Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-12-18
Tue Currency.

liam NJ. Gorge, Esq, an interesting account of the
emission circulation, decline and final loss of con-
tinental money. 1t will be seen that the whole
amount Of this currency issued was $359, ,547, OPT
95 commencing in 1775, and in May, 1881, the
continental bills ceased to circulate as money
The bills were afterwards bought on speculation at
various prices, from 400 to 1, up to 1000 for L.
1t is worthy of remark that the depreciation of this
currency did not stop its circulation, but it passed
readily from hand to hand when even any idea of
its being ultimately redeemed at nominal value had
vanished. This is in accordance with a wellset
tied principle in currency that the most worthless
money circulates most constantly, that which is
really good, or better, being boarded As long as
comparatively worthless money will purchase any
thing it will continue to circulate
writer in late number of the Prooress who
is evidently welinformed on the subject, states
that in North, Carolina in $780, Gov Nash's salary
was $4,000 pounds, and was expended by his wife
in the purchase of calico gown. Judge Irodell
mentions in some of his letters, written about that
period, that his tavern bills when attending his
Courts were generally from three to four hundred
pounds per week, and he esteemed himself fortu-
nate when he realized at any one Court as much as
seven dollars in hard money. North Carolina bills
Of credit redeemed at the close of the revolu.
ton at 500 to l.
Mr.. Gouge states that the ease with which Tays
and means were provided in the early part of
the war, by the issues of paper led to much extrav
agance in the commissary department. and prevent
ed the establishment of sound system of finance.
The same error has marked the financial policy of
the Confederate States. 1t is easy to emit paper
money and the period for redeeming it is so remote
and uncertain, that the temptation to food the
country with it. in lieu Of real money, is not often
surmounted by those who begin and conduct revo-
lutions. Frederick the Great of Prussia who ruled
not more than five millions of people, contended for
seven years with countries whose united population
amounted to hundred millions; he conducted the
contest which made him famous in history and ele-
waited his country to a. prominent place among the
nations of Europe, mainly with specie and he
emerged from it without any debt. "The burdens
Of the war" says his historian, had been terrible
almost insuppOrtable; but arrear was left to en-
barras the finances in time of peace" Confederate
leaders might have learned wisdom from such an
example Pay as you go is the philosophers stone
The most rigid economy in every thing was enforced
by Frederick and the heaviest punishment was
promptly inflicted on those under him who wasted
or misapplied the public stores, or endsavOred to
realize profits for themselves from what passed
through their hands.
MIR. Secretary Memminger, with the approval of
Mr.. Davis, proposes plan by which the Confeder-
a'e debt is to be put in bonds amounting to one
thousand millions of dollars the interest to be COL
lected in specie by taxing the people If our rulers
! had been wise they would have purchased in the
outset enough cotton to form basis Cor the curren-
cy. They could have placed it as so much gold or
sterling in Europe, and could have drawn upon it
as it was needed. 1t would have been better, in
deed, to have relied on specie obtained this way,
together with what specie there was already in the
country, than to have hazarded the revolution on
paper currency alone. But the evil of vast issues
Of paper money is upon us, and we must put up
with it to the best advantage. There may be a rem
edy for this evil, but if there is it must be new
one, for history reveals no expedient, no plan by
which currency so redundant can be made equal
to specie Acts of compusion forced loans, tender
acts, limitation Of prices, were all resorted to in
vain by our revolutionary ancestors. They but in
creased the evil
The writer in the Progress, to whose views we
alluded in the beginning of this article gives the fol-
lowing to show the manner in which the'deprecia-
ton in the currency affects different classes of the
community:
"a volunteered for the war, 1st October, 1861.
His pay was $ll per month in Confederate notes
The depreciation since has been about 4 per cent.
per month. He, therefore, paid a tax Of A cents
On the 1st Nov 1851, SS cents 1st Dec 81 80 1st
Jan. 1862; 81 70 1st February; 81 20 1st March !;
50 6+ 1st April; So Os 1st May; So 81 1st June i;
So Sc lst July; 81 40 1st Aug. 81 81 lst Sept.
| S5 % Ist Oct S5 70 1st Nov. Sc lG 1st Dec. !;
! So 80 Ist Jan. 1868; 81 O4 1st Feb ST 81 1st
March; 81 80 lst April; So 86 1st May; So 50
! lst June; 50 "a lst July 50 6S LIST Aug. $40 IL
! 1st Sept; $40 sc 1st October. His monthly pay
| for two years ga months) at 81 per month S2GL
His monthly tax for "a months, equal to half his pay
| 1892.
! B. blockade runner, commencing operations in
Charleston at the same time, is understood to have
realized $50 OOU O0O-S2, 500, 900 per month during
| the same period. If he had paid taxes in the same
proportion with the soldier he would have retained
of his profit just thirty millions. He invested fifty
Millions however, in real estate and other produc-
tive property, and is supposed to have at the pres.
ent ten millions worth at the time it accrued or
one million in specie What disposition shall be
made of these ten millions and of nine tenths of the
! Treasury notes, now in circulation or which will
be emitted by the 1st of January next? Shall he
be permitted to fund them, and receive government
bonds payable in specie with six per cent. interest
annually, and the principal thirty years p
The interest to be paid BY A in common with the
great body Of tax payers, fund holders always ex-
cepted
AS case is that of half million of soldiers whose
blood has been shed, lives imperilled on the bat
tie field, Oh in the more dreaded and fatal hospital
1t is the case of every widow, and every orphan,
and all other persons in the CoDfederacy whose
means of living are moderate monied incomes. 1t
is the case of the Governor whose salary of S. 600
is not equal to stipend of $500, three years ago.
B. on the other hand, is the representative of a
much smaller, and much more opulent class, of all
who have made money by the war. 1t is certain
that the redundancy is the great cause of the de-