Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1861-11-04

| SONeEulLlcHt EeCelNSS Ouly CeTldIi oaleS vi
cotton. That is to say, the government
pays out money which is needtul to its
very existence, and receives in exchange
! planters notes or produce, which it does
not need, and cannot, in any way, make
use of.
1t must be observed, in the next place,
that treasury notes have now become the
currency of the country. They are, there
fore, the measures of value. In this view,
it is the duty of the Government to limit
their issue, as far as practicable, to that
amount which is the limit of its currency.
Every person acquainted with this branch
of political science is aware that, if the
currency passes this point, it not only be-
comes dcpreciated, but it disturbs the just
relations of society, precisely as though an
arbitrary authority should change the
weights and measures of country. If
tue currency of Il country should suddenly
be extended from one hundred to two hun
dred millions of dollars, that which was
measured by one dollars is now measured
by two, and every article must be paid for
at double its former price. The Govern
ment, from the necessities OF, the war, is
the largest of all purchasers, and thus, by
n kind of suicidal act, cOmpelS itself to
pay two dollars for what one would for
merly have purchased; and at this rate of
advance, TWO hundred millions of dollars
can effect no more than one hundred mil
lions of dollars would have effected before
or, in other words, one hundred millions
of dollars are actually sunk in the opera
ton.
Such condition of the currency the
government has anxiously cndeavored to
guard against. The war tax was laid for
the purpose of creating n demand for trea-
sury notes, aud Il security for their re-
demption Their redundancy has been
carefully guarded against by allowing
them TO be funded in per cent. bonds
If necessity shall compel the government
to issue for the defence Of the country,Nnd
to keep out two hundred millions, it is
plain that every accession must impair
and may defeat all the precautions.
If the government should undertake, for
the sake of private interests, so large an
| increase of issues, it may hazard its entire
credit and stability. The experiment is
dangerous, and relief for the planters
must be sought in some other direction;
and may not that remedy be found?
/ In the first place let the planters imme-
diately take measures for winter crops. to
relieve the demand for grain and prOvis-
| ions. Let them proceed to divert part of
their labor from cotton and make their
own clothing and supplies. Then let
them apply to the great resource presented
by the money capital in banks and private
hands. Let this capital come forward and
assist the agricultural interest. Heretofore
the banks have employed great deal of
their capital in the purchase of Northern
exchange. Let them apply this portion to
factors, acceptaucies Of planters drafts,
secured by pledge of the produce in the
hands of the planters. An extension of
the time usually allowed on these drafts
would overcome most of the difficulties
This extension could safely reach the prob
able time of sale of the crops, nasnuch as
the suspension of specie payments through
out the entire confedGrncy relieves each
bank from calls for coin. The banks are
accustomed to manage loans of this char
acter, and will conduct the operations with
such skill as will make them mutually adj
vantageous. The amount OF advance asked
from the banks would be greatly less than
if advances were offered by the government,
and all the abuses Incident to government
agencies would be avoided.
1t seems to me, therefore, that it is neith-
er necessary nor expedient that the gov
ernment should embark upon this danger
Gus experiment. 1t is far better that each
class of the community should endeNvor to
secure its own existence by its own cxer-
tions, and, if an effort be at once made by
so intelligent class ns the planters, it will
result in relief. Delay in these efforts, Oc-
casioned by vague expectations of relieI
from government, which cannot be real
lied, may defeat that which is yet practi-
cable. G. G. MEMMINGER.
Secretary of the Treasury.