Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-11-27
TuUEspAY MORNING, NOV. 26, 1863
GEN, WISE S LETTER.


endorse; we have repeatedly Urged this as lI'c
"roy.l road" to tho safety ard security oi
our finances. As t, stopping the blockade
and forcing our people TO nanni1ct"re' we
are not so clear; but would prefer III" go'er"-
msnt controlling the inpoita';cns ny permit
ting the importation of such articles II c'n>
samcsion as are absolutely necessary. art cor
t,c,,ips all rot embraced in the perm't't'
li,t. Oar space to-day fs.b:is an ezte;'aed
not &C o: thus letter.
HrACe'Rs 6ru MILITARY nlsTRIcT,
DETACHMENT S. c., G,. AND FLORIDA,
No~emhcr II, 1863.
2. Hon. ]. E Holmes
Nv Dear Sir-Ynur rotc is far from ""n,
rusiye." put it imposes task i'r VIM
have but few opportunities, nhc 20" NUS
take nv answer, long Us II may be, az oct
jrirf uf the masSy subject upon whicn S',u
s,I me 10 ..nrepare nv views Tor pnhiicutioh.
~ trbr sh.ni.j YOU conc 10 the camp, Tor e
ra.,;s. on currcacy? Alas !ulas! what has
Congress- bceu about l. there 10 physician
So with a balm ior the wounds OF Il bleeding !
,s,n,rvr No remedy would 70 reii"v. inc
r,.tslie, of war just iow Us scn'c spe"h.. "
n;riyaie. if no, cure. the dangers AZ" :nLcT'
inps from . il rrec;atci currcncv. AZ the be-
ssninc. depreciation icht ha9s been nEe-
yested TO a vast extent hy proper legislation. !
md . wise ti4:al administration cnd, even !
ROW, il may b.. | hope. :, T"meGcd ~ ~
save much loss f iuhor arl: rr"pe tv.ant! wha'
isnuch more precious. much at our credi'
bol:or and good faith. N1G'e Is mere thar !
money to i rrGp'c under III" severe t'"i !
which now tess UTr. e"HUi">cH. Mere
indep-rdsnrc--n mere Eall,;I't s.'"c:eI..ntS'
separate from Yaukceda>n and IN" ret G! III"
word is not TIC vital element OF tree rc"-
pls. To he irca ana truly lg.depe dcHt shcy
uu.t lie sal: reliant. For freedom ana l!'oc
psndence We have war, and for WY We nuSt
have the sinews Of VAR. Mpney. r"ai money,
or its sound rc.,rescy,';,'iv", and without them
va e:r,no, have credit. .Nv"'y is the fruit o
labor a.ti skill aud Seif 4cniGl, aad clcSt is III"
fruit OF Aomvr and good .tnHh All tHc real
Nancy ia the form ot precious metals y"n
could Get wond IL vatac tic d;"ss, ~ IN
an,ou,I be inadequate, III times Ike t'eSc. u'-
less the world is taught 80 kH"w TINT r"u are
sn,itlel t. crsiH BY hoaor aad go"a LtHh.-
With that kind IT credit, confidence in or
good morals, ard by inciustr? rs well as in
tegrsv. we III ouce lee me scifreiiant. ard
will be- surely successful in war, and as surrey
prcspernu, III peace, On 4 BASIS which Cannot
be shaken.
LIT. ruen reduce no more the rate Of interest
or your loans, under any prc.ezt whatever, nr
.n any such contingency rs that provided ~
law fer the eight nr ce't Confederate bonds.
That law shocked taith, ani from tie mcnleni
OF its passage yoG- issues haze gone
downwards with accelerated velocity. Re
zeal Mut hup and rspHdiaie is example. ,SlIe
fro; great lsw Of currency finance and credit
ia: al ell hazard, and eeeyy sacrifice to KEEP
ME faith Of contract and show taal yon are
,ctseiy proridiny the means IF payment But
YOU huv. LOST credit 2ud the quesfi n is how
10 regain it? Same despair lest VIC have
'wadsd so FIR in the bos," of bud faith that
we must be in perpetual discrcdis and sink
to the degradation Of reputation. l tell you
there il no reason for such wicked deSponden-
OF. We are laggards, and towards and
inaves, if we do ~ sink sToSprove this let
W lc4k baak little on the past Of our OWE
hissnry. Our conversation 10 which you refer
was commenced hv ny showing y0u 4 letter
from n most intel isent friend in Alabama, |
stating an account Of articles purchased IN
Nontg.merv the items nt winch sulpunted 20
~, (ninqty-f,ur dnl!ar.) worth in peace
81 50. I happened to have an account OF az
etsccr OF the Virginia Line. on C"ntue"'al
sstabli<h ment, who, III returning home IN "a"
All cf l71s, purchased some lutc strings
and q pair ot "LQa,es' shn,s." for which ne
p,ii in Phitdc'phin So Virginia currency.
which. at l5 SO, WAS the nominal equivalent
of $3.50 and tie sle'!c va'u: Of such aitlcl"s
was s. 50. exactly the value Of the @z'!c!c,
purchased the other day in Alabama.
As one hundred 20 one was the deprrc!a-
lion ia The Revolutionary currency Q! LIS.
the second gear Of tie! 'ear, 50 less thai.
fnirty-ei.ht 20 one Is the depreciation in Con
Tolerate currency in the @iF" yr'r cfta's .sar:
and in the time Of the Revolution ut IIU
sn.,ie was intrlns;-:ily worth mora than i; ia
now hv at least per. cent. Thus Conle3e
rate currency Is WORTH ianr: Than C0atncnta'
currency was, by
l,t Difference between one hundred
and thirty eight percent, %
oJ Difference in time between Sccond
and third year o. the war. We
Know this difference should be
stated in Gcometrical pr".Tes.
sion, bus ssy rs thrcc to two 33t
81. Difference III intrinsic atn"' OF
specie at the different periods,
SAY
l00s
o. IN other words, comparing Cor.iDeHt-
ona, with srocic. aud tho Confederate m"ncy
18th tbe Continental. Sie Confederate curfen-
-, e r,w co,np2rativcly one.;hird ot "Uc per
.snt nremium; NJ more 'har one hundred
n.r cen. the ;hrd year, better han was Con
t;nsnta, eerrency in the second year OF the war
We sill know VIVA. has ever been the chara2-
tor Of a Revolutionary currency: IT'S course has
aver been downwards t" depreciation bc!""
.sto. Il begins to issue without basts; none
ia aver created, and the means TO redeem 1t
Ia -. tt,,n hn fnNtfnAnf-
u .urroncy Of l7i6 exploded in year, and
..,r.Ilv added to the embarrassment of the
ps,,luiion. A vigne.te on one OF the North
corolina notes It'd the whole story. On the
Ia we're the dis,ended jaws of old Eolu'.
h. owing the blast @! a tempest upon the tossed
- trrnb,ed ocean; = ship Is on the dashed
snI angry waves, groanins and moaning un>
Sar storm sails lying to, close hawled, ny
hraying wind and wave with the moit', ~
.aa.sote, :" The storm and tempest, the
f,.,, the ship, the ship.of State-;he condl-
49,, or thing, sucl, as could scarcely be
horne Under such circumstances, y" - e"hc.-
ssh.n tbe note promising to pay was issued
The meaning of thu whole device was: I'VE
o,e in distress; we can do no better than issue
f,;s note: it is the best we can do during thiS
var. aud may serve in place ni credit antit
tse ,torm of war subsidies" Such IL the his
TOW of nearly nll Revolutionary currency: !!
ia; rarely ever been redeemed in g9oa'falth
T.s knowledge Of this iEct d"rrr2 GO ours
Bad faith and Gistrnst, ere among tn" hrst OF
causes 10 depreciate y cusren@y; sid the "''
e,u.;tase" Of Revolution CD "ur ,9mpts u'
In trials like these to resort 70 empirical 'xneNl
dents, to violate good faith. aud causes c's,
Eass, depreciation and d;shonor. Let US y!'id
10 no such temptation.
Another Gauss OF tlspreciat'oa IS the a':'i'e'
ve assumed attic begiaEi"g.
We threw sway the whale raTap herna'ia
o.s n.ronly Of rat;oRaI or9r"!satioa, and