Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-10-21

sdop he sans systsm Of oursucy proposed ne trsds
between them and England will give increased facilities
for the export Of the specie requisite 70 maintain the
proper relations between the quantity OF specie and the
vaiuts Of property 10 the Confsdsrste Btates the
duty of Congress as far possible TO protect the cur
rency Of these States from The ELECTS Of the measures
and policy Of the Bank Of England. We argue that this
can best DO done BY the creation OF paper cur'en.
cy, not abs to bs converted into gold and silver and
which, being undable at proper rate Of interest, will
At all times maintain stable vslue and therefore b
equal 10 gold and silver In the movement OF the produce
OF coil and labor. As the stability OF the values OF
prspsry depends upon the msiotenarcs Of the requisite
quantity OF money and the heathful action OF our 90
mestc will ASCERTAIN and properly distribute
the requisite for this PURPOSE Congress having Ok.
cd the 6neness weight, and description Of gold and
silver coins should prevent far - practicable, an
undue disturbance Of the precious metals resulting
ON any extraordinary demand for them In The Loo.
don market This, Il seems 10 u, can best b done
BY the Issue Of Treasury notes fundable - pre-
posed. The notes should DO OF small denominations,
without interest," - to ansWer all the purposes Of cur
r.ncy. The value Of such Q currency has been fully
tested by the Of the notes Of the suspended banks
and by the French loan for the in Italy, which
issued in denominations Is low Is Eve francs ess than
one dolar.)
The extent to which credit resting on proper basis
may be used IN well organized system Of commerce d
sIemplfed BY the fact that whilst the average qusntity
Of Money Bank Of England noes) used 10 England and
Wses during the ten years from 1876 to 1885, had d.
mnished nearly 900 O0 the in the shape Of bills
Of exchange had increased at the rate Of 900
per annum there being ct one time 5000 900 600 Of
such bills 10 circulation and the Banks Of New York,
with Is 900 CT bank notes were. AFTER the suspen-
sion In 1857 enabled BY the aid of bank crsds to do
business Of more than $50 100000 per day, without
the use Of q dollar In specie.
10 further illustration Of the valuo Of public credits
and OF the extent TO which il may be used BY lnts
gent and ndustriou, people, Il may be well to rep at
that the first Of Great Britain taken In 1901
and although the population then but l06s7, 1913
their public debt vas In 1885, a. arc 975 and the
annual charge account OF il was $40, s2S, 100
Yet distributed among $40 POS Of their PEG.
ple Of whom 1856 lsl entitled dividends Of but
s2J and under and 10 1885, ISL s25 persons had de-
posted in the Savings Bank to the Of the Govern
ment sl6l 24S 22O Of whom 1885, O4 had deposited sums
of Ave dollars only or less
We repeat these figures and statements that the peo.
pie Of the Confederate States may realize that the pro-
posed loan may by the Of Treasury potsa be taken
up by themseve that the eTtcnt that these notes
used currency they will be better currency than
gold and silver coin the notesof specepaying banks
for whilst their value will be the gold and silver,
they will give stability to the currency and to the values
Of properly because they will not be ahe to be carrie
10 the wants Of the Bank Of England and they should
bear no interest," they will to the extent Of their issue,
be a saving Of that sum In taxes.