Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-04-16


dures can bind the entire property and wealth OF the
Confederate States for its redemption. Our legislators
should never again forget that the people, who have to
use the Treasury notes a circulating medium, are
deeply interested in their being kept at par With
gold aud silver-and the capitalists who are 10 pur-
chase or who own Confederate stock, soctous Of
having it placed upon a firm basia The Confederate
Government if wise in council will learn that there is
vast difference between the several forms of contract
ing debts To dispose of stock, or borrow money for
heavy transactions should be the fixed policy aud they
should only resort TO Treasury notes for transient or
Incidental purposes There may be more hardness and
Difficult in Cteetng heavy negotiations-but the aban,
dOnment of this policy, and gliding with railroad speed
into the issue of Treasury notes attended, when car
red to an extrayagan extent with Tar greater ara"
backs than would result from rely upon the lorme
/ though more tai dy process OF raisn the ms
You cannot triple or quadrupe the currency dtrrg
war without iuaictng double injury upon the people
All admit that extraordinary ndatons OF the cTcus'-
mug medium, not only elevate plieeS, thereby greaty
nnomeutBg government expenditures all OF which the
people have TO pay by taxaiOn but should such ina'
lions be followed by rapid depreciation OF such paper
ues as compared with gold and silver, neither those
selling purchasing, receiving payment Tor deos arc
benefited because they have TO tooE the discount De-
tween nominal currency greatly under par and the
legal requirement. which makes gold and silver the
standard Of value dt the Government had negotiated
loans on short time evenat or 20 per cent premium,
tie war debt oud have been much less than the pres
L
ouenl depreciation will impose, boh upon the cover
ment and people, in the shape e1travagant prices and
enormous cicounts Therefore, the true policy is to hold
the currency at par with the precious metals II loans
assume the shape Of currency, they are elected the
more readily but the policy is liable TO great abuse and
If persisted in to great extent enters as great dis
turbing element in all business transactions.
II the currency is kept good you readily rear upon
il an extended credit system AS certainly ON the otber
hand as you substitute credit for specie currency
tIs ffa wrlu
OF cash transactions but cur;al the credit OF the
country in other rspects-n much, as no credit ys-
tenn Of any magnitude be sustained, upon an unsta-
be huctuang, aud daily inflated credit currency Tue
credit of country reposes upon It's integrity, punctua
Nv and wealth. aided by the legal ability to coerce the
funds to enable the government to meet its oblgs-
tons.
The commercial credi. system of business men in
every day transactions depends TO large extent upon
the maintenance of the uniform par and intrinsic value
of its currency Our credit is Of vital importance and
must be sustained Our Orefathers conducted the hrst
revolution on credit We will have to do likewise Ger
ainy vicious deprecated currency Is hostile TO It,
To cOunteract this evil and eSab sh our credit on hgh
blSis exhibit in our Legislative HallS h1ed
resolution to impose a tax, founded on rational con-
sderaton Of the State of the country, and the ability
Of the people 10 pay readily. Wisdom in council would
indicate that the certainty of propeE tax judclousy
imposed and not the gaHtua OF tax, or the omission
o impose any, is the course TO be pursued II a
Legislative body maniiests the moral herosm to
ont their creditors and constituents with fair and
manly exhibit os their determination to tax the people
showing at the same time they have at Their disposal
- wealth aud means 70 meet all their engagements
aud then impose well matured tax bill to raise the
funds for quja,ng funding the debt the credit Of
tie country will lie sustained. As uming that this war
to be conducted mainly credit, 1t is the part OF
esmanshp, to employ the taxing power, as not to
Cypress the people in the midst of conflict but rather
to draw only such reasonable from the pockets OF
their constituents, needed 10 StdiR credit.
After the war is Over-the revival Of commerce, and
re-Opcning all the great sluces of our Confederate
weaith-Wil pour such aOod-tids of prosperity over
the land as will enable the people without murmur
readily pay any amount of the necessities of the
government may demand Shall our statesmen dpait
this reaction must they essay to cure one bunder by
the preparation Of anotherF Folly headed by such
RACES as Dr. Sangrado, might demand rapid and sue
cessiyc depleanjs. The eIhausting in their opin
ion the sanitary. At period when commerce is
arrested and the great agricultural staples for eHpora
ton will be produced TO very limited extent when our
men are out in the tented fields and death is daily stick
ing at the portals OF almost every famyiS it wise at
such junciure to impose high taxes?
Our currency il universally admitted to be too redun
daut We lave to deal with fL0is as they arc and
slider their bearing upon all business transactions great
an small Prices having greatly advanced, preceded,
followed by rapid depreciation in the value Of
Treasury notes.-the question is asSed whether there is
a real or fictitious state Of the markets? Should this
condition of things be chareeable 10 discredited
renew who is responsible for this great calamity aud
who sanctioned its imposition? Certainly not the peo-
pie But If Congress failed to use known and estab
shed precautions which would have guarded their cur
rency against depreciation, certainly than their
tardy e1pedients will either arrest the decline, effect
restoration since collapse has ntervencd-they should
majurely consider whether they should not allow the
eristin0 07aO,t to remain and their power to
rREvEXr us AUGMENTATION, aud then try aud
rriustae its value if Gaiuable. It's rapid reduction to
any grea. extent might increase our difficulties. But |
this the government hardly accomplish n any short
o ,rod They should arrest any farther additions to the
circulating medium. There is fact which should not
be lost sight Of war disbursements enormous
that when added to the usual business transactions Of
the people, TO neceSstate greatly enlarged volume
Of circulating medium. Therefore, the country needs
more currency now than in times Of peace. 4 dozen
eggs or pound OF bacon, pound Of sugar though
selling al ten times much as formerly, yet relatively,
between them there is not much difference in the mar
ket price. So il get high prices we also have to
pay them-ro qui,ing mu,h larger sum Of money to
c ,nduct marketing well all other transactions
Nor i, just to sscrbe entirely the extrayagant prices
demlnded for all commodities, whether consisting Of ar
tcrs Of iCoi OF wearing apOIre TO the extraOrdna-
nary amount Of Treasury lin circulation. Indeed !
al may admit that the state OF the currency aided the
existing elevation in prices TO considerable extent
rsiny other agencies were fully as potential lu the
first place. auno duate demand in localities where there
were very inadequate supplies, accompanied with insu
DerlSe difficulties in transportation caused necessarily
great advance in prices. II upon this principle that
supplies together with unprecedented de-
naud ia conjunction with great difficulty in transpora-
on constitute the paramount influences controlling and
slevatng prices find solutol Of the enormous dis
parity in the price OF sugar ia the Southern aud Virgin
markets as well as in the price Of and bacon in
North Carolina and Virginia. If redundant currency
las alone stimulated prices, why is it that cotton
cling short time since, for more than double in Now
FORK what the article would command here?
Our Congressman greatly perplexed at hnd ng the
amount of Treasury paper in circulation and
he almost total disappearance of State Bank paper
which now commands a lfgh premium Doubtless, az |
he ghost Of ou7 departed SateBank currency rises to
REV. they ready to excaim, Shake not thy cory
oeks at me- thou canst not say did it," These ner-
,ous apprehensions in Congress argue weakness in
ne BODY charged with task they failed to MASTER
should the country become panic.stficken because of
he III advised action of Congress? The power to cor
Get as well as the remedy rests in the strong arms