The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1863-06-09

-. "a nftderate GWfsSNCS.
".,arv of the Treasury, in folf,l,
fs' ~. lave Of Congress on Me subject.
81 o. = w. oo,ice to the public to the following
- even h0''''
-" ..,nry notes issued prior TO 9th April.
i" t,udsbIe in serea per ccst, bonds
jsS ~ II Aosus, next inclusive. A6er that
sa" un,.. bearing date prior 10 lst De
At ~ ,sf1 sanaot be funded. Notes bear
saFh ,.,reeu the ist December 1862, and
,nrI 1853, can be funded in se.ea per
u | SDis sHy time on or esfore the is. OF
i ." ,s7S. after which time they are fund,
II A@' 10 fca, per eeat. bonds.
So hssfiae date on aud after the 6ih
,sS are fgndshls In six rer cent
II presented within one year from the
the month printed across their face ;
"A, vcar they are fundsble only In four
.sat bonds
..sfv notes issued under the act Of 18th
Isf, and entitled 70 be funded in eight
, "a bonds payable In ten years, must be
.,,ed on or before the 3lst day of July, or
uill be debarred the privilege Of being
ossra,ing with the Treasnry Depart
- ', ., the Confederate States, the Banks
-. ss,ermined after the 10Th inst. TO NOR
u receive on deposit none Of the Con-
Il ,.,.,su notes bearing date prior to the Let
= p.ssEosf' ieo~'
r..,s notices are in Pursuance Of the plan
,ransrsss for coercing the funding OF notes
,'..rnl.,iou Issued by the Government to
... y. expenditures. Until recently those
-, cnrnortinS upon their face TO be funda-
-, bonds bssripg eight per cent. interest
-. funded in such bonds. They are now
\ al, fundabls in scrsn per cent. bonds, ana
e., the first of August they are not 10 DC
add NJ all. These are the notes that the
..,k. decline 10 receive on deposit after TO.
no,rou WHIST the aggregate amount o.
them now shoat may be, we cannot say but
:, mrst be large The time which has elapsed
snce the PLAN of coercing their holderst to fund
them was put in force is too brief TO allow us
;, come 70 any other conclusion TheTe re-
,n.,os I'm, fouv-three days within whiah they
rnov he funded After that they are only re-
os,rahls in dues TO the Governments, except
.aan ho,v 1n,,,i>s ep imports. sl 1t remains to
nv the Banks can be absorbed by The fHa.sse
st seven per cent till the first OF August and
the taxes. The fewer that are left atieat the
better for the people; but it is very clear that
they are to lose considerably in any event.
Those notes are now not bankable. They are
in srest degree in the hands Of people who
are not able TO fund them, and who will be
compelled to pay them out or cell them. AS
they will net be current they must be depre-
Gated before the frs; of Anguat, and will fall
much lower Aftsr that.
The plan Of the Government for forcing the
holder to convert the Government currency
into bonds has been chiefly aimed at the notes
lbs. bore upon their face the promise that they
would be funded in eight per cent bonds. The
expedisns OF issuing such notes has been found
10 have been unwise, and we suppose the
/ Measure of forcing them in and cutting down
q the interest upon all not brought iD by GER
ain day was deemed the best for retrieving
he finances from such blunder. We never
eieved in the policy of pledging the Govern
,snt on the notes issued to the eight per cent
ad we have heretofore expressed the opin'
en- that the plan of funding them for less was
Partial Reputation by the Government.
b Bat while the Government directs its measure
for Fastening the operation of funding it's note
chiefly at these eight Per cent issues, it appears
thstthe screw is also applied to the balance OF
ils circulation. Holders are informed that the
notss issued after the 9th of April last will be
funded at six per cent. at any time within II
months after it's issue-after that time at four
per cent.
This system promises to bring confusion upon
the Confederate currency, by establishing as
great disparity in the value of the notes OF
which il consists "a there must exist IN the
Government. bonds, which will bear resrec-
lively, four, St.6 sceea, and eight per cent in
tereEt We cannot but regard such varying
interest and such varying values in the notes
issusd by the Government as productive of ad-
vantage to none bat those who speculate IN
Government securities. They are calculated to
emharrsss the ordinary transactions of COM
maDi,iep, and we apprahend will add nothing
TO the credit Of the Government.
The financial policy with which the Govern
ment begun operations was erroneous. The
exPedient of paying the fret interest that fell
due on the public bonds in gold seems TO have
been an indication of that policy. Everything
was to be- gilded over TO inspire confidence in
the public credit. Aud yet notes were issued
promising eight per cent, which argued that
that credit needed An extravagant premium to
help it along This was q mistake 1t did nc 1
require these fictitious aids to inspire confidence
in q Government whose resources are, for its
population superior to that of any Govern
ment on the face Of the earth. Their abandon
ment by the Government proves this.
OF all tho hnanci.i measures of the Govern
ment, that of impoeiag taxes for its support
is the wisest That will do more for its credit
and for the relief of the people by improving
the value of the currency than anything else.
We base large calculations upon that. 1t ought
TO have been resorted to a year sooner. If the
syatem of dririmg the notes into the bonds sue
ceeds thoroughly it will be happy result, and
will complete the work of lifting up the credit
Of the Government circulation. But we fear
that while the inducement of eight PER cent.
hurried In q large amount of rotes to be fund.
ed. it will be found that sic and four per cent
vii! not have Hike effect
War Fic,ieaA
hwould make very interesting book, If