Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1815-12-19

i SIN 'sc COiDiCSS Il2Q EOl SinStipnSu any d.
iowauce ON account of the rate of exchange,
and the amount of the legislative appro-
| priatlcns was the same, wherever the le-
| gslative objects were TO be effected. But
| the Treasury Notes partook of the iue-
| qualities of the exchange in the transact
ons of individuals. although the Treasury
')uld not issue them at their par value
| The public stock, created in consideration
OF loan, also parlook OF the inequalities
or the exchange although to the govern
ment, the value of the stock created, and
| the OBJ .ation ofthe debt to be discharged.
were The same wherever the subscription
20 the loan might be made Thus, not
withstandiDg the ample revenue pr1vi led,
and permanently pledged, for the payment
or the public creditor; and notw,thstard-
ing the suspicious influence of peace upon
the resources of the nation; the market
price OF the Treasury Notes and of the
public stock was every where far below
It's par, or true value, for a considerable
period after the adjournment of congress !;
vibrating. however. with change of
place, from the rate of Is to the rate of
go per cent Payments in bank paper
were universally preferred, during that
period, to payments in the paper CT the
government; and it was a natural conse-
ed in procuring local currency, it failed,
also, in making stipulated payment.
Under these extraordinary perplex-
ing circumstances, the great effort of tire
treasury was, list, to provide promptly
and eftectually for all urgent demands, at
the proper place of payment, and TO the
requisite amount of funds; Cd, to over
come the difficulties of the circulating me-
dunn as far as it was practicable so that
no creditor should receive more, and no
debtor pay less, in effective value, on the
same account than every other creditor or
every other debtor; and third, to avoid
any unreasonable sacrifice of the public
property particularly when it must, also,
be attended with sacrifice of the public
credit. 1t was not expected that this eff
fort would every where produce the same
satisfaction, and the same results; but the
belief IS entertained, that it has been sue
cesstuli in the attainment of its objects, to
the extent of just anticipation.
OF THE ISSUES OF TREASURY
NOTES.
The Treasury Notes, which were issued
under acts passed prior to the 9th of Feb
ruary, 1915, were, for the most psrt. of a
denomination too high, to serve as a cur
rent medium OF exchange and it was soon
aacertalned, that the small Treasury
Notes, fundable at an interest of Z per
cent. though of convenient denomination
tor common use, would be converted into
stock, almost as soon as they were issued.
With respect to t!ie first description, there
lore, the issue has not been restrained ::
but, with respect to the second descripti-
on, the issue has been generally limit d to
cases OF peculiar urgency; such as the pay
Inent OF the army, preparatory to its re-
duction; the payment of the dividends on
the public debt, where the local currency
could not be obtained and the payment of
an lnconslderable amount of miscellaneous
claims, apparently entitled to distinction.
The annexed table marked T., contains a
statement Of the amount ofthe small Urea
suTy Notes, which had been issued on the
30th of September 1915, from which it
appears,
/. That there had been issued
for the payment ofthe army,
a sum of 465 O6o
2. That there had been issued
for the payment Of the public
debt, the sum of .9O3. 100
3. That there had been issued
for sundry miscellaneous
claims, the sum of 1o9,681
a. That there has been sold at
an advance producing 80, 10Y
O. tor the purpose of raising
funds TO meet the general en-
gagements Of the Treasury, a
sum of c65 mn