To me the reaching gold once more was far from pleasant, for the advantages of paper money to the traveler are enormous; it is light, it wears no holes in your pockets, it reveals its presence by no untimely clinking; when you jump from a coach, every thief within a mile is not at once aware that you have ten dollars in your right-hand pocket. The Nevadans say that forgeries are so common that their neighbors in Colorado have been forced to agree that any decent imitation shall be taken as good, it being too difficult to examine into each case. For my part, though in rapid travel a good deal of paper passed through my hands in change, my only loss by forgery was one half-dollar note; my loss by wear and tear the same.
In spite of the gold currency, prices are higher in Nevada than in Denver. A shave is half a dollar--gold; in Washoe and in Atchison, but a paper quarter. A boot-blacking is fifty cents in gold, instead of ten cents paper, as in Chicago or St. Louis.
During the war, when fluctuations in the value of the paper were great and sudden, prices changed from day to day. Hotel proprietors in the West received their guests at breakfast, it is said, with "Glorious news; we've whipped at ----. Gold's 180; board's down half a dollar." While I was in the country, gold fluctuated between 140 and 163, but prices remained unaltered.
Paper money is of some use to a young country in making the rate of wages appear enormous, and so attracting immigration. If a Cork bog-trotter is told that he can get two dollars a day for his work in America, but only one in Canada, no economic considerations interfere to prevent him rushing to the nominally higher rate. Whether the workingmen of America have been gainers by the inflation of the currency, or the reverse, it is hard to say. It has been stated in the Senate that wages have risen sixty per cent., and prices ninety per cent.; but "prices" is a term of great width. The men themselves believe that they have not been losers, and no argument can be so strong as that.
My first afternoon upon Mount Davidson I spent underground in the Gould and Curry Mine, the wealthiest and largest of those that have tapped the famous Comstock Lode. In this single vein of silver lies the prosperity not only of the city, but of Nevada State; its discovery will have hastened the completion of the overland railway itself by several years. It is owing to the enormous yield of this one lode that the United States now stands second only to Mexico as a silver-producing land. In one year Nevada has given the world as much silver as there came from the mines of all Peru.