Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-01-13
lFos THE WHICH,
THE CONFEDERATE CURRENcY.

There is much good sense in the views OF correspon
dent Of the Enquirer, who writes over the signature of
l.
The cause Of our financial difficulties is redundant
currency. There il paper in circulation than the
circulation absorb. Paper circulation can be used
Tor no other purpose but circulation Il has no other
value. When the supply e1ceeds the demand it GOES
down Of course. Il all the funded debt Of Eagaad,
amounting 10 four thousand millions wls at once con-
vered into treasury the consequence would be an
enormous rise ia the price Of gold and all other CON-
modites. Tue wealth asd the credit Of the kingdom
could no, sustain such a mass Of circulation Indeed if
the present Confederate circulation vas gold and not pa
per- aud there outlet 10 the markets abroad that
metal would undergo an enormous decline Ii il not
then the want Of confidence in Government which
imPsrs the vsus offs uots5-tis has bus little to do
vito it-but their multiplication far beyond the wants
OF the country Ihere be doubt about the cause
Of the evil b1, what is the remedy
II the disease be- plethora Of circulation, the reaed,
must be depletion. The Legislative power cannot stamp
value on paper which paper does possess. Con
gresS may cay that you shall take this paper but it dare
say You shall keep t. If the poor cannot get
his pound Of bacon without paying fifty for it. ySu
cannot bid him stsrve. There but two things that
Congress can do TO remedy the evils OF redundant cir
culaion- The is TO borrow, and thus substitute
with is bonds part Of the floating circulation The
other Is 70 lew tax which will have the same Effect
The Government Is borrowing bat not fast enough
Il must borrow and a. the time. More might
be borrowed if the Secretary of the Treasury would
adopt the French plan, aud send agents into every
county and parish of the COnfederacy. Thousands
would lend twenty 6fty hundred dollars il the bonds
were within their reach but who viii not encounter
Richmond with is crowds rs small pSI, and its expen-
sire and odious inHs
But above all and before all let high tax be levied
without delay. This viii and the same time, re-
evs The currency and give faith capitalists In the
honor and solvency Of the country If Congress-
loen are afraid Of a tax nov when paper abundant,
viii they levy tax when go back to the sterner
times Of gold and silver? Capitalists ask this question
and shake their heads. There are two advantages Of
taxation The one Is that b. reducing the volume Of
crcalson, you bring down the prices which Govern
ent has TO pay for its supplies and the debt to be
deemed BY the taxpayer when the war closes, viii be
smaller Another is that the tax is more easily paid
now in Confederate notes than Il viii be hereafter when
paper is raised to the standard Of gold and silver.
To make Confederate notes legal tender would sim.
ply vOlss great principle, without the slightest adj
vantage to our finances They nov rarely, if ever,
refused Bur s7ea if they were used it is better to
make It he nteTes; Of the creditor 10 take them which
you viii DO By levying high tax Nest Of our Con-
fsdsrate Satss, no; all through their Legislatures
have closed their courts against the demands Of cred
tors This Is called for b. the times bet to go further
and say to tie creditor that be shall receive bis debt in
deprecated paper, Is needless perpesrason Of seri
Gus injusee going far to loosen e bands Of society,
and shake the whole basis Of credit The next step,
and Fsry easy one, viii be to abolish al debts which
viii IN the long run inure the poor far more than the
rich Let our Congress hesitate long before it follows
the Yankee lead in lila matter. HALlEAz'