Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-09-02

bobda Investments In gold for the last elk months
have been the safest and among the best in the Con
federRte States. They have paid hundred per CENT
per month the original investment in Treasury notcs
Can say more TO expose the bouldless folly of ous
present financial system' The history of the currency
of our enemies SINCE the beginning OF this war; hu
initiating to US. Neither had foreign credits; both had
powerful and established Sac Governments to back
them We were united in favor Of the war they were
divided They have kept twice the men in the field that
have. Their Treasury notes sell at discount Of less
than thirty per cent ours than thousand
The reason is solely that their Governments has better
understood and firmly adhered 10 the true prirci.
pies OF currency Than In all else we had the adj
vantage have endeavored point out the main diff
6culy in financial policy, and have, TO the best OF
my Judgment traced it to It's true sourceexces IL cur
rency not national debility.
have abored 10 illustrate the disastrous effect on
prices OF this excessand here wish to be clearly uh-
derstood do pot say that currency is the sole ele-
ment in the price OF corn, or Of any other commodity
but do affirm, that it is of IFS mAn clements, al
ways present. active, and othtI thugs being equs
shat the price Of commodities everywhere rice
fall in PROF ortOn 10 the increase dmnutiOn OF the
money which crculates ,hem." Suppose anl mistaken
in tie application of this principle to- present cir
euntances; suppose, as many able ard excellent men
do firmly hold that from cur peculiar circumstances
value the test Of the depIecis,on Of
rency. What then? ! will not deny the TRUTH but
wi waive it, in Difference TO honest patriots seeking the
same cnd--the public good-but will not waive the
terrible truth, plain as the MONDAY SUM- that any
ard every standard which any intelligent man can APP
ply, and at velocity rapid and daily increasing, cur
currency is depTeciatng, dying, and without most
vigorous efforts, must soon pass away This deprecia-
on OF the currency, therefore, whatever may be its
regulation or by whatsoever standard you may es its
amount, 10 our monster evil
The mischief is still within our power, aud may
still remedy it. if we have the WISDOM frmnesI aud
courage which the crisis demands. It involves our iu
dependence. We must do it; we have alternative
which u freeman should consider; any settle nent with
those miserable miscreans northern border,
short Of eternal separation and independence would be
the consummaIon OF all evils which even the power Of
God could nhlct in this world Therefore, what
aay be the cost in wealth OF return 10 a sound
rency must pay the penalty of our past foly-and
pay II now THIS depreciation OF currency having been
shown have resulted chiefly from the excessive issue
of Treasury notes, only correct this evil by
stopping instantly any further ssue, under ~ pretenee
whatever and by reducing rapidly as possible our
present outstanding issues. II requires large compre
hensiVe aud efficient measures for their continually Ie-
dIction until they shall in value and approximate
as nearly circumstances will allow the standard
value Of gold and silver.
Taxation and loans are the only mean1 OF attaining
this resut-;axaton, compreht nsve simple, rigid and
equal. The present tax law does not possess these
quaLtiest is partial unequal aud compiler fosters yul
gar prejudces aud will gather abundant harvest OF
fraud. and peIures. The tax in kind principle is sub
ject to many grave objections. This mode Of taxation
should never be TesorIed TO when the currency ID
dundant but with all Of rs faults may be necessary
evil whenever there is great deficiency in the circua
ting medium. The execution of such law ia neces-
sarly difficult, irritating, wa3teul and productive of
much fraud. But certainly in our present condition
the war cannot he carried and the currency sus
tanned by taxation alone-we must resort to loans
| am not in the least discouraged by the i'll
Of the Government lately in funding its Treasury
notes Treasury notes great excess the holders
are anxiousy hunng for safe and profitable invest
ment for them. The Government is PERFECTLY able TO
supply that wagt heretofore it has not done so. We
must issue bonds with principal and interest pay
able in gold aud silver their equivalent and adopt
measures to make sush payment certain. This can be
done'by nortgaging specific portion Of the revenue
to the bond holders, adequate TO the payment OF
both principal and interest each may respectively a
due coupled with clear provisions that their taxes shall
be rrepesabls until the mortgages are paid, and that
these aIes shal only be paid in gold and silver the
coupons of the bonds for which they are pledged.
By making the provision for our bonds ample u. the
beginning, 30 that future legislation shall be neces
sary preserve the public aith give the public cred
tor the best possible security for his money which we
are able TO Offer The overthrow OF Government will be
his only DANGER that cannot be. provided against We
greatly lessen the chances Of reputation, because in
this case it would require the direct Of
the Executive aud both branches Of Congress to deeat
the security whereas, in the Of bonds charged
on the general revenue, il may be defeated by the
| Executive or either branch Of Congress-even the
non act on of either would be fatal to il. What
are called the Cotton Loan Bonds, though they have
but one of these prime pies eDgraed upon them to wit
the payment of interest in cash. sell for large PIE
MUM The fifteen million lQan based precisely on
these principles and although the Government has VIC
lated rs pledge TO pay these bonds in CON- and they
suffer under the great disadvantage Of being secured by
an export duty on cotton which is made nearly unavala
BILE for the present by the bleckade their market value
IL nearly double that of all other eight per cent bond
Thu facts demonstrate the soundness OF the theory
which advocate If the cotton bonds had been Sc
cured by laad tax, upon tie terms have briefly
sketched adequate to meet them their coupons would
instantly very nearly approSim tie to gold and silver in
value and the premium upon them payable in our cur
reIcy, would be large
We must act, and that quickly; the public inter- st
and public safety will no lorger allow delay. Our pre-
sent system utterly nsupporiable; it is upsetng the
very foundation OF private rights weakening, daily,
public confidence in Our cause at home and abroad
sowing dangerous dsconenfs among the people, which
are daily deepening aud widening. Patriotism demands
that all good men should unite to correct these eyiF.
| am, very respectfully
Your obedient servant
R. TooNBs.
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