The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1862-07-25
TIE CURRENCY.

From the New York Shipping List, July L.
The law recently passed by Congress, empower.
Ing Secretary Chase TO issue another large amount
Of Demand Treasury Notes, thereby creating
currency vastly in excess of the wants Of the coun-
try, has commenced 10 bear its legitimate fruit
While the country WAS SO greatly elated, it but
recently was, by the false belief in the invncibility
Of the Army of the Potomac and the bright pros
poets of the speedy capture OF the Confederate
capital, ana the conse quent probable collapse of
the great rebellion at an early period thereafter
there was comparatively little danger Of any
such extraordinary panic in monetary circles
that which has occurred since our last. But with
the retrograde movement of that army and its at
tendant disasters, 1t Al once became evident that
the capture of Richmond if not probielnaicaI was
az least, ind inleiy put on, and rendered exceed
ingly improbable for some time TO come. These
facts dispeiled the fatal illusion under which the
country had tor so long 4 time been resting and,
combined with the fears of foreign interference in
American affairs, which they have engeudered,
snted i'll the extraordinary excitement i'll Wall
street and environs, above referred 10.
But the great advance ia gold and silver and
foreign eXchange--or rather the depreciation i'll
paper money-is more directly traceable to the re-
cent enactment OF the Treasury Note Bill, against
| the remonstrances Of united public. proclaimed
through the columns of au almost undivided pre-
for seldom, if ever, has the press been 80 unani-
NOUS against any public measure it against
the passage of the bill comforting such great pow
ers upon the Secretary of the Treasury. We learn
that it is By many considered exceedingly doubtful
IT Dir. Chase will use his power by issuing any
more demand notes but if this be true, in view of
the extraordinary and deplOrabe condition of af-
fairs now existing and the still untavOrable
prospects, conceive il to be the duty Of the
Secretary to inform the public in regard his de-
termination If, however, he shall conclude issue
more demand notes, the circulation of bank notes
should be reduced in like ratio, this alone would
probably save the country from the evils which it
ID beginning to experience, and which are attribu-
table directly to the passage OF the demand note
BILL the crisis having only been deferred for brief
Sas
about to be brought to Il close by splendid corp
Of the Army of the Potomac. There is limit in
the issue Of paper, beyond hch it dangerous to
advance, and il is now evident that this limit has
already been reached, if not passed.
Rarely has the spirit of speculation so high
in Wall street during the past three days, and
though the belief that there is scarcity Of gold
and silver is simply chimerical yet it exists in a
great degree, nevertheless, and the enormous pre-
miums which have been paid for specie and its
equivalent by spectators has gone far towards
confirming it. So great has the evil already be-
come, that it is impossible to obtain change any
where except by patronizing the brokers and pay
ing the enormous premiums which they Demand
Various are the attributed causes for these evils,
but the true aud only to be found in the past
and prospective excessive issues of paper currency
Were it not for this it il undoubted that gold and
silver would to-day have been quoted at par, and
with prospect of being any higher. This il
certainly fit subject for Mr. Chase's thoughtful
contemplation, and we trust that he win hesitate
long before taking so evidently fatal step the
further issuing OF any considerable amount OF de-
mand notes. The public mind has become com.
pletely unsettled, and it is the frn conviction of
many people, who make finance their chief study
that the country is fast drifting into state much
worse than that it il now experiencing the exist
Ing state of affairs is than that which pre-
vailed previous to the enactment of the last De-
maud Note law.
MISCELLANEOUS.
Gen. Hovey is now in command at Memphis in
place Of Gen. Grant, who, with his staff is expect
ed to be called TO Cornth at any moment.
Several female Secessionists have been escorted
beyond the Federal lines by General Thayer they
having refused to take the oath OF allegiance Their
husbands among the most wealthy citizens OF
Memphis and are now serving in the rebel army.
It appears that there is some alarm at Suffolk,
Va, on account of rumOrs Of an intended attack of
the Confederates. Suffers have been ordered not
to lay In a large stock Of goods.
Hon. John s. Phelps, Of Missouri, has been ap.
pointed Military Governor OF Arkansas, and will
soon leave Washington for that State.
The steamer Commerce, Captain Archer, bound
from Memphis to Louisville, stopped below Hen
derson, dsenng 1t unsafe to pass.
The French Minister. Count Mercler, Las arrived
at Philadelphia from Washington.
Henry HURT and Charles Stevenson have been
arrested In Baltimore, and sent to Fort McfIenry,
charged with having recently returned from Rich
mond.
The Kangaroo sailed from New York On 6atur.
day, with over . million In specie.
.l--A