Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-06-17
g,siEC,AL AVID COMMERCIAL

RIcHMoSD, June l6, 1868.
The Richmond banks are receiving "a scoring" from
the press Of tbs and other stae for refusing TO receive Tsy
o hereafter Confederate Treasury notes which cease TO
be undA5e the LIST Of Angus Whilst we have lot aproV
OF the We have sight Of the fact that the
POLICY q the Government indicated by the Recommendation
or the secrsy Of The Treasury and by the action Of cOngeS
to demonez. these noes far practicable ard ste
the Isl OF August aud that the have either to refuse to
cuse the nov, eontinee to receive thtm until the de
mentioned when yosbe that they woudhave large amounts
thrown upon their which they could not unless they
people, by consent would continue to receive
and pay them heretofore II this be dOne the fundns act
IS practically nulaed and the relief expected from the retire
msnt Of large amount Of paper money deieaie'
I evdet therefore, that the bank directors had to dispose
OF "denna" the hand hey would, 70 some extent
Illustrate the purpose Congress On the other they would ex
cite among certain classes Of people, and hap pro
dues quasi panc IN threw the weight o. their own ssr
erst uto the BALANCE and o. course decided that they would
u 10 the good and patriotism Of the pope to avert the
probable consequences Of their action.
We employed esery argument convince Congress Of the In
policy Of the dem0nstuns system, which found f-vr With Its
leading embers and pointed out Of the evils Of tASt'
ten which already presented themsvs but ou etunses
nor course prevail an Ave system OF finance
VIII eh part conempaes the forcing out Of circulation on the
August By funding and payment Of taxes Of about S
100000 currency. II this object is attained, the result Will DO
hgly beneficial Tie currency be depletA AM, conse-
gu niy e prices decline or, rsmshlng ccula
ton will HAYS increased purchasing Po'oer VIII this be
accomplished? Certainly WILL the action Of the Rehmsnd
followed the banks elsewhere in the oonederaey
aadby tie resI Of the people generally TO receive the dsced
lie Bat may accomplished without tbs wholesale
dcreng hence disposed 10 believe that the banks
/ were too prsclplae II ruling out the old issue
The Try the Treasury Department hat the process OF
funding and the levy will absorb all or the greater portion
Of this issue. his expectation Unreasonable that We havehe e
the hope that the mtIat adssmen
Il nNrfinn ~ he
Issue prior December l For the reason We be
e7e that could have postponed their action until the
July by which time 1t possible that the very SLOW
coae"-ths "Tsr Tax will tegn to make itself felt as en- al
sbeu o. redundant cash The banks adhered to their resOu
ton and the business instead Of e,nepg together and
scdasi rejecting receiving the old ISSUE
cordng to their nliyiuA avace, patriotism views Of e1p
diOncy.
obvious that much needless vexaon inconvenience, G
aud loss sill result from the partial exclusion Of the:e
from circulation every receive. oneaA
oneurh Of them ia the payment OF deb they Eou be
kept collector presented bills and then,
everybody vi gram OF sense would pay bis tSxes In htss
notes. they would Of course gradu lily disappear from cru
ton, and the Oijec Ct the funding az; be accomplished We
tu therefore tst the people generally will contnae to clreu
them eey they did unban North Carolina
before the Those Who refuse do will sue;t themselves
| TO a dlsparagng remembrance.
Mr.. J. S. O'Suivan, Of New York. late Minister Of
the United States TO Portugal has written Lengthy eloquent
letter 'peace all hazards" His letter dated
London, 18th April 1858, and contains tbs declaration:
"A' trustee, would at this prefer place
uuds for permanent Investment In the Southern debt par
father IN the Northern OF It's face The one
be paI and viii be paid; the other neither will
In this declaration We have tie judgment Of intelligent and
unparalleled observer Of the this country.
contest om stand 2oilt which enables him form
opinion Of the probable result and in exercising his reckoning
fcuds he has ey eny been aided by just comprehension
the reouree OF the States cooong the cOndsracy The
confidence he in the redemption Of
shared Oy those capitalists of Great Britain have subscribed
the Confederate loan recently effected in London we DOUBT
the Judgment upon viii this confidence based prevails In
every Intelligent and unbiased circle In Earope.
II this be So (Ard who can gsinsay itO might much
stronger degree Of confidence In the ability Of the Confederate
Government meet and qudAts every pecunay obligation ex
Isl among the people Of the Confederate staiesY We hap
py does exist, very wide extent at the same
tine there too much eaacy the part godhoarders Who
Constitute class controlling very largl Of
This tenacious grasp Of the precious gold be coz
srued otherwise than distru Of the result contest
II achieve independence Why hold on 10 gold coin
which brings 10 Interest whilst Confederate bonds easily
purchased which yield We do not argue that T. Ia
ne her patriotic wise hold any geld would AK those
have put away coin consider time has not
arrived when they should part with portion OF their
hosrds? Gold wanted for commercial purposes there
may be who have become ged with gain who are eager
TO convert he, Treasury notes into specie The demand GER
tainy exists and this togher with scarcity has put the
premium up TO high figure The brokers viii give about si5 in
Treasury notes for 81 in gold Is this auenent enough
be true Mr. osuyan says that the Confederate
"caH and gHbePGidi' But will pursue subject
Every must determine for himself whether will be wise or
foolish in holding to his gold when be sell 81 premi
and invest the money in per derate boLds
We the important and decve events and
people may wei he excused for awaiting the events
but the development may be attended with collapse the pre-
MUM for specie and thus Che golden oppoun y" audd to
may be lost.
Confederate eight per cent. bonds were sold at auc.
ion N Augusta Ca the 18th inst, at $685. and interest
presume sey registered bonds Of the Is million loan