Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1862-10-31
GOLD AND coNrsDgaaTE MONEY.

rlSS IN re price Oh every St'cte tAuS "'@iHSt
notice, ard too pllinfy attests that soEaa i'm
u,:t,n. .neasur. IS demanded to arrest ths
fearful march 10 bankruptcy. Gold has
risan to hundreds Of per cent, or aGnre proper
Is, ttv Lnlinherate currency bss fslleA ii
suali fractional parts OF its nominal value
What are iii. .:ausee Gf this depreciation,
Two different causes conSp;re tn effect prices
whe, Government paper bec"u,es a legal ten
der, either bs law or ny public usage and &C
ouiescepce. II ne first is the general fall ~
the 7u.us {, moGsy. and th" consequent rise
IN tLe si,cc vi erery ARTICLE IF h!e, which r.
suits tco,l the ub restraiusi issue Of Iaper
and this effect takes place without shy dis
trust in the Government: from the ineTe In
crease in the circulating mhdiitm, when co!n-
pared with the commodities IN the general
marke, of the nation which II represents, or
is destined, in It's transactions; from hand to
hand, to purcha*,. THIS change OF prices
proceeds OH ,hv same principles, and arises
from the same causes as the fall in the money
price of grain or cattle, from AZ excess in the
supply of these articles i'll the market, The
second is the far greater, end aomelitne3 IN
bounded depreciation, which arises from dis
trust iu the ultimate solyency of government,
or the means which the nation possess OF
making good iss engagements"
Which of these causes has prOdu7ed the
present depreciation OF Confederate paper
The people have determined to effect their
Freedom. The issue being snrceSs or aunlhila,
ton, the ultimate result OF the war enters
not into the csuse Of the depreciation, since'
in the event OF defeat, gold will be confiscated
and seized with more svidily than Confede-
rate script. and property, whether purchased
with gold or paper, will be divided among
the conductors. Nor will tho facility OF
cnncealment avail |" p:otect geld. The re-
inement of TYRANNY introduced by Eatler IN
New Orluans IS but ar example OF the. means
to which our coEQlrror5 will resort TO secure
the .lttlsrir. ctjsct G: their desire. The
light ii gCh ii"iu -" United States will
render I.craasaig ti.v s"llIrt ii a.! IL the
Cun;eh.rat. StsteS, should tho issn, Of war
ever result in "ur suhjngatinn.
The possession If :oii will Attrart tbs atten-
ton of lir Buffers, ana rrcd-r its %. srss.rs
objects Of espionage, and secure them tie pre-
cii,cts ola dungeon. The only safety for lIf- snd
property is in ~succe.s, and til. the people fully
understand, and are determined rG secure at
every cost Of life and ireasuIs. Th:refJre
the prospect of ultimate success Or defeat
enters not into the depreciation in the value OF
our Government issue.
With our Liberty established Is there any
just ca't4c to doubt the ability Of the Gov
rnme, 10 make gord ics obligations , There
can no uone with reasonable men. The
Government ISSUES ero the indebtedness OF
tine people, Tor the redemption Of which all in
dividual property is pledged. The CONNER
oial products If the country ere guarantees for
tao s1lvercy OF tbs Government, snd as these
issues ere exclusively Geld by the people Of
the country. the Indebtedness rxists entire
" at hone, aud It would smarn: TO ~inaucia-
telo lie Sc 10 astemp! ;ts reputation.
The causes, ther:crre, which produce the
present deareciati, IN in tE- yalde Of the Gov
eminent issues: ste tGe unTcstra.ned issue Of
paper, a,td che illegal traffic 10 gold created by
the ~smugglers and blockade runners with the
United States. Ii the people and Government
will determine 10 put q stop TO all intercourse
mud trade Of every kind with tho United
States, oie Of the cause. Of the depreciation
will cease.
Gold in rhe Confederate States demands 4
higher price thai. Sterling bills, E financial
phenoinvncn u~barcodntaLle, EXCEPT on the
hypothesis that it can he mnre readily used
ia smuggling aud running The blockade than
Sterling bills. Tins premium gold brings in The
United States increases ths sruuggler's puI-
chsses while there, and au1neD,s bis infa-
nous profits when he returns. The dealers
in Yankee script, even such vultures are to be
lound among Us, cannot sell their gresn-back
trash at any prize near that Of gold. Ii the
Government will apprehend and punish the
s~mugglcrs aud green-hack Hsndzrs, MD stop
the smuggling trade,is viii curb sinful eat1a'~
gancc which row exists Among our people; and,
making gold useless al AZ article OF trade
will destroy one of the Causes that is TOW III
dermining the currenc? OF the country. Is
long as tie Government takes no steps to stop
smuggling it will continue. Many are en-
gagged in it who believe :hey are doire
our cause no harm, but, on the contrary
are actually comforting a benefit upon
the people by supplying them with articles
they could not otherwise obtain. II Snug
Cling was confined to articles of prime ne
cessity, which can neither be produced in the
country nor any substitute found for them
the evils that now arise from it would be
greatly lessened. Rdt as at present carried
on, not in articles Of necessity, but in thns'
of useless luxury, it increases habits Of ez'
trsvagance, and by Offering the means O
their qualification, creates d disregard fol
money.
The ulnrestrsined issue Of paper is doubt
less the greater cause Of the present depre
cation in the value Of the currency. An eS
pertinent to check this has bean inaugurstes
By the Congress, i'll stopping the issue OF eigh'
por cent bonds after tho LIST DAY Of December
next, and allowing ell issues p,iort to that day
TO he funded in eight per cont bonds until TIL
ODD day Of April. 1863.
All issues of the Treasury after the frs
day of next December arc fundable only ii
: per cent bonds or storks. Tho people are
far more Interested than the Government il
preserving the currency from deprsciarion.-
= a-,.h1. Gov 49, C..--k 49,