The Carson daily appeal. [volume] (Carson City, Nev.) 1865-1870, 1869-05-23
THE CURRENCY QUESTION.

evident to business men that some SORT
of a compromise is called for. San
Francisco, our business emporium,
while still clinging to her well grounded
preference for hard coin also cberishes
a desire to maintain easy business reia
lions with the merchants of the East
The question is, therefore, how can San
Francisco control the Chinese and Jap
anese trade, the trade in teas and silks,
and still remain averse TO greenbacks rs
IA circulating medium? Already lie
press of that city is attempting TO solve
he problem. OF course they devise
| their schemes from specie standpoint.
Trey are willing to deal in paper, but
they want paper at par-certihcates of
deposit, in fact, payable in coin on pre-
sentation at the UNIFIED States Treasury.
1t seems to US that this proposition,
instead of promising a solution of the
existing difficulties will tend to com
pIicate them. If Uocle Sam issues gold
notes he is simply opening the Golfers
out of which the principal and interest
of the National debt are TO be paid
Moreover, if such an extraordinary
hing should be done as to issue gold
notes just to accommodate the Pacific
Coast trade, what assurance can be
given that such notes would be kept ex
clusively in the channel of trade for
" hich they were intended ? 1t would be |
II glorious thing if the opening of |
direct commune; alton between the |
Atlantic -. IS and the Golden Gate
wa- speedily result in return to |
specie payments but the plan referred |
20 does not seem to promise that much
desired consummation. The fact is, a
crevasse has occurred in the great
natural dykes which have kept back the
food of legal leaders, An inuudatiou
is upon us and We cannot stop it with
out giving up our cherished ideas OF
carrying on a great trade with the
East. We like the feeling of hare
money. No doubt in the world it is
vastly preferable to "an irredee mable
currency" But, does not it occur to
San Francisco that gold is simply an
expensive luxury? HoardIng makes the
few, not the many, rich and comfort
able. To confne ourselves to a hard
currency now and thus embarrass our
business relations with the States east
of the Rocky Mountains, is to deny our
selves promised benefits out Of respect
to a prejudice which involves eighteen
per cent. per aunum. That is the I
average price of money in San Fran
.isco. True policy calls for more a
abundant means. The revolution in cur n
rade Interests caused by the opening OF
he railroad demands our assimilation =
o the business customs of the East. ;
ioney is 20 be borrowed in New York a
nd Boston at 6 per cent. per annuu. r
'rices accommodate themselves to the c
revailiug currency. Cheap money,
nd an abundance Of money makes
cheap, makes easy times and fir
romotes the enterprise which Is 50 re
luch needed here. The Pacific Coast F
hould cease boarding its double eagles,
ease encouraging a system of banking =
.hich involves high rates Of interes pt
nd the consequent accumulation Of i;
ur limited means in the hands of p,
w, and iusist upon adopting the uni
,rm currency 10 use among the thirty
id millions of people whose fellow
itizens we are. All devices that may -
E attempted to perpetuate the present. di
natural aud unwise condition of as
rings upon this coast must and will m
Ill. The longer it is continued, the XVI
niger will the bulk of cur money re IN
ain in vaults and boxes and the more ell
will our enlargement from az
le East become. We must pct our Sc
Did where the business men of the al
asst have put theirs-or deny our
Ives share in the business which
e seek to enjoy. But this matter will 2
7.