Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-04-18
Z EH1S'
GIr 8ieBnonG dasig,
SATURDAY MORNING, APRIL is, 1893
Our Currency.


ssept inflated condition, about one hundred and sew
sn,v.svs or two hundred Millions aud kept permanently
With those limits The amount indicated will be am
pie to effect all the exchanges and business operations
Of the COnderacy and anything above these tends to de-
urecia,e its value au6 to enhance prices.
VIII the currency bill ef,c; these objects' We fear
not The provisions in regard 10 funding the notes may
withdraw considerable amount from circulation but
il must oe remembered that the process OF Issuing new
NOES viii 20 on, quite fast if not faster than the
process of absorption by funding. The wants OF the
Government will probably be bity millions of dollars per
month, and it may be doubted if the funding will
amount to tt sdm Il may, and probably will exceed
IL during the month Of April but noe afterwards as
the motive to fund after the 22d April is materially di-
mhisbed The currency therefore, instead Of becoming
reduced in quantity and improved in value, viii coun'
70 expand and deJreciae. Prices OF almost every
T. g have raised five times, and in many cases
las in groceries and elOthingl to twenty times their fer
mer raes-Or in other words the currency has depre
ciated TO one6h or etWenJeth Of the specie stand
ard The Government for all it buys, is therefore Civ
ing its promises pay, for five, or, in some cases,
twenty tunes the true money value Of the article
bought
l. Can the Confederacy stand this exba1stiHg proce
We are following in the footsteps Of those who III
tated the revolution Of l776 and the. French revOu
ton of 1889 and it is much be feared that without
change of policy, our Treasury notes will share the
fate Of American Continental money and French Assg-
mats The depreciation viii continue until they hasome
worthless and repuiiatpn bankruptcy must follow.
IL seems 70 US the radical e.ror il financial sys
tam is in the effort to cary the with Treasury
notes, Il may do a temporary exPedieRt, but
will not answer as a permanent system. Il
mixes up the governmental expenditures with the cur
rency il aAtes prices deranges business, robs creditors
Of Their lust rights ruins widows and orphans and all
who have fixed incomes, stimulates speculation ana de-
pauperates the Government.
The true plan is to let the currency remain in its
nal condition. just adequate to meet the wants Of be
eountry-and to prosecute the bytaIatOn and the
Issue Of bonds.
But may be said the bonds vii depreeiae. This
NAV. to some extent be tue. But there is danger
that they will depreciate as much Treasury notes
have done Suppose they we're TO depreciate ~ IS
per cent il would certainly be better 10 Sell bonds
that discount than to sell Treasury las is sub
ssantiAy being done) at depreciation Of so per cent
If the Government, now, needs hour beef poBk, or
grain, or any other necessary to carry the war,
il has TO pay 1--WE dollars in Treasury notes for what
one dollar IN god would buy. What IS this but selling
your Treasury notes 20 cents in the dollar so per
cent discount Would it be better sell Govern
menl bonds for rs so IN the dollar and TO
bay necessares at fair rates than pay the enormous
prices il has teen paying in Treasury 9tes The bond
system would discOnnect the currency from the govern
mental embarrassaents, and the people at large
from the FuinOus prices that are now bringing such dis
Eess upon them
What then, is the remedy fJr the evllT If Congress
viii promptly provide by Aw that ne more Treasury
notes shall be issued for the present. after early
dle named BY it. by which time the volume OF currency
can be reduced 70 200 Millions aud that bonds bearing
per cent interest shall be issued and sold in the mar
ks 70 raise the means Of carrying the war if they
will further pass an efficient bill to pay the interest
on the bonds and meet poEtion Of the e1pen-
&C.; and above all II they wll pledge reasonable
mort diE On e0tOa tobacco and auai stores for the pay
mept Of the interest and ultimate redemption Of the
Confederate debt the eies. viii be magical Prices
vii begin as once fall 10 tbs natural rates. specu-
l,,on viii collapse, Treasury notes will appreciate al
ost to thestandard Of specie aH the of the war
vii be reduced to about Oneiourh Of what it now is,
and the pay Of officers aud soldiers WILDE enhaeed
IN the same ratio.
With such policy as this there need be no sppIe-
hsason of depreciation in the bonds Of the CoufederA
sy. l. seems sr1nge that Congress- and the Secretary
Of the Treasury have ignored most important fact
which Is constantly before their eyes. We aude the
market value Of the bonds for the fifteen million loan
The last quotations Of prices show those bonds
% be sellugAt more than sixty per cent. premium
Why Is thsi Mainly because the Provisional Congress
pledged mall fraction Of cent per pound export
Szty on cotton for It's redemption. Here the matter
has been brought the test Of actual experiment aud
the result Is a signal SUGGEST Here then is a mine of
wealth and an almost e1hAustess source OF credit Let
Us avail ourselves Of it-et ISSUE Say one or two
hundred millions Of dollars worth Of bonds as the pub
lie e1igenciss may demand and pledge reasonable
D9r dHfy cotton tobacco AID naval stores for their
redemption, and We will find that the bond, will be
promptly taken not only at home, but abroad.
Such a measure would operate beneRciany in many
ways. It would not only I'll our treasury with money
Of real value and thereby diminish the actual cost of
supplies for the army to one-ourlh Of what now paid
but would tighten the burdens to our own people, by
making foreign nations, which consume our exports
pay portion Of them. And 6naly, it would stimulate
England and FrAnee-Our pEiReipal eustOmers-to be-
friend u.s. by slowing 70 them that the longer the strug-
gle with the North continues the greater will Q the
dasy On our exports, and consequently the heavier
Wi be the tAx which they will have to bear. This va
has disclosed the important fact that Europe must
have our cotton and tobacco and naval stores at any
price, and il certainly is our policy to make Europe pay
Tor these their fan value including fair export duty
Let Us avail ourselves Of the lesson We have learned
and cause those nations which have turned deaf ear
90 our just demands for recognition, to pay tribute in
Ald Of our sirugg efOr Independence.
Lstths policy be adopted, and the following results
VIII soon be realized
We shall have a sound currency.