Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-02-07
t225,OOO,OOO

This sum would require an
issue of $75,0O0,0OO in
bonds to purchase notes
enough 10 reduce the
amount TO. ............ SloO,OOO,OOO
Or an issue OF s5O,OOO,OOO IN
bonds TO reduce il to-. l75,00O,OOO
Surely enough will be effected for the present il we
succeed in reducing the currency TO Sl5O,0OOOOO III
notes and S5OUO00O0 in call certificates Such An ar
rangement of the currency would probably be most
iudiciouS The reduction Of 4 greatly expand
ed currency within much limits is
a delicate aud exhausting process at best
and ought TO be made gradually. IL the
demand Tor circulation should prove 10 be far than
sl5O OOO0 900, then part the whole of the call
ti6cates would be reconvered IT, the other hand,
dollar of the currency, when issued to the extent Of
$3.50 900 was of less Of not more value than
dollar ia call certificates they could not be turned again
into treasury notes. Two hundred millions Of such
bonds As have been described above in addition the
money be raised by the proposed tax and from the
sales of produce purchased with bonds, would reduce
the currency of the year to Sl500OO0OO, even if its
issue should reach the amount OF S6OOOO0OOO II, then
we could sell bonds this amount for issued in 1863
we should attain the result recommended by the Seoreta
ry supposng Of these notes TO be funded III that
wear This last supposition however, is eItravagant
IL impossible that the strong inducements funding
held ont by this bill should not be largely operative
Ii the whole result of this process should be TO cons
tne a currency mainly OF treasury notes. payable SIX
months alter the CONCLUSION OF treaty OF
ceyabe in payment of public dues and convertible into
four per cent bonds it would be happy thing for the
country. The cheaper medium would be reserved for
CURRENCY aud the new notes convertible into six per
cent bonds would not enter much into circulation, but
would be held at q premium and soon be funded We
might thus be enabled 10 continue for long time the
process of borrowing through the agency OF the notes.
aud so collect tribute from ALL without visible constran
upon any, OF course there limits 10 this capacity
which it cannot be necessary now to define
The proposed arrangement of the currency might
have some great advantages in the future to which IL
NAV no: he amis4 at this time to advert With proper
legislation on the part of the States may be made
probably the bsst paper circulation yet devised. If
after the war this Government should issue treasury
notes bearing no interest but being simply receivable in
payment of public dues aud convertible at the pleasure
Of the holder into six per cent call certificates, they
might become with The aid and assistance OF the States
the entire paper currency of the country If the States
would require their banks to receive this paper
and 10 issue none other, making it at the time
receivable in dues, to them, and II, too they would
cnnfne these privileges TO certain issue OF notes to
the amount of S2O0Oo0O U0, with such marks as would
distinguish them, then the Confederate Government
would not be able, in times Of temptation, to deprec
ate their currency by increasing it too far.
There can be little doubt but that The circulating
dunn thus constituted would be safer and afford stea
der standard of value than any paper heretofore used
for that purpose If this currency shou be of less
lue than call certificate secured by the Confederate
Government guaranteed by the State, and paying
~ nor cent interest then n portion Of it would be
funded in these certificates until the residue rose
% an equal value. IT, on the other hand
Som any sudden demand this residue of the currency
should be worth than the call certificate,
dollar for dollar, such portion OF these certlh-
cstes wonld Le reconvered as would the equ
brium between the two All that would be necessary
ond he TO keep the value of these certificates at spe
c;o mar or near t. To dc this the Government must
have the mower at any time TO pay of these certificates
nave tie u" abie 10 i.Ine others at such rate
~ "a would fl them for the discharge of their
Con,ion 90 selcadiusrhg balance. Such currency
1oJ no 70 MANY advantages over bank paper profess
-, "a convertible into specie. The first would pre-