Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-08-20
.gisssGsL Isp oMasseil,
RlcuuoNp. Aus.,ie, las,

The chief cause Of high prices in the Con
fsderacy is the excessive Issue and circulation of paper
n oney. Thi' fact is recognized aud admitted by every
dy and it fellows, that the only solution of fnan-
cil faculties is to be found in the reduction OF the
anouIt Of currency. The question il, How shall We
accomplish IN" Ms M,mminger end Congress sought
70 attain the desire end by compulsory measuresby
| a system Of demonstration" which would e1pel from
circulation, at stated intervals certain class of notes.
TIE financial legislation of last Congress was based
on this narrow idea but the policy has failed 1t has
en- Z, puei.ed By the people, who have evinced an
utter repugnanee experiments with the public credit
ich introduce discrimination az inst notes Of GER
tain ISSUE as means of getting them Gu. of ciroula
ten
Mr.. Aemm!nger's system has accomplished some
coed, by causing large amount of Treasury notes 10
be funded, which otherwise would not have been fund
ed But is evident from the temper Of the people
and the language of the State authorities that this rl,n
periodical characterization can no longer be relied
upon as a stimulus to iuui rg.
What's to be do-ey NJ Que can foresee but it is TO
hoped that Mr.. Memminger vii, take counsel with gen
enen OF enlarged views and prac ical experience in
matters OF finance before he prepares his next report
Congress. TLee may be wisdom enough in the lard
to devise sc1ec by vi in the people can be induced
10 exchange the currency nov ldJat for a ns,O issue
with cotton specie basis IN the proportion OF ore
dollar oil tie latter aud two in six per cent bordg for
three Of the present dspreeiate currenc;
We ventured TO suggest the outline Of such scheme
last winter but Ike many other- which we've projected
at the time it received but lte if any, consideration
1t may be too late to do SO, la; By any means
az, Iritb
or cotton basis, let US do it,
A letter from Ro. Tyler, Esq, Register of the |
Treasury, the ofrho Currcncy pu. saed
10 lie Ss".t,el vi this dA.e. We copy the following
extracts
We have already been engaged in war FOR two years
and hall, and no one pretends 10 question the AGILITY
and willingness of the Government fully to meet its
Obligation Of debt in the very terms OF lis contracts,
could We speedily have peace. Peace may be near or
it may be far of But If the struggle were TO last as
long again il has lasted, ian impC Ssbily) and the
present debt ere more than doubled, there is pos
sioe CAS- position of IT, considering theeXtent produc-
IONS and some respects wonderful esOurces of the
ntry which would reduce Confederate securities aud
Treasury notes 10 Ony oucteuth OF their value in gold
The idea Is SIMPLY prepoSterous.
Tae whole Of Treasury Lot, issued since the
Government went into operation, exactly 1924 600 OOO
VI these there have been funded il bonds aud stocks
Sl26 OOJ 900, and about million Of have been
cancelled IN connection with the post office and office of
the war tax. II We subtract the amount thus uuded
and cancelled from the amount issued there will remsin
outstanding S497 600 900 purposes OF circulation and
domestic exchange; $500 OOO 900 have been invested in
bonds and stOck- and TO this be added $l25-
600 600 IN interest bearing Treasury notes making sum
of 1929 900 600 o. funded dcbs
The whOle public debt therefore including the Euro
pesn Loan does quite reach the of $40 900 600
snd against is amount be charged all the cottou
AID otter assets o, whatever GescrPuOn held by
tn G,. lum mt.
t.. interest of the public deb does not exceed
s. u,u ruo-pad st the high rates OF 5, Z 80 and
per cen, Does anything in This statement present the
Government IA such condition OF financial weakness
tina, goll shculd command premium o. one thousand
per cen, or more, over is obligations.
Mr.. Tyler proposes the following remedy for tie evils
resulting from redundant circulation:
Eirs: Congress should proceed fund.- in the terms OF
law drafted Tor that object, alt the twenty fifty and
hundred dollar no Of all the issues up to the first OF
july at = and per cent interest respectively as in
Ter, st-bcarng Treaury notes bonds; thus al once
without injury to sny one relieving the plethora now e1
iSting in tie currency.
Second. Any dealing in Yankee currency within the
te-edeEate States should be prohibited and puphedby
the seyerest penalties
Third AIRY expectation Of cotton excep; on Govern
ment account SHOULD be strictly pTotD;ted and no iu
pOrauons private account should be plowed except
by special license under the hand of the President Of
the confederate States counteIsgned by the Secretary
OF the Teisur
Fourth. AL dealings in State bank notes. gold or
State bonds with the nten OF establishing any exchange
a any point within the United Sta e3 should be prohi0
ted and the prohibition should be enforced by the Sc
yeres! penalties.
Ih} Raleigh papers quote bacon, hog round
at 81 l5@I %; butter 81 50; cora S25@27 30 PER
bsI; egg 6o@75c; family flour $4O@45; lard 81 100
Is; meal So so; peas So tallOw 81 30.