Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1873-04-09
ABOUT

The recent sudden rise In gold and
corresponding depreciation OF green
backs has aroused anew the currency
discussion, and q general desire Is ex-
pressed among the people Of the Pa
ciac coast section to adopt the national
paper currency. Tho e1pediency OF
% doing has been so often and thor
oughly discussed that 1t Is difficult to
produce any new point therein. pro or
con. The experiment has been par
TALLY made In years past and aban-
doned, in favor Of the hard currency.
One reason Is that here and in Callfor-
mia, where gold and silver isa great
peculiar leading feature in the resour-
css Of the country, the preference has
paeurally been manifested for good,
bard, tangible money, made Of our
own precious metal production. Even
gold notes, although In practical use
as the equivalent Of our money, are re-
garded with some degree Of suspicion
aud di,favor. 1t certainly Is desirable
that q perfect uniformity in currency
. aud . vaiues should DO established
throughout the nation ; that IL should
Do all gold or all paper. The principal
argument In favor Of the national
g~reenback currency on this coast Is
tthsttt would make the money market
eaaler, and bring Eastern capital hither
for investment much more freely. We
have plenty Of lands, mining and other
property. which we are DESTROYS that
Eastern capitalists should invest in,
but the great drawback consists IN the
fact that II they should do 90 1t would
DO at a very heavy discount. This they
know as well as We do. Money is easy
and plenty in tho East, everywhere,
and 1t should DO 10 on this coast as
well. The adoption Of the greenback
currency most undoubtedly would
operate detrimentally for . while, IN
ill changes Of values In everything, to
conform to that basis, were perma-
nently settled, when money matters
would operate II smoothly here As In
the East. The San Francisco Chronicle
OF yesterday, In an editorial article on
the subject, says:
% Because = gold dollar Is better than
apaper dollar. It does not follow that
gold money Is better than paper money.
Two paper dollars worth eighty-five
cents each are better than a gold dollar
worth one hundred cents. The laborsr
who gets two dollars per day In gold
does not cara IS much a the one who
receives two and a half dollars In
g~reenbacks. II the introduction Of
currency will multiply and increase
the volume Of money, reduce the rates
Of interest and make capital abundant
and cheap everything will advance In
price-lands. houses, rents and labor.
The price Of commodities would ad-
vance, aud In = short time every bust
mesa trade and employment would
accommodate itselfto the new standard.
Money-lenders are clearly right In OPP
posing the introduction Of paper money.
because . reduction Of the rates Of In
terest would DO inevitable. Money Is
now abundant In the Eastern States on
mortgage ut five and six per cent. In
terest per annum. 1t Ia there to be
had on commercial paper 1t seven per
cent. per annum discount; while here
money ranges from ten to twenty-five
per cent. per annum interest. Man
ayers q banks are. Of course. inter-
ested iu keeping away from them the
competition Of cheap money, but de-
positors In savings banks are interested
more In paper money and prosperous
times than they are in high rates Of
interest on their small savings. Other
than the money-lender and the i'm
porting jobber. who buy for paper and
sell for coin, we know Of no class that
would not b benefited.