Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1884-05-21
ARGUMENT
I'm" the Recent Money Failures are
Advantageous to Nevada.

Advantageous TO Nevada.
Those who imagine that this break is
simply a furry in Wall street will be again
disappointed. There will be very hard
times for five years, and it behooves us to
ask how it will affect Nevada. 1t seems q
heartless thing to say, but it is neverthe-
less true, that when all the rest of
the world is in bad luck it is better
Tor this State. The reason is that we nave
to buy everything we use, and if the
markets Of the world are dull, our silver
n gold will buy more of anything than
when they are booming. We have no
great factories to be shut up, 40 great
wheat fields to be sold for debt, no great
iron works to cut down wages. All we
produce is staple-gold, silver and beef.
The latter may be affected some, because
In hard times people do not eat so much
fresh beef, but resort to the raising of
chickens, pigs, etc., but it cannot go
very low as we have the California
markets to supply. In another way
Nevada may be the gamer. 1t may
induce capital, which has heretofore
been devoted to raiiroading or manufac-
turing to take q turn at mining. If we
can show n or two good mines in the
next year q great deal Of money will come
here. Meantime let everybody trim his
sails and keep down his debts, collect his
bills closely and there will be but little
damage done here.-Reno Gazette.
Our contemporary predicts five years of
hard times as the result of the recent fail
ures and the present distress in the money
market. Why might it not have said
seven years Of hard times as readily as
five, we cannot perceive. In fact, it is
difficult to estimate, with any degree of
precision, just now, when the disease is
still on, what will be, either the temporal,
or the commercial, extent of the failures
referred to-. We doubt if Jay Gould, oc-
cupying the position that he holds on Wall
street, could speak 80 definitely about
the matter as our contemporary does.
But let whatever period Of hard times
come that you please, five years, for the
sake OF the argument, or any other num-
| Der OF years, wherein are we of Nevada to
derive any benefits from the crash It is
q very exceptional case that disaster to one
section OF the country accrues to the sub
stantial or permanent advantage of an
another. Such an instance occurred as q
result OF the War Of the Rebellion, per-
haps, in the abundance Of money and the
consequent development of the grain
States OF the Northwest, while the South
ern States refrigerated commercially in
q similar ratio. But we are not
able to perceive any such causes as oper-
sted then involved in the New York money
troubles OF last week. As a rule such q
crash is universally crippling, to a greater
or less extent, in its effect upon industries
throughout the country. On the receipt
from the metropolis of the nation Of the
ugly news, men could be heard, here and
there in Eureka, inquiring if the failures
would be likely to hurt us; and if it would
damage US at all, to what extent2 1t is
doubtful if a dozen persons in the State
entertained the idea that we are to derive
any benefit from the distress in the East.
True. as the Gazette suggests, capital
may be diverted from investment in rail
road, oil, real estate and other securities
in the East and given q trial in the mines
of Nevada. Possibly SO, but why now
more than before? Is it supposed that
the stock gamblers in the East will quit
gambling in their home stock because
some of them have become bankrupt,
broke" rs we say The history of Com
stock gambling shows that men are not
weaned off from this sort of fascination in
q day. We certainly wish that the spell
upon the Eastern stock gamblers were not
so strong, and that they would
try some of their capital in legitimate
mining in Nevada, which is certainly
preferable to many Of the ventures
in which millions have been lately lost in
New York, Chicago and Boston. When we
strike good, paying mines, however, we
know how to keep them ourselves. East
eru capital is wanted here to take business
chances, to prospect for the precious
metals in new ground and in old claims
now lying temporarily idle or abandoned.
In the meanwhile, we will feel the bank
failures East in this State very sharply if
they reach out so far or 80 long as the
Gazette a~pprehends. The effect will be to
| enhance the price of almost everything
that we eat and drink, or consume in any
other way. The fewer manufactures in
| operation, the more we pay for our clothes
| and, a very important item, for the ma
chinery and other appliances that are in
dispensable in mining-our chief and par
amount industry.
Will the Eastern disasters make our gold
and silver more valuable? We hope SO;
| but if it does, it will be in q way the Gaz-
| cite does not seem to have in mind. The
| party Of which our contemporary is an
| organ is fond of fiat money and National
| Banks. Its party prefers to see millions
upon millions Of coin piled up in the
| vaults of the National Treasury. 1t dis
| courages the circulation of this natural
money. There is too fat a margin in the
paper money business for ring pets to
think of exchanging it for the money of
| the people-silver and gold. If, however,
the the projected investigation of the fail
| ure of several National Banks in the recent
| crash brings u what it o~ught-that
| Government money is used in prodigious
sums for private speculation and for the
| building up of enormous fortunes for
favored insiders of the Treasury ring-and
Congress will act upon the disclosures so
that their constituency may understand
how they are imposed upon; then the Ga
zette may lay some just claim to insight
into the future. 1t will have proved itself
q prophet. By the reform in our currency
law, suggested by the above remarks, the
whole nation will be benefited, and Ne
vada, as one of the 3S sovereignties, will
realize her share Of the honor and sdvan-
tage resulting therefrom.
Senator Jones' Opinion.
Senator Jones Of Nevada says that
Rlaine,s friends would cast their highest