Year: 1863

There is very little doubt that majority of
the present Legislature will favor law making
National currency the currency of the State of
California, and that such law will be passed.
unless defeated by the schemes of the d" CONNER
cal interest " of the Bay city. Many have be-
come prejudiced in the belief that such a law
should exist from nothing more than the evil eff
fects of the Act passed last winter. The follow
ing view of the matter, taken from the San
Francisco Evening Journal, we deem very appro-
pirate just at this time, and invite for it a care
full perusal:


| Some time ago. in an article on Money and
the authority of Government to create it, we
adverted to agreement lately entered into by
merchants and other business men on this coast
to regulate trade in such manner as to exact
gold coin in the payment of debts. This agree
ment we pronounced probable offense, as moth
ing more nor less than combination to obstruct
justice and since then, we have learned from
sources entitled to respect, that it is in legal
phrase, a conspiracy a crime against Govern
ment, subectng the parties and others who may
have co-operated in the design, to the severest
penalties. Such, we understand is the nature,
and such the consequences of their combination.
Unlike many, if not most Ofienses it needs no
act beyond the concurrence of two or more
minds, to complete it. Where this concurrence
exists, and the act proposed to be done, has a
natural tendency to prejudice the public, or
obstruct, or pervert the operation of law ;
whether such tendency contemplated or not
the crime is consummate, and the parties guilty
Especially is this so, where a motive of mischief
or extortion animates the confedorates Putting
therefore, the most charitable Interpretation on
the agreement in question: it will be found, we
think, possessing every element that goes to
make up conspiracy.


The prejudice injury is Indispensable
The amount of money issued or fixed by law,
constitutes the measure of benefit to which the
public is entitled, and every dollar so issued is
of equal value, as well in this State as in every
other, and for every purpose indicated. This is
the law, and the policy of the law. And the
| complaint or objection to the agreement or the
action it purposes, is that it tends to impair the
public rights, rendering it less beneficial than it
would otherwise be, and to destroy confidence
in our monetary system. In addition, it dis
eliminates in matter not divisible, recognizing
the law in part and repudiating it in part and
while the statue is narrowed, and creditors are
at liberty to impose harder terms there arises
j out of this oppression systematized traffic in
money, based on a ruinous competition between
debtors, and decrial and depreciation of the
National currency.


BY discarding greenbacks, they become COM
modify, only disposable on such terms as the
spectators dictate and the forced diminution
in the amount of money enhances the rate of in
terest, thereby enriching the lender, and impov-
! erishing the borrower. Now the tendency of the
action proposed by the agreement, to produce
these results, was perfectly natural--so natural,
indeed, that the moment action was taken, the
results Immediately followed That they were
predicted is most certain, and that the conspira-
tors wrought to bring them about, is what we
suppose of them will be so silly as to deny.
But be that as it may, the evil is upon u.s. and
the men who imagined it and matured it are in
our midst busily amassing iniquitous wealth.
and now and then, as if to make amends, dona-
ting portion of it to the country whose laws
they are violating. All the while, too, they
magnify themselves beyond conception, They


the world and the rest of man
,mense obligations to them, and


ccasions festive and sanitary


highest places, lead in the


20 many heroes Or sufferers vrhV


they never won witnessed,


crit of hardships or losses they
have never felt. OF hattery they never have a
surfeit and puff from Dr. Bellows is more
priced than the divine q0ldtus. Their motto is
1--WE are the State, >" and to their mastery, the
people on this coast are to bow. The commerce
of the State is in their hands, and they count
confdentially on controlling its legislation. Our
conviction is that this should he checked and
defeated, and we know of no mode so efectual
as an instant repeal of the disloyal and unconsti-
tutional statute which they did so much to have
! passed.