Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-06-16
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From the Richmond Examiner, sfh
The condition Of the Confsderate currency at
the present time cannot be considered without
much snxiety It Is believed, with apparent
reason, to be now at the worst that is to say,
the greatest amount of it that has ever been, aud
will ever be, outstanding, is in the hands Of the
people at the present time. In the next month
the tax bill goes into effect, and before the first
Of August, all the notes that were issued before
the first Of December last must be withdrawn
from the currency, and funded in ssven per
cent. bonds. The condition viii then be al
tered.
From the organization of the Government up
10 this tine, the volume Of the currency has
been perpetuslly increasing. All the expenses
Of the Government during this war have been
paid by continual Issues Of notes, and all these
with the exception Of that comparatively insg-
nihcant sum called in by the first funding law,
sTe at this moment on the country No wonder
that our currency IS terribly depTeciated
The sponge Of credit has been exhausted, by
being squeezed always, without the Slightest re-
penishment. The legitimate income of the
Government is derived from taxation the
money it gets from that source is its own, and
can be spent without the fesr Of consequences.
Bat the Confederate Government has noteyet
seen tho FIRST cent from this souree-that is to
say, It has never had cent which it might con
sider its own. It has been spending promises
to pay until its promise has come to be re-
gaTded 90 shat of a bankrupt.
On the effect Of the laws now soon 10 90 into
operation, depends the financial system of this
country. If ths tax aud funding aC.s can ab-
sorb an amount sufficiently great to bring the
relative values Of gold and notes to what they
were at the time those acts were passed by Con-
gress, the depreciation viii be arrested and
ths plan Of taxation in kind hereafter TO be
Var1r mad ,-riV Hnaflv- EDa
1t is, however, certainly somewhat doubtfal
whether these measures viii withdraw from cir
cElation the necessary amount. There is room
for doEbl Whethsr they will not be TOO late.
They were delayed, and delayed, again and
again, because of the constitutional object
ions" of Mr. Hunter, or because sf the general
confidence Of the GsYeTnment itself in the
speedy conclusion Of the war, till tho currency
sinks nesTly out Of sight by its own weight
alone.
The operation Of the two laws referred 10 may,
aud we hope will change tbs whole aspect Of
tbs currency in a month. But even If they can
not DO so, aud even if the depreciation goes on
in spite Of them, till our Confederats notes have
become as vslusless as the Continental currency
at tho end of the third year Of the first ReTolu-
ton, It does not follow that the csuse will be
lost, or the strength of the Confederaey even
seTisusly impaired. We know from the memoirs
and letters Of the first revolution, that the de-
probation Of the Continental money was viewed
with dismsy by the patriots aud exultatiea, by
the enemy but when it fell through, both were
disappointed in their expectations. The war
was wsged as vigorously by Congress, and the
arms Of the enemy were not mOrs successful
than before. Substitutes for the continental cur
rency were EASILY found, and in. case Of neces-
sity they viii be readily discovered for the Con-
fedslste money. 1t is, however, supsrhuoas TO
suggest or discuss them now. We are Gbsut
TO witness the test Of the practical experiment
Before the end of August, it viii be clearly seen
whether We shall have to use certificates for the
supplies Of the Government as our ancestors
did or whether the Confederate notes then re-
good money.