Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1862-10-06
Confederate Currency.

Confederate currency.
In another part OF ms MORNINGS Wing will be found
a Communication Oh the su' CT Of the currency, to
which We invite the serious attention Of our readers IL
is written BY distinguished gentleman, long known in
the public eouccis of the country, and of recognized
ability. l. will be seen that the communication strenu-
o-sly recommends the adoption Of measure which hIs
begun TO e. cite much comment and speculation among
the public aud in Oongress-the passing OF law making
Coniederats notes legal terdsr. This subject will pro
baby come before Congress to-day, and will undouosed'
~ elicit much debate L il natural that question so
onenous il its character and 50 grave in its Anc-
Dt,5 rssus fer good or for evil. should be sui e.ed
20 thorough examination and to that sAEsul consider
alton which al~Sys ought TO be broughtto beAr on acts
Of pc;Oy ard LEGISLATION 50 important We must cor
tss tsst Il " Ssre compelled 10 give 6gf lite oPn-
Is On hs schiect We should approach It vi sIraCr
diary besaacy and not vi hou: fear Of arriving at an
erroneous conclusion We Siou,d not have the temsry
20 s.tsnp. precirate solution Of problem which has
60 long perple1sd philosophers ard Statesmen In the
whole domAu Of the di-mL science" there ia prob
ably no question more intricate than this one yet, ctr-
tsiav there "a none tba. presents itself more sIsesn6s
for examination and decision.
Taere H. h5ssve-, One point in the discussion likely
70 A-o il Congress and out OF il which, are "a
tisasd .hss there is nuoi mGeorcepiOO Il has been
urged, and probably will be again urged, with more
speoou2es thsn force that Congress has no payer to
pas sny &C. ukng anything bu. gol and silver alega
tsnier Ta idea Is derived from erroneous view o.
restraining acd prOAiOsory clause in the Constitution
%. clause which restraining and prohi6itory on the
States merely, and not at al upon the Confederate Cor
Eres Indeed IL appelrs that this clause was inserted
expressly for the purPoss Of removing from any other
field ,hsa that ct CongrsssiOO legislation Jurisdiction
over VIA; may be called eonPusSJ currency. l. Is
true shat there Is 10 power expressly soasirsd uPon
Congress TO make paper legal tender-neisher is there
sov power sx.rsly conferred on Congress to make got
and silver iSgl ts1dsr. The power Is deriJAhVe or
rssntsut in 4 one else as veil a. the other. il a)Us
naturally and 7g ealy and necessarily, from the power
conferred On C)sgress to regulate commerce. For,
surely there would b. utter I6sercs Of any power TO
regulate eonmsIcs, this 6il not egimAtely involve
tie possr 70 regulate money, which Is the medium Of
commerce Il IS 20 answer 70 say tbA. paper is not
money aud thAs only gold aud silver are money; be-
c..ss everybody knows this 10 be noIonously ialse.
EVERYBODY knows that the only money uoU in crellG
ton 1, paper money! and there IS much rssson that
Congress Should regulate this kind OF moosy that i,
should regulate a1y other. Ia ise. there Is 7res
power given to The Confederate Government TO Issue
treasury notes or soads This faculty is Ike the other,
which depends Ipoa i-Only deriVatiVe. Thsre Is ne
reason that Congress should have the right inst
vel 70 declare and ssabsh the character Ofits currency,
a. % create the currency TIE former is certainly not
80 grca. or so important power as the httsr.
Toe question, then, : simply lestoa Of sIPsdiercy
vsEed in tbs Ugh, not wiling, st The moment
In Il Ia,
no, b. any means su7e thsi the sssare Of declaring
Confederate Tr-l.uy Notes lsgti tsrdsr, sould ope
rass - paaacss for the evils which a1s from an IN
alsd and qIsnty depreciAed currency. Nor, on
n, other hand ,r5 -, wiling to deny that /: would be
productive OF good rssal;', and tia. it would IS main
tsned By is Supporters sustain the crd Of the gov
sru-eut strengthen the currency by lmpaEtng to 1t an
additional yl1e ami arrest, 70 great sIsnt, that pro
grossvs depreciation Of our paper money, which seems
nov 70 be assumrd as an existing fact by many Of
our public men. We are lot either, prepared TO id-
init this las. proposition to tae full extent to which Il
q ofen carried We rSe no, ready TO assume that The
Coaf,dsrats eueeey has really d,preciled so greatly
as mluy persons would have believe; or, the pre-
sect high prices would TO indicate II is not In
daed certain that considering the total Wi'hdaWa Of
sCli and silver, o. bank notes and private issues,
there "a mare currency in circulation uoU thla there
uas before ths war or a. least than there year
ago. At Gil events may tsko It for granted that
much OF wis, seems 10 be depses;i-n Of tho curren
oy Il due really 70 the blo,klde end tie consequently
limited supply o. sxcheps,sbo articles ia market New
er.hsless the pablo uad Is alarmed, 10 soue extent
on this safj,ct People begl to believe tha. the
rsroy Is regularly dspssCang, snd his very idea reacts
upon tho currency i-soL TIE Chairman Of the House
FiaAnee Committee has proclaimed hs belief in steady
ard progressive depreciation Of Confederate notes. and
thi5 Circumstance my already hive produced SONS ef
Fec On the public.
We are toll hist come Of our mos. siiaEuishsd fl
cs-s have written 70 nsm6sSs Of CossFsss rJqsesrg
then 70 CSC their aisncs in hsho Of having Colfed
er,se money made legal tender, stating such
ure 70 be absolutely necessary for tic maintenance Of
she amy Th!s Circumstance Cush; - and doubtless
vii, carry with it much weight Ildeed, the whole
Question s ons Of great Importance a. m seH deserves
shs serious attention and consideration Ct Congress
TO T5E MEMBERS OF TIE SENATE AND HOUSE