Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-11-05
THE CONFEDERATE CURRENCY.

In the Senate at Richmond on Monday. the goth, on
motion of Mr.. Armstrong, it was
Re,oiped That committee Of seven be appointed to
consider and report whether any can be adopted
BY the General Assembly to improve the currency
The Vice President appointed Messrs Armstrong Mar
shall, LOWS, NASH Hart, Quesenberry, and Bruce to
compose said committee.
The following resolution, proposed BY Mr. Lewis, was
referred to the same committee
Resolpsd That the select committee the subject OF
the currency inquire into the expedency of authorizing
loan by the of Virginia to the Confederate
Government OF 600 to bear an interest OF Six
per cent per annum payable semi annually and that tbey
inquire also to the most e1pedlent mode OF raising tna
sum-the said loan to be made only upon the condition
that propotonss subscribed by the ether States
of the Conederacy aud by corporations ana prae di
viduas, amounting in the whole TO S4oo,ooooVo ana
upon the further condition that the Confederate Govern
ment her bonds for said loans and that neither the
principal or interest OF said bonds shall be liable to taxa
ton by the Confederate or State Government
This resolution it appears by the Enquirer has IN view
the giving of the sanction of Virginia to report relative
the currency the two fundamental features Of which
are:
Fret The Retirement. from circulation Of so much Of
the Confederate issues will reduce the Voiume VI cur
rency within reasonable limits.
Second The cessation of such issues by the Govern
eminent Its chief to meet current demands
Enquirer and in discussing the subject it speaks follows
of the financial condition of the Coufederacy:
From the Richmond Enquirer Of October 9Th.
The condition of the currency has become so alarming
that its importance has arisen even above the excitement of
military movements From every quarter of the Conede
rscy essays schemes expedents and remedies daily
scattered broadcast the country urging suggestions
of every character and description In the multiplicity of
these counses but thing certain and undsputed aud
that is that the present financial management utter
and absolute failure rendered not by Mr. Memmnger
but by the people themselves The funding scheme of Mr.
Memmnger could only succeed by the prompt and perss
tent cooperation Of the people in coming forward and con-
nuDg to convert the currency into bonds II is not ne
cessary to inquire into the why the people have
aedthe fact that they have not and will not voluntarily
fund the currency the important matter for legislative
consideration.
When the first excitement of stirred the patriotism
Of the people, it believed that every able to bear
arms would volunteer and it was equally believed tina
every dollar OF property would be- willingly held subject to
the call Of the Government But disappointment has al
tended both expectations and the conscrpon act
necessary for the army, property CONSUMPTION act has
become equally necessary for the Treasury Funding and
volunteering both played out about the time, and
the Government found it necessary to abandon voun
teerng and to compulsory CONSUMPTION to make
all bear their proper part Of the burdens Of the
it has become necessary for the money Of the
Government to abandon voluntary funding and to
to compulsory loans upon the property OF the people.
And surely nation that has willingly acquesced il
the conscription of the will not object to simla
action with regard to the property The father that ha
gwen his the defence Of the country cannot with
hold the property equally necessary to the of tn
country Money is necessary men to the success
and without the former heavy sacrifices
the latter were fooshly and cruelty made To stop
to withhold the means requisite is 10 render the
for the last three ruess aud TO abandon the caus
the very threshold of ultimate and success Fund
ing like volunteering has been adhered TO long enough
10 plainly demonstrate ts certain failure and AZ the one
abandoned for conscrpon the voluntary funding
must be given up for compulsory loan.
Two expedients only remain to the Government-tbs
forced loan and the public sale Of Confederate bonds or
what they will bring both to be accompanied with cessa
ton Of the Of Confederate treasury noes We pre-
fer the former the certain and expeditions mode
Of reducing the currency by it's adoption believe the
impressment law be dispensed with and this law he
become an evil Of very great magnitude.