Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1862-12-17
Our Financial Policy.

The proposal o On" state OF Virginia last Spring, that
the States should guarantee the bonds Of the Coneder
ate Government having been acquesced in by Alabama
and South Carolina may reasonably eApee, the other
States concur sni NAV therefore regard the policy
settled In 'his action OF the States the credit Of the
Confederate Governments will have received the only
dor,aou wh,l IL uesd-i-while the States at once the
sIhor aai the b,n, arie, OF the policy Of secession
in supporting which the public debt is incurred will have
done only What Jhey we're bound in equity aud good
faith 70 DO We saw the Confederate credit Nil have
received the oaly cnlor.atiou needed for the
that it only rSsaabie the ground that govern
based upoa the principle OF the right Of self de
slructon might not be regarded by the commercial
world the safest debtor. But when the guarantees OF
toe States are given viii b, manifest that though the
Confederate Government should De dissolved there W
remain ample responsibility in the iali.,O.u5le and in
des,rocti5le States for ID, Indebtedness assumed.
Now, If thi' lba-al AMI jlico ac'io1 Of the States
shall be followed mp by las o. Coagrcs, mixing the
issues Of the Co1s,lcrl,e Goy,r neat legal tender,
that i something which when pro Trci the creditor I,
obliged TO take IN sldiiaci1a OF III. claim financial
system will b, g-ga, Improved. The popular Idea that
nothing but gold silver j. money i flary Gold
and silver are b the representatives Of value. They
ssatau,es Of value 10 the fact that they convertible
a:o articles Of need value anywhere in the world
I, nav therefore De said tina, the property Of the civil
ICED world il pleiyet TO the redemption Of gold aud
silver as money Bat Il more limited pledge gives
10 money Of another form the absolute assurance of
redemption in what rs.pcct would il be inferior in value
TO gold aud silver, Toe certainty Of obtaining for it at
current prices whatever article OF commerce or trade
q
And this certainty as TO Treaslry notes cannot be
doub,sd when all the property OF all the States is
pledged for their redempton-or, &c speak more exactly,
for tue redemption OF the Treasury Bouds into which
ths Treasury notes may, a. any time be converted
This j. ample y..rr..r aa- nothing more need be re-
quircd
MOue- e sh1gi be remembered, is the creature Of
Law. 10 d,Is,cUt times aud x,ries different sub
stance, bay- besn used Gold and silver have been gen
orally settled upon the most convenient and suitable
commodi,ies Because they better al the coudi
lions required than any other known substances. But
in their absence /, would be lilly substitute
thing else and nye, it with the same legal sanction
and value that gold and silver would possess il aainable
writer in the Knoxville Register SAYS: The Spartans
employed iron the Romans copper, the East Indians
cowry, and our aborgnes something very similar,
which they denominated wampum. But the materials
most generally used have beeu the precious metals aud
pa0sr Of which the latter has been in great vogue and
mos advau,agco1sy employed among all modern civil
lied nations Tn. value Of money is altogether repre-
sentative. II il merely the Instrument means by
which an end is attained. Commercial intercourse is
the object desired and without the medium Of money
i, could olly De conducted by the SLOW laborous aud
expensive process Of barter. Hence the use and con-
venence Of this general equivalent and wheel of crcus
ton Il not requisite that the material Of which it is
made should have intrinsic value though this Of
ten the case because the material is useful in the
Legal pGs il the essence; and il il has this efficacy in
Abe dealings Of men, present and permanent aud is
composed Of physical substance light portable dvisi,
bs durable metal lasting writing and printing;
IL Is money In every legal and commercial sense
The same writer adds that the colonial history Of the
States furnishes numerous examples Of paper money,
such treasury notes, being made legal tender,
AID 10 every instance, the plan worked we'll In Eng
land the SatSsnAnshp and commercial policy of which
sudtsd 70 the highest respect the Of the Bank
of England In above i've pounds are legal ten
dr. Aud BY way Of showing that in that enlightened
country peculiar sARetity is attributed hard mo-
pey viii here the fact that silver coin, in sums