Year: 1866

THE GREENBACK CURRENCY.

 In the San Francisco Flag We find very well written and sensible article upon the great and all absorbing subject of our cur roncy, from which the following extracts are made

 "The public mind seems thoroughly awak- ened to the serious importance of the curreu- cy question in its influence upon our prosper 1 ity as community, and therefore no more interesting topics could at this time occupy a | portion of our space than those which relate to the commercial prosperity and progress of the people of tLi- coast. All see and |, el the effects Oi tine financial policy hitherto puff sued here, and desire to find a remedy. Though We may differ with each other as to ! the causes which have reduced our popula ! tion, deprecated our property in value, and paralyzed the industry of our people to great extent, none are SO blind a- not to see, and few so stubborn as not to admit tue sad reality,

 No civilized community ever suffered more from monopolies of every kind than the pco ! pie of California. Every prominent article oi trade, and nearly every channel of trade ha, at times been controlled by monopoly, but U ilt Itl-N EiEailitN anu fhlll0ks ea MI ID iilD n0polies that have cursed this fair land, is that which controls absolutely, our circulat- ing medium life blood not only of trade. but of civilization itself

 The American people have never vel claimed, nor enjoyed, the possession of that element in our form or government, the mon ey power, to that extent they should and soon will do; but the people of the Pacific coast have hitherto claimed, and enjoyed, less of 1t than those of any other portion of the Union We wish them to assert their rights, intelli- gently and firmly, and our duty, not less | than our inclination, prompts us to aid them n doing so. Perhaps we shall venture to promulgate views upon the subject of the ] financial policy of the nation which are new | to many of our readers; if so, we shall be always ready 10 maintain them in discussion when attacked, for we, at least, are in earnest in searching for the truth on all points.

 ''The best way to destroy monopoly is tc

 make the article mon0poized so abundant as

 to bring it within the reach of everybody

 who desires to obtain it. Our metallic cur

 rency is SO limited in amount, that few veal

 thycapitalists create a scarcity of money v hen

 ever it suits their interests, as at the present

 time. Does not everybody know that if we

 had adopted the greenback currency, ", htH nave d uEfl

 many times larger than it is, and consequent ly less liable to be controlled by soulles monopoly Are chances for the investment of capital less numerous and inviting her, than at the East, or are We better bti.inc.

 men or more energetic than the business mel of the East, that we can do without the facil l ities for trade which they enjoy They Us, f nearly SlOO,OOO,OO0 of paper money ant perhaps S2J0,O0O,OCU of coin, as . circulating medium, while we, by using only the latter limit ourselves to a supply proportonatelS l less than the demand, and are suffering tn, 7 consequences in scarcity of money, duilnes,

 of trade, the decay and depopnlaton of tn,

 interior. and the forced idleness of many thousands of willing hands, while our unpar ? alleiled resources appeal in vain 10 the cap l Italist for development. And worst of all the little currency we have here is monopo

 llzed by few interruptions bankers who

 hoard it up to make it scarce. and then de, { mand through brokers high rate of interest and their pick of the best securities, for 4 , loan. They dictated to the people 0f thi. coast what currency they should have

 and thereby secured one which they could

 control Co their own advantage. Will

 the people of this State always submit E to this odious monopoly, and continue to ,uf- |, ieI a9 lAey now uO IT not, they must de- mand change of currency. They must de

 Inand return of the money power to the

 hands of the people where it belongs. A people cannot be free and equal" without il. As well might they surrender the ballot and 2 expect their liberties to be respected by A z despot as to leave the control of their cur p rency to monopoly like this, and expect to

 escape financial slavery and ruin.

 Why should money be scarce at any time Why should not money be as abundant and } accessible to all as food and clothinc2 An

 Who have labor, property or money to give in

 exchange for food or clothing can obtain

 them, yet not all who wish can exchange

 thelr labor for money. It is one of tn rights oi the people to enjoy the fruits of their labor. and 1t Is the duty of the peoples government to give them an adequate circulating medium with which to secure those fruits for the pur pose of enjoyment. Not until money is SO abundant that all who wish may find employ ment in country like ours where SO many opportunities present themselves for the in- yestment of capital in the purchase of labor. can the supply be said to equal the demand Not until it becomes much more abundant than 1t Is will attempts to mon polize it cease. and hence to get rid of the monopoly which