Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1862-11-19
The Finances and the Currency.


At this late day the press Of the South is discus
sing, with much earnestness, the condition of our
finances and currency. These form the backbone
Of nation; and however slight may have been the
attention given to this great interest by the Pro-
visional Government, it certainly claimed the ear
liest and maturest consideration of the first Con-
gress under the Permanent Government. Our ex-
perience under the Provisional Government ought
to have taught us some wholesome lessons, pressed
as we were by an exhausting and destructive war;
but many of the leading statesmen under that
government thought that secession would be SO
"peaceahle" that We would not need more than
fifteen millions of dollars and the first Congress
under the Permanent Government spent no small
portion of its first session in fixing salaries for it.
self and other officers of the government!
The issue of Treasury notes to pay its debt, is
the resort of wise government only in an emer-
gencv, to be succeeded as possible by safer
and more stable means to sustain its credit 10
postpone the necessary provision to give stability
to its credit to period when the emergency be-
comes more and more pressing, and when the issue
already exceeds wholesome demand for circua-
ton, is to pave the way to bankruptcy. The
neglect of Congress at its last session to make this
provision well nigh prostrates all hope in this res
pect in the future.
1t is truism, any where and at all times, that
an excessive circulation of money, or its assumed
representative, always depreciates its value. The
quantity and quality of the means of paying for
an article, will always determine its value. The
governments, therefore, both State and Confederate
have, perhaps, unwittingly originated and promoted
the spirit of avarice and speculation now upon the
country by their excessive issues of Treasury notes.
They have fed the viper, which now in turn bites
and 1evours those who gave it birth.
Now, to remedy the evils brought upon the f.
nances and currency of the country, by the want
of wisdom and foresight in the Congress, the peo-
pie are urged to invest their Treasury notes in Con-
federate bonds. What is this to the government
but burning the candle at both ends? The debts
of the government have recently, at least, been ip
Cured at the rate of four dollars for one-for it is
evident the exorbitant prices for every thing are
mainly owing to the excessive issue of Treasury
notes,-and now, to relieve the currency of this
plethora, those who have made out of the govern
ment and the people four dollars where they should
have made but one are invited to invest in govern
ment securities at eight per cent. The remedy is
nearly as bad the disease yet if the result should
be to reduce the circulation and the future issue of
Treasury notes, and enable the government to meet
its obligations duty and patriotism demand the in
vestu ent. For it is evident to every one, that
long as Confederate Treasury notes are worth any
thing Confederate bonds are worth more. And is
this too much to demand of those who have their
pockets full of Confederate notes? While thousands
of our soldiers required to brave want and cold
and hunger, and nakedness, and deash to protect
the property and lives of those who stay at home
to speculate upon the government and people, and
while they are receiving for all these sacrifices only
eleven dollars per month, which, at present prices
is only about three dollars per month, shall the
of wealth and property in the land hesitate to sus
tain the government with their means? \ short
time ago, when Congress was talking of making :
forced loan out of the incomes of the people, tht
spectators and monied men of the country pro
tested against the measure extraordinary and op
pressve. 1t was. But does not every soldier II
the Confcderacy at this time submit to a torcet
loan of all he has and his life in the bargain
to save the country and the men of property from
! ruin?
| The currency will continue to depreciate as lon
as the government continues to issue Treasur,
notes; and property will continue to advance il
price as money depreciates or falls in value. Th
only remedy, for the time being is to induce tn
monied men to invest in Confederate bonds; bu
will they do it? We fear that many of them wi
not In this day, as well as in all other days, as
general rule, they who have much want more; an
they who have little, find it difficult to suppol
themselves, and arc growing poorer just in propo1
ton as traders, spectators, and extortioners ar
prospecting and growing rich