Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-01-26
THE GREAT PERPLEXITY-WHAT
CAN BE DONEp

..Greenbacks for everything and every
body :" Is it certainly wise for our Leg
islsture to place all u transactions OF
State on a paper currency iustanter:
Should our Lawmakers pass a usury law,
with the intent to force common interest
charges to such a standard that paper
money will be the obviously preferable
currency Of the people' Or, will not
such legislative action have the direct and
principal and. perhaps, almost exclusive
effect to drive out gold and silver coin. in
lendable quantities, from the borders OF
Nevada: There mus. not be haste in de-
termining what shall and what ought not
to be done in the premises. For our part,
we have great confidence in our Senators
and Assemblymen ; and where our rcli-
ancc necessarily reposes We are glad to
acknowledge a belief in discretion and
competent judgment. While We do not
doubt, even now, that it would be well to
place our State transactions or a paper
basis, We do not understand it to follow
that private dealings will go upon the
same footing. This is well, as tending to
bring about the great change in our cur
rency, which sooner or later will come.
But this course will not meet the require
ments Of the occasion /; though it is the
only really affirmative action touching
this subject which it is prudent or safe to
forthwith adopt.
The United States Banking Law i.
simple and clear in its provisions ; and il
is a matter Of regret that its terms are no,
printed and circulated among our people
in convenient form. It has been generally
reported that the pro rGtG Of banking
capital for Nevada was limited within one
million Of dollars, and could not be in.
creased except by Congressional legisla'
tion-a character of action slow Of secur.
ing and even unlikely Of being obtained
for tho benefit Of n State, and a small
State at that.
Section II. Of the National Banking
Law. reads as follows:
Ind BE- Il further enacted, That the entire
amount Of circulating notes to be issued un.
der this Act, shall not exceed S30O,OO,W 600.
One hundred and fifty millions OF which sun
shall be apportIoned to associations in the
States, in the District Of Columbia, and in
the Territories, according to representative
population, and the remainder (Sl50, 000, 000)
shall be apportioned by the Secretary of the
Treasury among associations formed in the
several States, in the District OF Columbia,
and in the Territories, having due regard to
the existing banking capital, resources aud
business OF such States, District, and Terri
tories.
II will be observed that Senator Ho-
bart's resolution. rs introduced into our
Senate. has been so amended by the Com
mitsee to which it was referred. as to
exactly meet the privileges granted in this
sec,ion-making the appeal for a larger
amount of National Bank capital. through
our Senators and Representative, to the
Secretary of the Treasury who has yet
S9I, o00,O 900 Of the 30O ZOO, 900 at his
apportioning command.
II we could have a National Bank estab-
lished in Virginia City, Of n million cap
ital, within two or three months, the bene-
fetal effect of its operations might coun-
teract all Of present disastrous tendency.
Can or may we expect such an establish
ment within such a period: Verify, the
signs and dilemmas Of the times might be
comprehensively expressed by a column
Of interrogation points!
All the delay necessarily incurred in
i~nsugura,ing a Bank, under the National
law, is so much as is required for the en-
craving Of the notes. Our gold bankers
could. upon agreement SO to do, have a
National Bank in full blast in this county
in two months. Will they undertake
such an enterprise: Ay, there's the rub.
Our leading merchants aud the bankers
have said: I'VE 60 on with gold contracts;
We deal with none who will not go with
us in this understanding" There is no
promise, as yet, that the moneyed men in
our midst contemplate any alteration in
their business currency. In vain may we
look abroad for capitalists to come here
with the United States notes in their off,
cial safes. Except we have National
Banks we shall not have the paper; and,
now, except we have the paper, we are
going down. down, down. We can ask
for legislation that will be severe upon
exclusive gold transactions. Then out
goes what coin we have. And being left
with nc capital no money to borrow. we
are helpless and poverty-stricken indeed.
The law OF nature. illustrated by the
worlds atmosphere, will not take effect
here. The acuum created by the with
drawal Of gold money will not be filled
by an in-rush of paper money.
The case" seems to be beset with diff
6cul,ies ; in one direction and another the
objections to legislation for paper money
seeming insuperable. And then recurs
the thought and conviction: if we don't
get paper money quick there will be an
exodus next Spring that will leave us
without a population sufficient to support
one National Bank.
Treasurer Rhodes is in San Francisco
trying to borrow $500, 900 in gold for the
State. Until the success or failure Of his
mission is known, we may rest assured all
needed caution will be used against hur-
ried legislation on this delicate subject of
currency.
P. S.-See~ telegram, in another column.
"A Jusr BILL.-The Humboldt Regis
ter strongly commends Senator Summers