Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-10-20

GUN ina mount oar 'sVauy.
best atock oountry-WssteTn Virgins ana ION
nessee-wese both temporarily in the hsnds OF
the enemy. Our ports, too, Wers closely
blockaded; and the only advantage We possess
ed over the men of the first revolution, was
that our railroads enabled US to concentrate
supplies from moro distant points and with
greater rapidity. lie thought the vice of e1-
tortion would be impossible without a scar
city. 1t was an evil unhesrd of before the
war; for, as there was supply to meet every
demand, unshackled trade established an equi-
librium of profits among the various produc-
tive pursuits. As an Illustration that extor.
ton is impossible without scarcity, he pointed
to the fact that there was no eXtortion or hoard
ing intobacco. md for the reason that there
was enough to meet all demands, and the
man who boarded it would only be guilty OF
the folly Of increasing the profits of others by
diminishing his own trade. He could see no
connexion between eItortion and deprecated
currency Amanh boards not for tie increased
price which comes from q currency steadl>
ly dcpreciating. but for the increased price
which comes from IL growing scarcity
He thought the evils Of cxtortion and
a deprecated currency had not the con,
nexion which had been attributed to them.
and that scarcity alone was the cause of
cxtortion. Conccding, however. that We had
to contend with all these evils, it became
US To inquire anxiously for q remedy. The
currency was beyond our reach, as it lay
wholly within the province Of Congress snd
all the Legislature could do much to lend
cooperative aid. lie thought compulsory
funding should he rcsortcd to, and that all
other remedies were like attempting to arrest
the stream with pebbles when the floods were
out. Congress had authorized n monthly issue
of $4,000, 900, and it was impossible that
this amount would kGS5bsorbed by vol
unta-y loan or any;ieif E:;an which Con-
grcss will impose. He believed the same sys-
tenn of compulsory funding should be adopted
which had carried Texas. without loss Of cred
il. through her revolutionary struggle. The
question Of actual scarcity was one of q most
vital character. lie believed the only remedy
was in the practice OF An economy which will
test the virtue and endurance Of our people, but
IN which millions were forced by necessity in
Eur"nc. lie thought that production might
lie stimulated perhaps by encouraging lrgisla-
tim. but could well understand how it would
be discouraged by prescribing d formula by
which every producers industry would ke es-
timaied. lie thought the question to he con-
siderei was, whether VIC should bear existing
prices and existing scarcity or lower prices
and grratcr scarcity. and was of opinion that
We could bcnr higher prices better than great
er scarcity. The mi'lers of Richmond had
decided to pay five dollars Il hushel Ghr wheat,
and The consequence is very little is sent to
market. Would it not he better to let wheat
come to market NJ n higher price than have it
nominally at five dollars per bushel, but With
held from market. lf impreSsmcnt Of necrs-
sary supplies for government ut prices below
market rates, would lie So used Il. t. bear up
on the whole community rs uniformly as tax
alton, he would approve Of it highly, as all
must recognize the absolute necessity Of re-
s~tricting the Government issues in order to
guard our currency against ruin. lie thought
L redundant currency bore upon the commu-
nifty with more uniformity than was generally
thought, and that the only class who Suffered
from it materially was that composed of men in
receipt Of fixed salaries. He thought the obvious
n!an to remedy the distress was to increase saia-
RES and meet the increased charge by increased
~taxa'inn This increase would involve the in.
creased issue of paper money. except so far as it
applied 10 men in the service of the Confederate
Government. The soldiers and officers constitute
Tho bulk Of this class. The former are supplied
with The rncrssaries of life by the Government,
and their families will be fully provided for by
the Legislature. Ii r"lief can be extended to the
only class which is suffering from a redundancy
Of the currency, without adding TO that redun-
dancy. il ought TO be done promptly and without
hesitation. But he thought it unjust to require
that producers of the neccsSaries Of life should be
TO furnish non. producers, however profit,
able the business Of the latter, at rates below the
market rates. The wheelwright, the foundry
man, the druggist. the physician. the merchant,
had 40 limit fixed to .heir charges and profits.
hnt when the question Of supplying these classes
with bread came up, the farmer, in disposing
Of his corn and wheat, must abide by
the decision of a Board of commissioners
his main objection to my bill fixing
prices was that it would strike a blow at
production itself. When the war commenced
orr wealth and industry were absorbed in agri-
culture. With our ports blockaded we had to
look within ourselves to supply 4 Thousand wants.
Enterprises for supplying these wants were un'
Mt great hazard. and are liable to be
swept IF By the casualties of war. Men would
not encounter these risks except with the hope of
large profits. Our ports may soon be hernetical.
" sealed and the enterprise and ingenuity of
nur people taxed to the utmost to supply the arti-
of necessity, such al shoes, clothing, &c,
Was this a time to discourage production by
rammels upon enterprisc' What man
would embark e heavy capital in any undertake
Ing when he must rely for his profits upon the
ordinary laws of trade. but the decision of Il
Board Of Commissioners lie had. however. q
stronger objection to any bill f1iug prices.
He thought that no scheme would wool: well
was not perfectly uniform in its opcr-
alton throughout the Confederate States. BY
way of illustration, if you fix the price
nj cotton cloth mt one dollar per yard in this
State. and it is worth - 30 per yard in North
rs the manufactures in the latter State
cnn afford to pay double the wages. you nav
bring about nm exodus of all The operatives in our
and We may have TO decide whether
it would nat be better to pay high prices for cloth.
than fix Iow prices and have none to buy. This
law would likewise place m embargo upon all
importations from other States. not adopting the
same system. If cloth is 1T 81 per yard, and
n, 81 per bushcl here. it is not TO be ex>
pccted that these articles will be brought here,
when the same cloth is 80 80 anil wheat $40 per
bu>hei in another State. fe Thought it would
be best to leave trade as unrestraincd as the ebb
and flow Of the tides, and that in tampering with
the Jaws OF trade by fixing prices. the Legisla-
would only bn repeating foolish experiments.
which whenever tried have always. in the end.
brought ruin upon The producer, and want upon
he coo<nmer. He thought it the duty of the
'Si'IlI III u IJlbNliO vi lIC bCStibhIC niiiiA'
IF soldiers, 10 extend any practicable measure of
to the oveTrnn districts Of the State, and to
strike down the extortioner as they had struck
down the gambler but in going further, il would
only rim the risk of adding a thousand. fold to
the evils which it was seeking to escape.
Mr.. NEWMAN, of Mason, said if it was
for the Confederate Government 70
have an imrrcssment law, it was necessary for
us to fix the prices. Let Spectators got pro-
session of the produce and they will fix the
prices 50 high as to break down the Confed-
crate Government. Prices should not be IN
! aStrie,cd. When confidence in the Confederate
currency is gone what will i. profit the farm
or to get Confederate currency? What are the
Inducements 10 increase the supplies which
arc 50 necessary for us? IF the Confederate
Government fixes one price and spectators
to n higher figure, the Confederate