Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-09-05
The Currency Question.

contains al able letter on Currency" from Nc. Lang
don Chrves son. we suppose Of the distinguished South
Caronian Of that name who was once President oil tue
USued States Tx The writer combats some o. the
ngu cents presented by Nc Tooubs in his late letter
ON the SAN. subject especially that which makes gold
or silver the proper standard Of value in the matter Of
Government cred or currency, in an emergency such
As we are now involved in. The writer says: at is
true that gold aud silver ave used to adjust the balance
of trade between nators and is the measure of their
redundant local currency or credits. But when COM
merce al trade entre cut Of so that there can be
no shipments Of produce and assist gold in adjusting
thee baal ccs then price Of gold in the local mar
e is by no means an ezsc value Of the credits or cur
rency s.usi by Government to sustain its pressing local
demands in great and sudden emergency. 1t is only
evidence that the blockade Is complete, and trade cut
OIL for the present"
We ere disposed to cCrcur i this view, for EoH can
gold or silver be regarded, in such emergency as we
are paced in, standard value OF Government credit or
,urrel cy when the 10 create such standard are
not available The Government possesses the means in
the shape Of 09ton but in the absence OF export sci
ties il is rendered unaValTg 10 that end. Whatever
sredi, our Government commands abroad based upon
The possessou Of cotton; bnt the apprehensions of
no be or probable destruction of this cotton ground
less though they e which weigh upon the mrds OF
e,talsts abroad, ccesary detrac: from its vaue "a
basis Of credit Al home even, it lacks The value
Of stab bass, scr the reason that It is con
lii gent for its availability UPON the bre king up
of the blockade. Aud, doubtless, the very appre-
tensions flt abroad in respect 70 its ultimate fate
are in some degree shared here. But any apprehension
ON this ,c9rc SO far as our people concerned can
in 10 wise sf,ct their confidence in the abi OF the
Government to meet all its obligations, since that con-
fence must be based upon the Of the coun
try in rernantn NJ seuse and 4 upon the product OF
ayear or two confidence predcited solely upon the p
mate availability of the cotton rov in Government
hands impi, willingness to credit only TO the extent
of ss determined value, excludes all estimates Of
fume Sbidy as grounds OF faith in cur solyency. All
Internal operations in the matter Of finance are con-
drc.ed upoa a protective basis of credit which our
independence will inevitably furnish. want of con-
6dence in our cure cy implies distrust Of or ability
TO conquer ,or herein alone can lie any ground TO dig
trust the Government credit.
The pgesen' deprecated standard 70 which our cur
re-, CIV has fallen IL due alone to is redundancy aud
not want o, ccnGdeuce. AS Mr.. Chevts says, "Nhen
commerce and trade are cut off, so there be no ship
ments Of pro5uc 10 aid ard assisa gOl in adjusting
these baaucea then the prce Of gold in the local
ket is by exact value OF Tie credits or cur
reucy issued By Goyernmen a.. There IL, in feet, no
proper t lard OF value Tor currency no" but the
couutry's resources and its ultimate ability 10 pay,
tramueled by iutsrna! war commercial restraints,
and Il is Idle in m cy of this SORT 10 talk OF any
Other.
Ne. Cheves presents waat seems very reasonable
d OF the probable upshot OF our fuaIc a. opera.
tous lie says: The real danger 10 th; country is,
mol so much from the confederate Issues az the f.al
srug.. or conflict that Niil aiie between tie Couiede-
rate currency and the State 10, currency furnished
by the banks 1t peace should be obtined upon the
basis OF our independence, then the Confederate cur
r,ury will be too strong for the local bank currency,
and 90 many large capitalists viii be interested by pur
chase Of bends and credits, that they will strengthen
tie COlfeeIa.e currency even to the overthrow of all
local bunk currency The first great demand will be
10. Aivyeruu,n: Ezcdequsr Bunk, which will submit
to no cympett on from sE the local banks There will
be strong State necessity 10 submit TO It in order to
prevent greater national evil, W ch would be nation
al bankruptcy and the management Of our vast debt
and Government credits exclusively by sscrstlry Of
7. easury, which woad be much power to place in
{ hands of any one man, is exercise would deeply
s; the distribution OF wealth in tie Con ederaCy for
q, u.raous to come. 50, political fnanJ neces
~. National Bank in some form will come, and when
i, comes it will crush the Sta,o banks"
Ills idea is undoubtedly consistent, and its realization
involves 10 little danger Of cont CT which will again
revive, in its most active form, the old State Rights
doctrines eubittered by the strongest motives OF sell
in crest. Every man, almost Wikbs interested on Que
side or the other and States which, as general thing,
are lrge stockholders 10 local banks WILL doubtless,
throw ter nAe on the SIDE where their interest
lis As Mr. Chevts remarks, the prospect Of national
bankruptcy will create q st,0ng necessity to submit TO
monopoly by the Confederate currency, or to Gov
ernment Exchequer Bank, which is key TO become the
medium of its circulation. The only means to avert
this cono., in our View IS the RAPID funding of Con-
federae issuCs and the dimnutiOu Of the amount OF
Treasury notes IN circulation to standard low to
be capable of absorption by the banks to be used for
time as circulating medium in common With their own
Issues or funded in Confederate stocks at their dscIe-
ton.