Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-05-01

buying what he wanted-buyng and selling began to
glow with constantly increasing activity. How could
It be but prices must go up-up-up-as they did go,
as they WILL and as they must so long as you VIII con-
tnue to supply fresh fuel the freso long as Eous
furnishes the wind and there praries TO consume
the conhsgratOn will spread and rage, indefinitely
Call il speculation, by what names you Wilde
nounce it-depore it may-punish it--yet, by a
law of nature as universal and memorable as that
which governs the fire of the praires when driven by
the wind, furnish money to men, and they will buy
with it what they want, and the more you furnish the
more they will buy, and the higher prices they will
| give-indefnitely. If you would keep down prices,
you must withhold the money. You must withdraw the
cause if you would control the effect and in proportion
as YOU moderate the one surely, and by that only
/ means, you correct the other
1t is never to be lost sight of that the evil to he
corrected-Which, not done, all else is vaiR-is the
redundancy and nceasement of the currency
aud that the sole corrective is the reduction Of the v0L
of it. 1t is enlargement OF its volume that pro-
portionatey enlarges prices-and with larger prices
comes the necessity Of still larger issues. Thus an
excessive currency breeds and begets and more
redundancy-and there is no help for it but in some
form of restriction. Converdbiity and the laws fixing
the proportions of bank paper to specie is our prOtec
ton against redundancy OF Bank notes-raisng bank
interest," the method used in England-but for incon'
verble Government paper there Is principle or pro-
vision of limitation Tue prices, therefore, in its own
paper (Which is all currency Of what it purchases
may expend in any manner whatever, is the sole limit
to its quantity. The necessarily enlarged emissions are
constantly enhancing prices and constantly requiring
emissions still larger. This being the evil, what are
the cures which have been resorted 10?
LIST. Funding Treasury notes are public debt, pay
able shortly after the war--Treasury Bonds a public
debt payable longer time after the war
1t does not lessen Indebtedness, them to convert one
into the Other-but only postpones payment, and when
vou shall have issued large n Of nOlps
have been funded though till then you will have tenn
porary moderated the Redundancy and helped the cur
rency you will have afforded no permanent corrective,
and when the amount issued shall exceed the amount
funded, the currency will begin again deteorate,
and in proportion to the will be the extent of the
depreciation
3D. 7areS, in currency, is good as far as it goes
good because being PAID in paper which is debt
duces the debt TO the amount you levy them. II tie
paper cancelled after being collected and equiv
aent issued you would only reduce indebtedness
but contract and improve the Currencybut if you pay
out again what you collect or an equal amount of new
notes, where is any permanent improvement OF it?
Sd. TdrsS IN kind is a move in the right direction.
True you thereby take in paper but you Issue none,
which is better far than cancelng after having
issued You arrest expansion 10 the extent Of much
currency you would else have had issue for the
purchase of the articles taken in kind and the effect
is permanent for you prevent torever much Of the en-
hdneeent of prices as must hare 6RSued if yoT had put
IN circulation tie amount thus Uhheld. Ii you could
get all that the Government needs by taxes in kind
provisions clothing, munitions labor the Government
could 90 forward and sustain the with compare
lively but little money. But while this is impossible, it
yet seems to to recommend most urgently, in the
circumstances Of unparalleled isolation in which
placed the carrying taxation, in kind, to the greatest
possible extent-and apply to every article whaever
required for armies howeyer seemingly inconsder
able which is capable OF being reached and which may
be taxed on Just principles. For when it is remem-
bered that the issue of less than 500 millions for under
100 millions previously circulating estimated by the
Secretary of the Treasury to have increased prices 200
Der cent we see the gulf that is yawnng before us
unless We stay, timely, this ever-sweing food of is
sues-but which shrink from looking into more near
y. Do what we may, however, by this means, | fear
that the result must still fall short OF arTesting pro-
gressye expansion of the currency-tar more Of re-
storing it to its normal amount Can anything further
be done!
do not pretend TO see the way to obviate evil,
that, often experienced has never yet been remeded
have mainly sought aud hoped to lay bare the cause
character and full extent Of it, being somewhat diff
erent and far serious, according my apprehen
son than it is usually considered to be- in order in
vte an investigation aud scrutiny into the sucency Of
the remedial measures that have been heretofore pro-
posed If have done this successfully, there is laid
basis think on JUSTLY and arrive at perhaps, the
remedies indicated.
have thought the cause of the evil to be found prin
pay in the uses of currency in way and to extent
different from and infinitely greater, than the normal
use of-in way to make progressive expansion inevi-
table, and finally fatal to the public credit How to cor
rect this procedure is the true point of inquiry Taxes
in kind operate this effect in part.
Would the purchasing of Government supplies by pay
ments in part only, in currency, by notes bearing
no interest and transferable by devery-and for
the residue in Understanding bonds, payable in money
and transferable only by assignment aud hence unfit for
currency-or perhaps payske alternatively in cotton
wheat tobacco, in predetermined amounts or ratios
the stipulated price, solve or help to solve the diff
Guilty, or to further alleviate the evilg
| throw out these thoughts to excite inquiry-not
from any special value attach to them-ior am so
sensible on the contrary how crude they are that except
for the condition of great and imminent danger which
our financial affairs in my view, have fallen into and
the vital consequence of more comprehensive and
eecual remedy reinstae them, than any yet adopt
ed, would not have allowed them to meet the public
eve. w. r.
CONFEDERATE CONGRESS.