The Camden confederate. [volume] (Camden, S.C.) 1861-1865, 1863-05-15
A word now to V*******,

and currency regulations have brought to
light the fact doubtless, heretofore unknown
to the dwellcIs in this dark corner Of the IL
nancial world) that Parliament (omni potent as
it is) had made the notes of the banks of Eng
land legal tender, as between debtors and
creditors--not between the Bank and the hold
ers of ITS notes. When, and how, are these
notes payables " Six months after the ratif-
cation of a treaty of peace" Not at all but
on demand in coin, making them thereby the
absolute equivalent of coin The Parliament
could constitutionally do this, and do no pri-
vate wrong, because the notes are, in fact, the
precise equivalents of the sovereigns they pro-
mise. But Treasury notes are not payable on
demand--but at an uncertain, and it may be,
Il very distant day, and are worth now, on
change, but one-titth their nominal value. Yet
V******* declares, that to refuse these notes,
as equivalent to silver dollars, would be "mon-
strous in the extreme" Would it not be moro
monstrous," that government, limited abso-
lutcly, to the simple function of "coining mo-
ney," should assume--as V******* says it
must do--to compel creditor. holding BIS
to receive in discharge thereof its promises TO
pay that amount {" six months after the ratifica-
ton of treaty Of peacc"-such promises be-
ing worth to-day only 100 silver dollars !!
Would not this be "monstrous in the ex-
trcmc?'
And again, V**#*****, advcrting TO my
temark, that " Confederate Treasury Notes arc
confesscdly not money" says it (my declara-
tion)" creates alarm in the public mind" Not
so, sir; am not the author of that discovery
twas patent to all the intelligent and unpre-
| iudiced world, before / made that declaration.
Mr.. ;Nenminger proclaimed it when he refused
to receive it for duties payable in coin,
and when he purchased cotton with it at
say 80 cents, and sold it for coin at 10 cents
| (sce his Treasury warrants) 1t is an unsatis-
factory state of things, certainly, and exctes
! mot alarm, but) anxious thought as to.thc rent
edy. But is the private creditor to be hello re-
sponsible in any degree for this condition Of
the currency, because he simply recognizes tho
notorious fact? Is he to be characterized by
interested, prcjudced and dishonest debtors,
as an enemy of the cause and country
Shylocks," L" traitors"--for refusing TO receive
it in payment from them, rs equivalent to the
coin they borrowed, and at three or .fve times
what they took 1t at, for their corn, and bacon,
and cotton? Have reason and justice fled to
brute beasts?
You, too, Mr. Editor, seem TO be exercised
a good deal to understand why the notes OF
suspended Banks, in lS57-5s were received in
payment, and Treasury Notes now refused!
The explanation is simple: The bank notes
were not IN excess, materially, Of the healthy
demand for currency, which they constituted,
and under no diScredt whatever, because the
estates of the banks were known to be ample,
or, undoubtedly believed to be SO, and they
could be sued and coerced, or the penalty OF
per cent. per month on the amount enforced,
or their charters vacated and their estates put
in commission; and what was still better, the
holders of these notes were their debtors, and
could any day discount with them at par-she
community, in the aggregate, owed the banks
two or three times as much as the banks owed
the community. There being, tnen, no d's~
credit and no ercess the currency was kept at
par. even with specie, or near it, by the rs'a-