Spirit of the age. [volume] (Raleigh, N.C.) 1849-1865, 1863-10-12
The Currency.

cad addressed . large concsurse OF our
upon the subject of the Ourren-
y of the country, and how to relieve it
If its embarrassed and deprecated con
lition. He attributed the present state
Of our monetary affairs to two cause',
list, the pernicious effects engen-
dered by blockade runners, who bought
up the gold and silver of the country at
most enormsus prices-paying ten, hf-
teea or twenty Confederate dollars for
one in gold, and thereby deprsciating the
estimated value of our country in a cor
responding ratio in all the currents of
trade and among the people generally
And, IDLY, to the interference by Con-
gress with the currency, falsifying the
face of the notes of the government
which promised to the holder the privi~
lege of funding IN eight per cent. bonds,
but which Congress had reduced to sew
en- six and four per cent, and if not fun
ed in a given time should not be funda-
BILE at all. This was reputation to that
extent, and had shaken the confidence
of the people in the government corren-
cy, led to fears that the whole might be
repudiate d, and the paper become as
worthless as the Continental scrip of the
first revolution. Gov. M. expressed his
confidence that the government would
redeem all its notes in good faith but
how to restore confidence noao, and to
bring Confederate neney up to its par
value with gold now-that was the great
question with US, and to effect which he
had a plan that he believed would be
found commensurate with this great and
all-important object.
His plan is this That the people, cor
porations and body politics of the Con-
federacy, and the States also, if they do
sire, shall lend their credit to the Con-
!, federats government to the amount say
|. of four hundred millions of dollars, which
would absorb q large portion of the re-
: duntant currency which now Expresses
: the country and depreciates its value
e and that in return, the government should
issue its bonds, payable in thirty years
to be given or ssld to no ons except those
who engage in this patriotic effort to sus
taipshss1ssaaey; and that these bend
should be free from all taxation whatsv
. or, either Confederate, State or Corpora
- ton, and upon which the interest shout,
- be regularly paid semi annually.
" Gov. Aorehead proceeded at lengt
" then to show the feasibility of the plan
how Corporations or States might issu
their bonds upoa which large premium
in Confederate money might be raised
C. and they contribute to the relief of til
government without pa ying out a della
81 and at the same time establish a fun
~ that would yield a bonus of several tho,
- sand per cent. before the thirty years
which the bonds are redeemable sha
have expired. He then proceeded to d,
monstrate how the value of the currsr
: cy would be augmented by this plan, ar
- . Confederate dollar be made able to pu
chase as much as a gold dollar, and e
- tablish the prices of every thing on
: fair and reasonable basis.
b. But we shall not attempt to follow Il
r. able and ingenious arguments advance
;; to sustain the positions assumed nor
we feel competent to advance an opini,
as to the feas Utility and competency
!, q the plan proposed; but we are gratif
nv to state that Gov. Morehead consented
a. carry out e request made by the meetin
that he would publish his plan and arg
!. ments in the newspapers of the COUNT
so that they may be discussed and if
sirable and if accepted blythe governme
=. . combined course of action be taken
effect the much-to-be desired results
We presume this publication will
- forthcoming IN a few days, when all v
~ have ar opportunity of closely examini
and Judging of she plan. 1t certain
embraces, next to the Independence
h.4 our country, and il indeed vitality r.