Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-10-30

In the purchase Of Northern exchange LIS them apfy
this portion TO fctors scceptances Of planters drafts
secured BY pledge Of the produce in planters bands
The Of this matter C says does not appear TO
be understood by Mr.. Memminger. When the banks
dscoun. factors acceparcss Of planters drafts the con-
version Of these drafts Toto active funds takes plice at
short period The advance Is reimbursed by the eI.
change drawn against the cotton, on which the advance
has been made, In definite period. Without ship.
msnt of produce there can be no reimbursement, and
the planters draft the factors acceptance will DO
locked up in what using bank parlanceis called dead
weight.
Mr. Memminger 1t Ia true says Tan extension OF time
usually allowed on these accsptancss would overcome
most of the difficulties This extension would safely
re- ch the probable time of the sas Of the crops mas.
much asthseuspension of specie payment throughout
the entire Confederacy relieves each bank from calls
for coin" To this &c" replies, this term ''pro0a5is
in this connec ion equivalent to the term tnd.fHits
O,n this be safely" done, as alleged BY Mr. n? 1t
appears that he has put fleet for cause in suggesting
that the banks may employ large part Of their capital
in advance to Planters that they now employ in the FUR
chase Of domestic exchange" The purchase OF domes-
tic exchange Is the result and not the soures Of the Gus
temary advances on factors acceptances.
TIE alleged exemption from calls for coin &c" CONTENDS
does not meet the difficulties Of the Gaze. These din
cles will no. themselves during the suspension
Of specie payments. When commercial intercourse Is
renewed not only the ordinary advances are to be made
to facilitate the movement Of cotton 70 the shipping
outs as well AZ advances to the factor and exporter,
bat direct trade il to be ncugurated 10 the importer
and iobber and the other commercial classes the oank
II they are to carry on their shoulders the piners IS
well az the merchants will have their funds locked up In
treasury rotes and bonds the promises to pay oil
planters or their agents The mode in which banks are
% administer their q ire on sound principles 10 to have
On hand as large share Of short dated paper as possible
locked up capital will soon bring them to ces'ai'
of all but permanent system Of full renewals and sts'
pended obligations
Mr. Memmipger is oracular on the su'ject OF dpre-
ciated currency We should Ike to know, replies bis re
Waiver the dif.reIcs between.a deprecated currency
oduced through the action Of the Banks and the agen-
or of the Confederate government 1t 10 the DID rerce
b,tween tweede-dum and tweedle-dee We cannot car
~ on the war without issues OF paper and inc dent
all, depreciated currency. II hosties continue, 1t
will he war between the paper systems OF the SCUM ana
the North the latter section being compelled TO susre 10
spaoe psymsst in less than twelve months The degree
of depreciation viii depend on the rapdity with which
We rails, our supplies and reduce the prices OF materials
for food and clothing concurrently with the reduction
of private and public expenditure within the rarroWest
limits,