepare Tor tt.
It is generally admitted that this u
try will ere long experience 9 financial
crisis. The large volume Of currency, the
heavy weight Of taxation, the inordinate
speculation and extravagance-all point
with unering certainty to a monetary
panic. We believe It would be possible
to avert that evil by thorough and COM
plete reform in those matters that are so
plainly leading on to disaster; but we
have neither expectation nor hope Of such
a result. The crisis will come; business
will be prostrated fortune will be lost,
and financial disorder will reign. But
when danger impends, every prudent man
uses his beat Judgment In making prepara-
ton to meet Il, and upon that class . few
practical hints may not DO lost. How
does . financial crisis operator Money
becomes scarce ; the rates Of interest .ad-
vance ; the sale Of goods 10 curtailed /;
manufacturing 10, to great extent, sus-
pended /; prices fall to the minimum ; and
employment 10 hard TO obtain. Who are
the chief sufferersi Those whom the
panic finds in debt-and that truth we
would like to impress indelibly upon the
mind Of every reader Of the Sun. For
example. q mai has incurred liabilities
which he Is confident Of his ability to
meet. and which he could meet under ia
vorable circumstances. But the crash
suddenly breaks upon him he cannot
raise money to meet his obligations; he
must of necessity submit to great sacrifice,
and financial ruin II the result. We are
not speaking with especial reference to
business men. In fact It is to that class
who earn their living by honest indus
try, that we wish chiefly to direct u
remarks. All lsboring men will neces-
sarily suffer 70 soma extent in the event
Of q financial panic, but the measure Of
that suffering will depend greatly upon
the preparation that they shall have made
for II. The ma who b now pracdcins
strict economy, and carefully laying up
every penny that he can spare, will
scarcely feel the general crash. True. his
wages WILDE curtailed hemay be thrown
out Of employment entirely; but the same
causes that thus affect him will diminish
the prices Of everything purchaseable to
the lowest notch, and every dollar that be
10 now saving will then be worth three.
But on the other hand, what IL the pros
pect for that man who Ands himself in
debt In the trying houri For instance.
suppose q laboring maj has been induced
to purchase o home in the suburbs on
time. He pays down what money he has
and gives notss fol-, the greater part In Pc
riodical payments, which he could readily
meet II circumstances were 70 remain un-
changed. But the panic comes; he can
not raise the money to meet hispsyments;
the mortgage is forsclosed. and he loses
everything. We use this illustration be-
cause IL is peculiarly appropriate. We
that capitalists who have lived in
the suburbs are doing all they can 70 In
duee laboring men TO buy Of them on long
time, evidently witha view TO such . re-
suit a. we have alluded to. The true
policy, therefore, Il to keep out Of debt.
Buy q home II you have money enough to
nav for Il, but shun q mortgage 10 you
shun1 pestilsnoe. Then save every
dollar that q not needed for absolute
bearing In mind the fact that
Il will have.a threefold value In the time
81 want. Do this, and when the appre.
criis oomes, you will stand com.
paratiyely scathlsss amid tbs financial
iuin.--M r SIN, Jaw. iSA.