Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1862-10-28
The Currency.

TIE State Legislatures vii, We believe, all be In ses
sion this winter, and viii thus have an opportunity Of
acting eoucurrsDty upon any matter falling within their
iarisdicion, involving the general veal, and on which
they could judIciously or u%sefully take action. We do
not conceive 1t wss Or safe TO leave everything relating
70 the war to the legislation Of Congress aud the dscre-
ton Of the Executive. In the early stages Of the con-
6ss the power of the States was brought to bear with
the most telling eject The armies first brought into the
asd we're raised and equipped almost wholly BY the
StatsA But We would not recommend ~lsgsl'tion BY
them now on matters purely military, lest oOnaS;s In
policy and collisions Of authority might result.
The most important and betting subjecs for their
constellation Is the currency. It has been suggested
that tie States should give their individual endorsements
10 the notes Of the Confederate Government, ~pledging
their faith and means to the redemption Of these issues.
But, As i; Ia not believed that the depreciation In cur
renoy has grown out Of any want Of confidence In the
Confsdersts Government il may be wslldoubted whether
such endorsement 10 needed or would prove Of practical
benefit. As this depreciation results almost solely
from supersbundance Of circulation, . wiser policy
would be the adoption Of measures calculated to
reduce and restrain such excess. 4 contemporary
suggests, "a one fruitful source Of mischief, the food Of
slllpl41tC-o W NAlC9 tp OOAAsAy -
Measures, |. says, should bs Adop.si for excluding from
circulation every thing but Confederate Treasury notes.
The country Is flooded with shiDplastsrs Of every de-
OmIaai D1 and Of every description. They amount to
a serious evil, the worst fleets Of which We have not yet
reAEIsd; and this consideration, Of itself, would b. q suf.
fsiert reason for their GuppresGioui but 1t becomes kbso'
lutsly iuportsn. IN view Of the large smoun. which they
add to our already redundant clrrersy. We have no
idsa what amount Of these shinpllstsrs are Cd Iat In the
CorfsderAcT, bu. there IL sclrcsly q vilags or crossroId
In the country, from which they are not issued, and Of
all denominations, from Are oenI to Ave dollars. This
evil should b. corrected at once. The Confederate
Treasury Is issGing one and two dollar bils, and 40
other person or corporation In the COUNTRY should be
permitted to issue bills Of that SIZE. To meet the necessi.
tls for change, the Banks Of the country should DO re.
u1ired to issae change bills from Ave 10 Atty cents, and
tae Issue OF these should 10. be allowed to exceed a
certain per Osnt Of their capital.
In the ue1. place The Banks shonli be required to re
seive Oontdsrsie Treasury notes On deposit at par, IN
dor penalty Of forfeiting their charters, and ~depHitors
saOald also be compelled to receivs them a. the same
rates, or lcss their deposits. Stringent laws should also
b. passed By which the iuteres. on all money demands,
held ether by iniiJiiuis or corporations, should DO
stopped from the date a. WhiOh a tender of payment Was
mlds 10 Confederate Treasury notes. We beliaV, some
sceh legislation as that suggested above d demlndsl,
AID we hope 20 see tho saCjs &c. engage tho attention Of
our State Legislatures.