Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-08-31
f.ei,er of lss sserss,.ry q .hs Treasury %
TREASURY DEFARrMEET, @. 8. a., Z
Richiuoud. August q. 1858.
Hon. R a, I. Hunter, Lloydsl Va

/ Hon. r. a. r Hunter, Lleyds, Va
/ Sin: ID rspIv to your iuquiries about the f
nHnces, I send you q. condensed statement OF the
issue Of treasury notes, snd Of the funding ops-
ratie1s' Of the treasury. fOu viii see from this
/ Statements that the funding has beBn en1ineutly
sUocssslul; and you will learn, alB0, that the
amount Of outstanding treasury liotes is still
within The limits Of the Depreciation which re-
ported 10 Congress at the last session. by re-
port then sstimstsd the amount OF circulation
vbich ths sou1Iry could probably bead, at $780,
O0OO00
The statement now made, shows thAt The out
standing treasury notes, used as general cur
rcncy, amount almost exaetiy to three times this
amount But, when il is considered that very
large portion OF these notes are Ecrsss the Mis-
sssppi If viii be sppsreut that in the Atlantic
States the estimate Of thres 70 one s rather over
than uuder the mark Two absorbsnts arc now
added. which viii keep down the excess fTcm
new issuss-namsly the taxes and the ssle Of
cotton bouds-snd when the tax in kind begins
10 contribute its portion TO the support sf~ tls
army, there is every reason to believe thst the
currency csa ba well sustained.
Il Is obvious, fIom this statement, that the
popular notion of estimating tha vsius OF the
currency by a comparison with gold is alto
gether faliaciuus :.i2r, while the actual valume
of currency has only been increased three fold,
its proportion 20 gold rates at more thsn dOp5le
thst amount Tle iRct Is, as you we'll know,
that 81 tuAted as we are. gold is as much com-
mercial commodity as plstina or tin, aHd IFS
DTi5e is governed by the law Of demand and
supply. As I have already shown, in the
report referred 20, wheat aud csrn afford
much more reliable standards Of value
when their prizes is not controlled by
seme local Obstruction; ands By referring to
these, il viii be sesu that the currency has mall-
tanned itself at the ratio which the outstanding
Y " fr-gE Easg.r ..Ho.
ment tlst uniting s the various appliances for
funding, taers has been tuHjed in bonds S2S2
404 679; 70 which, according TO estimate, there
S yet to bs addsd about $40 908,000 msra
Fbich arc yst in Sue hands OF lhe tEeEsUTY oft-
cars 70 be Euud0s, making in al about S302-
I 0000 00Q0-sdd to ,Lls lj 442, 90, deposited n
/ he i've per cent. cal Ioan, and We have al
/ aggregate Of nearly S3la 9OJ,0OJ withdrawn
tr0m the currency,
This resuit is certainly very favorable, ans
shows that the measures adopted by Congress
hsva been quite as successful as any Of rs had
ANTICIPATED. lis also somewhat remarkable,
chat toe YanEoa Government should have
sdouted exactly the same measures for with
! drarvinr their circulation, snd. according 20 a
statement DuDliabe1 in Hunts Merchants Maya
zinc, TOR Jaiy, they havs landed, in call loan
aId bonds, not more than $500 600 OOD.
These 6gures show that there IS no reason for
z
gregs meets, you viii al address yourselves
vigorously 70 measures which viii restrain its
further incrsase we snail be fully able to nuiA-
tain our cause. / would suggest to yoH tws
matters FIR consideration: One Is the export
duty which I proposed and the oihBr is 8 re-
newal ct the call IOan for all Treasury notes,
upou the same PFneipls Eirs the six per cent.
Gals 8au whieii was reported at the last session.
Il is zgaTth ths experiment TO try, whether, by
allowing a deposit la 5ae Treasury, on isteTest,
we NAV not be sole % attract and retain there
sII the Treasury notes nos actually required for
ci1guatrou. Very truly yours,
Q. G. AEMMINGER,
Secretary Of State.
STATEMENT or OUTSTANDING TREASURY
NOTES, AUGUST g, 1868.
Total OF all kinds of general currency no ss 852 ll4 408
Estimated lsud iCr cancellation .s-..--- Iolj4b09
sa52s 1850
And probably beyond the aissjHspp. 100000
s551g7g.505
ETlFr'EzNT OF BONDS JETO WHICH CURREE-
CY has BgEE FUEDED. INCLUDING AvAILs
OF TIE PRODUCE LOAN.
Teal If 100 million .5iO40Jl809
Funded srcu Fsbv 20 '63.----.... I243l6370
Funded OF notes, Nay I6 bl----..s.s-.-.-.s duSo505
s555, ,40i 90
On hand, TO be funded by satins,o. 7oOoOOsO
Tstal funded 80, 4O4 6IO
Five per cent. call, partly funded. li442tlo
Total. .sal7 s466 90