Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-09-03

Government went into operation exactly 1914 600 900
90 0oO million of notes have been cancelled
connection with the post Office and office of the war
If we the funded and cancelled from
issued, there vii remain outstanding s497 OGo
o0 Tor purpose OF circuetlon ana aomes1e I
to this be added sl25 in interest bearing
Treasury notes making sum oil eoo ooo OF funded
The whole public deb therefore including the Euro
peau quite reach the of $40 0OO
and ,net this must be charged al the and
of whatever description now held by the Gov
eminent
The entire of the public debt does not ID
s23 at the high Of g. 3d. and per cent
such Condition of financial weakness gold should
command prem un Of one thousand per cent or more
states ale pay this debt to the entire satisfaction
OF creditors But with the view of obtaining some cor,
Of the Government we will suppose al extreme case
We suppose that hostlities continue unl the debt
reaches millions of dollars and that pursuing
the plan adopted by the British Government when 1t came
great national debt. oar Government were to
seek the same solution and to Offer to its creditors con-
sodated stock converting the entire debt at three
gold At this rate of interest Cess now because
Of the tax the English consos h1ctuae bet Ween
ninety one ninety Confederate States three
cent sGe with s1 it Psopgt aud s auS
most probably stand higher ho douo the ability OF the
g.' ps1cces euvston to inset the in
terest upon this debt? But if this done would fol-
low that eyery hundred dollars Confederate notes. enter;
ing into such consolidated stock OF three per ceuts
would worth not less than sixty dollars IN SPECIE In
dollar and forty cents TO purchase dollar In goo
coin. , ,,...
ana the destruction the ,vernmvnt of absolute bank
an entire abnegaion of the productions and re-
aim bv the yery people 1os interested in
sovency the Cover menF, which could Justify Lu;h
stigma upon the Confederate notes.
Asaars new stand both the amount Of de BIT
and military prospects, it is little less tina downright
luns cy tn with such dishonor Our Yankee en-
emies are wi er than Their debt at this hour
not less than eighteen hand Ell m ons-nost pro.
baby hundred mi lions more The whole CT edit OF
!; 3o( Sc no hi1JEV
ion coLquerng the Confederate States lake from them
this certain tat IA n An idea is hore
ess-and thoughtful man in the Whole NORTH KNOBS
that general bank uptcy and utter reputation are lneVa-
CO! taiu that yetweny Do"ds and greenack notes
will he worth the paper on which they are PRINTED,
should the United States fail IN tins war heVe1heess
succeeded in great in main aiming the
credit OF the Government currency They have done this
9e ia h the OF Of
eighteen mon lbs past frey have invoked the legislative
authority the shape of tie most stringent measures
against sp cuat gold & fruitful source OF evil and
have ched and guarded all tie weak points OF their g.
gantic AIDE with the Inost JEALOUS care They have all
do nothing to depreciate their money, but ever
thing to prevent it's deg radiation.
We, the contrary fighting for Life, Honor and Liber
y have done nothing to prevent but that NOR
n to- F d our Oar Governnent Securities should
saGd bet day in market than those OF the Uai
ted States The Yankee debt is IN amount twice as large
as ours they conquer u.s. it is true public securities
and currency will be lost with nationality but they
Alter he war should it eud prosperousy u.s. our debt
will pit rmanent system OF harmonious States and
our v1st an fertile Ian Jog regions Theirs will be affect
ed by the question OF separation between the East and
Northwet almost Immediately to arise whlle their leve
from exports can BEAR at best no comparison
with our.
the public debt far as The sovency of
the conc"rned to enable us to account sat
isfact silly for the unfavorabe condition OF our currency
We look for other causes aud 1t seems t. me these
l. The large volume of the currency, in quantity,
mach beyond that needed for necessary pupo'ea OF cca
laton
tween the ConeG United States through
the lines of the armies, both in the East and West
g. The blockade running between Charleston ami Will
mington, aa1 the port of Nassau
The practice of dealing and Specializing ia Yankee
currency within the Confederate States dealing
Specializing state bank notes and in gold and of dealing
ia state Dor and in State bank notes. for the OF
redundancy Of money whether of peper or the pre-
cious metals it matters not which Always chsapen it.
dis of the California and Australian gold
mines gold medium of circulation snd exchange, has
been cheApened than forty cent that is to say
hundred dollars in gold day worth not much IS
sixty doars gold worth twenty years ago. IT, in
stead of paper the Confederate Government had issued
i've hundred millions in specie, and becaue of
cusr crcunaancts this in CON- could have found
egre"s through borders property would have ap
atod and gold would have che.penea hundred
cent WHAT the precise rate of deprecation follow
ing greater or less quantity in healthy circu
ation may be- do Dot AMI have means Of
tanning. sh' I'D suppose. however, that double the
amount actually required by the entire 5usineus of the
try would appreciate property and cbeapen the circula
ton hundred cent that three times the amount
needed would appreciate and cheaper the circu
ion three hundred cent Admitting the sovency of
the Government as unquestioned fact emf sion Of
would be subject to precisely the rule 1t Is
pCsd by those who best informed that gold and State
bank notes and credta making no part
OF the crcu alton proper, hundred aud fifty millions
treasury be readily ard ueetuly employed
as medium If circulation But the necessities of the Gov
having demanded the issue of several hundred
millions more, and the tuning having failed to
absorb the there in the hands Of the peo
pie three times the quantity that be BEAUTIFULLY used
property, and depreciation of the currency, the
extent of three or four hundred per cent | have said
apparent appreciation of property because with real
depreciation of paper curreney, in it's relation with
gold and advance in the prices Of property in this
medium is cn'y apparent But the depreciation OF
in its relation with g is real since dollar in gold
chases three or four in paper. But while gold
the of property and gold in its cheaPen
ed must be always accepted Indicating
ue, paper, being y local medium, only the repre-
of gold and the of depreciation by
notes which will now purchase only ten dollars in god be
put into bond which will pay interest of eight per
lars in treasury will at that time be worth than
hundred dollars in gold and there rule
real intrinsic value by low standard that of
twelve OR twelve for 1t follows beyond question: that
sic vane of treasury notes. but tbs result of Temporal
Of speculation, rash, ipurous and dcmorazine
having Foundation in in dnary prudence
All business men and other citizens in the Conederacy
should set themselves at work. steadily and deliberately
,ounteract the depreciation of the currency account
ts reduad ancy. No mans property is really worth any
because he places prices on it, and they
who pay five ten prices when by investing in Govern
bonds, by loanng money to tie Government on
all, they may in comparatively short time, realizs such
interest their loans will make every dollar worth
much gold Cor half much) are actually throwing
heir money into the streets. But however this be,
appears to be certain that the redundancy of
urrency as it stands at present. will only account for
Geprecia ion at which now circulates taking gold
the standard Of value. The rest may be Justly atribu.
ed to the other causes have enumerated shall
empt anything of analysis of this part of the subject
ut will propose the remedy for this evil suggests