Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1877-06-29
EUREKA DAILY SENTINEL.
FRIDAY, JUNE %, 1877.
THE CURRENCY QUESTION.

THE CURRENCY QUESTION.
The great question of the immediate
future is that pertaining to the cur
rency of the country. Whether we
are to have a single gold standard, or Q
double standard consisting of gold
aud silver, or a mixed currency OF
gold, silver and greenbacks, is a mat
ter of the deepest concern to the peo-
pie of all sections OF the Union and
rising in importance high above
all other issues claiming the attention
of the American people. The specie
Resupmtion act passed two years ago,
and designed to 60 into effect in 1879,
contemplates a single gold standard,
or substantially this, as by prior Con-
gressional enactments silver was made
u legal tender to the extent of five
dollars aud no more. That this was a
m~ischievous piece of legislation no
we'll informed person will deny, but
that it served the purpose for which it
was intended. namely: the placing oil
the financial issue in a great measure
beyond the late presidential election, is
equally certain. 1t was concoc;ed by
the then dominant party to catch
votes, and in this partisan sense
it was doubtless a brilliant su, :
cess. The Resumption act on the
single or gold basis will of course
prove impracticable, if not imperative.
and must be repealed altogether by
the incoming Congress, or amended SO
n to restore silver to its old place in
the financial economy of the country.
There is indeed grave doubt whether
with both gold and silver included
specie resumption can be reached as
early as 1879.
There is to-day in this country up
wards of seven hundred millions of
paper money and less than two hun
dred millions of gold and silver, or
about six paper dollars for every coin
dollar. We are producing annually
about seventy millions in the precious
metals and sending abroad nearly
eighty millions to pay the interest on
our bonded debt Until quite recently
the balance of trade vas also against
us to the tune Of about forty millions
The Eastern war has tend
ed to place this latter item to our
but can We rely on this chang
ed order of things as being permanent?
This will depend on a great variety of
circumstances which it is hardly pos
sible to discuss in the limits of this ar
ticle. But there can be no proposition
palmer than that tie adoption of the
gold standard would be ruinous
10 the best interests of the country.
To say that gold alone shall be- receiv-
cd in payment of all character of debts
would simply be to abnormally in
grease its value. To give this unnat-
ural value and demand to gold could
have no other effect than to materially
decrease the purchasing power of sill
yer and greenbacks. Indeed, any at
at resumption on an exclusively
gold basis falls but a little short of the
crime of highway robbery. 1t is con-
iiscation pure and simple-confisca-
ton of a portion Of every mans silver
c~onfiscstion of q portion of
every mans paper dollar. to enrich
the money changers and gold specula-
tors of Wall street.
The four and . half per cent. loan,
now being negotiated by the Secretary
of the Treasury, is another unmitigat-
cd humbug. and the financial quack
who prescribed this deleterious dose
be sought out and hung by
his constituency. The whole scope of
the scheme Is to make q non-interest
bearing debt interest bearing. The
gold realized from the sale Of these
bonds il to be devoted to the business
Of assumptions; that is to say, we Dor.
row money at Az per cent. and obi
gate ourselves to keep it fifty years, in
order to buy up and retire q certain
amount of greenbacks which bear no
int rest and with which the people are
reasonably we'll satisfied. There may
be profound wisdom in these various
but we confess our inability
70 discover It.
THE following C~alifornians were reg
at the Office Of Charles LeGay,
|, Rue Scribe. Paris. juno 9th:
Mrs. f. L. Castle. Walter NJ. Castle,
. Goddeffroy, Mrs. p. Caduc. Miss
Jennie Putnam, Seth Cook, Ira Cook,
Mrs. Mott, Miss Louise Arner, John