Newbern weekly progress., 1862-12-06


The rsnaues. naa tho Gurrensy.
1T this late day the press oI tho South il
IdiscussfnK with much earnest ness, the condi
/ zion of Our linanccs and currency. These form
the backbone of nation and however siigh
Ilnay have been the attention given to thil
/ ercaf Interest by the Provisional Cover nment
4 cerfainly claimed the earliest ind natures
consideration of the FIRST Congress antaer ths
Permanent Government. Our experience un
dsr the Provisional Government ought TO have
1 taught us some wholesome lessons pressed aa
we y IRE by an exhausting and destructive war
but many Of the leading statesmen under thai
government thought that secession would he
80 ..psaeeablen that we would not need mors
than fifteen millions Of dollars; and the first
/ Congress under tie Permanent Governmehl
spent no small portion ofits first session ia FIX
ing the salaries for itself and other Offices oil
The government
TIE issue OF Treasury notes to pay its debt,
| is the resort of wise goeernmen. only ia an
emergency, TO be succeeded as soon as posi-
BILE by safer and more stable means to secure
its credit. To postpone the necessary provis-
ion to give stability to its credit to . period
when the emergency becomes more end more
pressing. and when the issue already exceeds
wholesome demand for circulation, Is to pave
the way 10 bankruptcy. The neglect Of Con-
gress nc its last session TO make this provision,
well nigh prostrates all hope in this respect in
the future
It is truisu,, any where and at all times.
that an excessive circulation of moaey, or its
assumed representative, always dcprecates its
value The quantity and quality Of the means
OF paying fer an article, win always determine
its value The governments. therefore, both
State aud Confederate. have, perhaps, unwit>
singiy originated and promoted the spirit OF av-
arice and speculation now upon the country,
By their excessive issues of Treasury notes.
They have fed the viper, which now in turn
bites and deyours those who gave Il birth.
Now, to remedy the evils brought upon the
finances and currency OF the country, 6y the
want of wisdom and foresight In the Congress.
the people are urged 60 invest their Treasury
notes 10 Confederate bonds. What IS this to
the government but burning the candle at both
ends2 The debts of the government have
recently, at least, been incurred at the rate Of
four dollars for one-for it is evident the exor-
bitant prices for everything 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 government
and the people four dollars where they should
have made but one, are invited to invest in
government securities at eight per cent The
remedy is nearly as bad as the disease; yet If
the results should be TO reduce the circulation
and the future issue of Treasury notes, and
enable the government to meet It's obflgationS,
duty and patriotism demand the Investment.
For it is evident to every one, that SO 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 are required
to brave want, and cold, and hunger and ma
kedness, and death, to protect the property
and lives of those who stay at home to specu-
late upon the government and people, and
while they are receiving for all these sacrifices
only $Il per month, which, at present prices,
is only about $3 per month, shall the men Of
wealth and property in the land hesitate to
sustain the government WITH their means 7
short time ago, when Congress was talking OF
making forced loan out of the incomes <of the
people, the spectators and monied men of
the country protested against the measure as
extraordinary and oppressive. It was. But
does not every soldlsr In the Confederacy at
this time submit to a TofcM loan of all he hash
gssd his life in the bargain< TO save the counfrJ
and the men of property rom ruin 81
The currency will continue to deprecate as
long as the government continues to issue
Treasury notes and property will continue to
advance in price as money depreciates or falls
in value. The only remedy, for the time being, |
is to induce the monied men to invest in Con
federate bonds; but will they do it 2 We fear
that many of them will not. In this day. as |
well as in all other days, as general rule, |
they. who have much, want more; and they |
who have little, find it difficult to support
themselves, and are growing poorer just in pro.
portion as traders, Spectators, and extortion, |
ers are prospering and growing rich. - Rfteigh |
Standard.