Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-10-04
SOS, 344,17O $Sl,421,5 37

estimated by Judge Sharkey at from eighty to
make the whole of this available by u general
suspension Of the banks, so that the t~hirty.one
and a half millions ordinarily reserved for tho
redemption of their notes (as appears by the
above exhibit) may also be thrown into the cir
%culation. He then calls upon the banks to ex
pand their circulation to an amount between
1.-TWO and three hundred millions of dollars"
instead Of the sixty.eight millions We ordinari
millions, and that ordinarily thirty.one and a
half millions Of it are in the vaults of the
banks, and sixty eight and 4 half millions in
circulation, We would have, by the above re-
commendations, an expansion Of our currency,
from an aggregate Of notes and specie, of
about one hundred and thirty millions 1--WE
uso round numbcrS) TO a similar minimum az
gregate of two hundred and eighty millions,
and a maximum aggregate of four hundred
millions of dollars. Considering that one hun
dred and thirty millions have ordinarily been
sufficient for our business transactions, and
that these are in many respects much limited
by the war, it would seem as if the smaller
sum above named would be sufficient; but es.
p~ecially that four hundred millions would
abundantly avail. But besides this proposed
expansion Of our circulation, there is an addi-
ton to it which Judge Sharkey has not named,
though the amount is large enough to be wor-
thy of'attention. The Confederate Congress,
as a means Of a~vailing itself of the credit Of the
Confederacy, has authorized the issue Of one
hundred millions Of Treasury Notes. Large
amounts are already in circulation. They
have been used in conducting the operations
Of the war-raising and equipping armies
and as these wants will continue, their issue will
be continued to the full amount 1t is true
Congress provided that the holders Of
those notes may fund them into Confederate
bonds. But if there should be a demand for
them in the currency, as Judge Sharkey sup
poses, and if the bonds would not serve the
purposes Of a circulating medium, as he
also thinks, it is evident that the whole
amount will remain in the hands Of
the people. This would raise the aggregate
minimum circulation to three hundred and
eighty millions, and the maximum to five hun.
dred Iuillions-nearly three or four times the
ordinary amount!
How much more may be necessary, Judge
Sharkey docs not tell US. But whatever the
amount, he proposes that it be created by the
purchase Of cotton by the Confederate Govern
ment, and the payment therefor in Confederate
notes. The thought which most readily oc-
ours, is, if the circulation will bear a still
greater expansion, and if the public conve-
nicnce requires it, why not issue more Treasury
notes in payment Of Government dues?-thus
giving the Government the benefit Of q loan
without interest, 10 that extent. But the idea
connected with Judge Sharkey's proposition is
one which is more prominently and broadly
presented by others; and it is the incidental
relief OF the c5kton planters by the purchase
Of their cotton, aud the incidental advan-
tagc which would result to the Government
from this relief of the people.
We would respectfully ask these fellow-citi-
to subscrve than ourselves, to look at tho
figures We have given above, and then say how
much relief could be afforded in the mode re.
commended, without utterly breaking down
the currency, and thus robbing them and ruin
ing all, under the guise Of relief? Every ono
knows that a currency in excess always de-
preciates, and this inevitably and emphaticallv
so, if it be irredcemablc. If one hundred and
thirty millions of rcdecrnnblc currency avail us
in urtiaary times, arc wo NOT riskins enough
when We Increase it possibly to 6Vo hundred
millions Of irredcemable? What fractional part
of the vast cotton crop could We safely buy,
adding tho amount Of the purchase to our cir.
c~ulations Would it be q benefit to take cotton
at ten cents, and pay in not: s that must, under
such a plethora, speedily depreciate to fifty
cents in the dollar? Estimating the cotton
crop at two hundred and fifty millions of dol.
lars, what u ruinous addition its purchase
would make to our already inflated currency
without at the same time adding to the present
means of the Government; for the Secretary of
the Treasury could no more sell this cotton than
could the planters. We can but think, upon
tho considerations presented, that the scheme
proposed would prove entirely delusory as to
its supposed benefits, and very injurious to
both people and government
But there is another objection to it in the