Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1863-11-10

i "A RIA or tIx xANtIA.. r. !. Ii F.-a. Ell
i .E2 FROM A. II. I'll. STUART.
SRAusToN, 0 ta2lst, 1868.
ciames 2 frnstron. Esq Senate If VI.
4 DEAR SIR: The present dvralged couditio
i i var curIelcy las excited the serious apprt
henslens OF every rehe ctirg man. Unless some
tnlag is done to arrest the evil bankruptcy mu,
foil W. Our legislative bottles have dealt to
much IN tempor,zlng expedients They hay
not had be nerveto look the difficulties il tn
face. and To meet them like men. With lrlce
constantly rising, and debt rapidly accumula
ting, 1t must be plain to every one, that ruin
both financial anu political, will soon oYerrak
as, Unless We chanse oui policy.
Tie radical error was in attempting to carr
on gr at evolution without taxation, by treas
ury notes exclusively. 1t was douttess prope
t. Issue treasury notes to an amount sufficlrn
to furnish Ii ,tionai currency. This was cLea,
node oi borrowing, without interest, to that ex
/ tent, and moreover, 1t IN inrsned q c,rrency O.
uniform vatue throughout the CoaiedcrAcy, ano
! thus regulated the exchanges. But the issue .
| easury notes snpnid aeyer have -zceeded oae
hundred and fifty or two bnairea millions of dol
lars. Every duliar Issued oeyUnd tie smael
amount, (which Mr.. Memmenger assumed to be
lhe sum irquired Tor currency tended 10 de
lrecIaie the whole Dudy of the circulation IL
| itHt prices, stimulate specua II, dcrange the
| II iatIons o ueblur ANA creditor and c. in, aleu-
liable III scbiei Co tue business operations OF the
! country
Currency is the measure oil Uatue, as tne yara
stick, o. tl> pound weight, the busuei, is the
measure oi Quantity. II YOU double the quantity
II the circulating mediums whether 1t Insists OF
stid a6G silver, Or paper, you will iucpitably
| double tue prico> OF a.I commodities III Euarket,
u less There be sonlo qualifying circumstance,
such as redundant 'uprly As you Increase
the cirt uistt..D be, III lii lolnt. another eie-
meni-DisTRusT IF Tar SuLvENcY OF THE CUR
| RENCY mus %. :ahs Il in,o she calc,.iaJion, and
| therefore iLe cbiiau rnlent OF prices would GO
on, even al gruatcr ratio, than the incre Sc in
the volume oi the currency. The treasury de-
partn,, IL having a,rcad. issued cnrrency to an
am III, '.ur u ase t'uIes as grea' as the wants
of the cuuA'rs T. Iuut, prices have gone up more
than five tl;ues ~,nd thelI nsrIila siaudard.--
1t the issue Continues fn, thei, the element OF
DlsTRUsT viii become predominant, and the cur
i,hcy Will IN d lew months, become worthless.
| need not stop to depict the consequences OF
such state vi things, not only to the business
II he country, Out 10 Tie success OF the great
struggle IL which We are engaged.
The att ntiun of the country is therefore anx-
ius.y directed to th's question OF the currency.
Many Gift rcht schemes Iave been suggested
ea. b ef winch has Some merit, but none of which
Ii MY judgme n, VIII, meet the emergency.
Desl.onu Ut men think the evil has grown to
sue leafi"t pr portions, that II cannot be rem
..:Iu0 l oi different 0p,t ion. B t very
i,, oinpt, activr aud energetic measures will be
seqLlred to eff | a cure.
Eve read, with much interest, the pl,ns pro-
t.oaeG by Gove:n.r Moiehead. md by Mr. Mar
has, OF the Senate, ana Mr.. BaIord, as Chan
man vi the Gulnmittre 81 tne House 0i Delegates.
isa.. one Of these SCH, mes eDlDuiles valuable
features, hu | doubt II e.ihar w,.i a,com, ,,iish
The ohiec, ;lloposea. TIL fatal objection to all
! seul 49, tina, they require the Concurrent ac-
ts II ot al tbe Sta es OF the Conederacy. Ii any
State REFUSES 10 sd.iot'on th.. scheme 1t
{. s,a iy aus. Til enalimons concur. eDce can
.,aidiy ue expr.lu !, aa1 even # it could be OBJ
tanned. IL Nuuid ne q, late day, that the
evil would theI be pas; relief. Other elements
are want ng in all ihe.e schemes, which are
niial To success.
The evil IS OF national! character, and can on
ly be tcrpcdied by National agent. The mis-
chief is OF an Immediate aud pressing nature, anu
the remedy must b. promptly aud de,isively app
usied Ii Is wiIe spresd and deep seated, anu
ii must be So framed as to eradi ate the disease
| an MOI able to perceive how the Legislature
can act fiji ntl, OF th- subject but it ~ in
dicutr h., IT s,lui IN, It's senLim, nts, and IT NEG
essary, 1--WE Instructions to its Senators. The
voice u Virginia EXPRESSED through I G-n,r
a, A semisiy, wonlt, doubtless, bc i'oten IA with
the Conied rate autnoitles.
to that il order 10 tsn,e success, the follow
ing features must be embrace III the scheme OF
relief;
lst The issue Of n-s treasury notes must be
stopped.
y One half, or swo-tlirds Of the present issue
mas be retired from circulation.
~ A pieige oi i specific export duty On all
me productions OF our tlds aud ISIS must
n. gfytn tor the payment oi The interest and prin.
clpAi oi our debt
h. A vigoioGs system of taxation must b..
ads,. ted 10 meet the mmed ate wants Of our Gov
ernmeilt ami # deficiency should exist il ms;s;
ne met hy Sale b ids, anu not uy the issue
ef treasury notes.
A combination Of these features, in We'll di-
gested bill, will, fee assnr.d, give sIy edy re-
ef tu il,' County. bring d. wn price, ,iimip sh
the >xpcnses oi tiio Government, suhs antlally
donb the aries OF our 5fficers an, the pay OF
our soidiers. os d"uoi"g III. purchasing power
OF the tno0.y restore lid ace. and place our
currency on :, trm aad stable basis
l Ihe br>i y o,.osiIon is simple enough -
Go gr s>lsipn!a. 'on as it assemblies forbid
the further issue II reasury notes Z he income
Tax (Which viii be tp,rmous) wi! Come ie
on Isl Jibnai will furnish The iueaps of
Ca ry ing On ti:e Gov, nment for few months.
until til, other nca-u'es, which sh II pres
emily ref, Can be made az liole Tor the pro
uu II. n U. hr rev hue.
z. The second .rupnslt,op, the retirement of a
atge portion of the curr. Dcy, inv Ives NOR diff
hculiy, but Il s ny no neans nSurmountable.
The attempt t. r.tire the supe' abundant cur
rency y voluntary funding. has, ali must con
cesis, proved a failure. Patriotic men have In
vested to con>ideraoie extent, IN the bonds OF
The G"verninent, but the spectators and pecu.
iaors, who are unfortunately, large classes, have
lerslsfeDriy refused 10 invest their ill gotten
ea'i's IN tiic securities of the Confederate Gov
tin'henl lie vnian AIRY system, therefore
hr' W, ali ht ,siirtf. u md AL the risk on the
u Tel pprtion or society, aud leaves tie least
In rltOrsct> l.. profit ty their outlay.
+" rem.o, this isr'n Congress should pro
via for a rat saole Investment o} .v.cy resident
| according to ais means IL the bonds Of the G. ~
srnDient.
perceive trom an editorial ef the ssWhjg', o.
20 ,.,st., Ii, t the ,II 1850 shows lii. 81
greeate property Of the % ufe,erate States 10 be
on'i'ihs irarti us six lonssnd two hun ircG
ard TIL ity-pn. ndii ohs. II We deduct !ro.sl ti.ls
amohn tie value Of :n, pt. p.rty of Kentucky
aai NJ ssouii. iiid ir. r.gnents IT otner S,ates, no
avaids'ie f"l taxa 10. Ia oun'ing o abont sew
entoen baud. ed iailons), sse have Il net baianet
oi - ar ionf thaes~,i I'VE hnudred mliiuns-
Deducs irom this ore th>Gsaud mfiious Tor los
.; slaves and ravaSos of war, &c. sAe la.aacs i: