Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1863-09-03

than under the mark. Two abs0Fbents ar
now added, which will keep down the eX
cess from new issues, namely, the taxei
and the sale of cotton bonds. and when thu
tax in kind begins to contribute its portion
to the support of the army, there ia everJ
reason to believe that the currency can bC
we'll sustained.
1t is obvious, from this statement, thai
the popular notion of estimating the value
of the currency by a comparison with gold
is altogether fallaciOus; for, while the ae.
tual currency has only been increased
three-fOId, its proportion to gold rates Al
more than double that amount. The fact
is, as you well know, that, situated as We
are, gold is as much q commercial cOmmO-
dity as pIatIna or tin, and its price is gov
erned by the law of demand and supply
AS have already shown, in the report re-
feTred to, wheat aud corn afford much
more reliable standards Of value, when
their price is not controlled by some local
obstruction; and, by referring to these, II
will be seen that the currency has main
tanned itself at the ratio which the out
standing issues indicate. You will per-
ceive by the statement, that, uniting all
the various appliances for funding, there
has been funded in bonds, $232, ,404, ,e7O,
to which, according to estimate, there is
yet to be added about $4,000, 600 more,
which are yet in the hands of the Treasury
officers to be funded, making, in all, about
| S3O2, ,OOO, 900; add to this $l5, ,442 900, de :
posted in the Eve per cent. call loan, and
we have an aggregate of nearly S31s, ,OOO,-
900 withdrawn from the currency.
The result is certainly very favorable,
and shows that the measures adopted by
Congress have been quite as successful as
any of US had anticipated. It's somewhat
remarkable that the Yankee Government
should have adopted exactly the same
measures for Withdrawing their circulation,
and according to a statement published iu
Hunts Merchants AGgGziae, for July, they
have funded, in call loans and bonds, not
more than $500, 900, 900.
These figures show that there is no rea-
son for distrust as to our currency; and II,
when Congress meets, you will address
yourselves vigorously to measures which
will all restrain its further increase, we
shall be fully able to maintain our cause.
l would suggest to you two matters for
consideration One Is, the export duty,
which proposed; and the other Is, a re-
newaI Of the call loan for all Treasury
notes, upon the same principle with the six
per cent. loan, which was reported last ses-
sion.
by allowing deposit in the Treasury, on
interest, we may not be able to attract aud
retain there all the Treasury notes not ao-
tually required for circulation.
Very truly yours,
c. G. MEMMINGER,
Secretary of the Treasury.
Statement Of OutstaHIing Treasury Notes,
dug. 8, 1868.
Total of all kinds Of General CurEoncy
Estimated hand for OancellatiOn....... TO1S46OO
g7o, 500
And probable boyOnd the Mississippi. $50, ,OOOOOO
297sJsO6
Statement of Bonds into tOAieh Currency has
been Funded, including GUGiis Of the Pro-
duce Loan.
Total OflOO million 1OO OOO. 900
Funded since Peb 20, ls63.....-.-..... 124 $40
Funded of notes, May 16 1851 S0S6SOO
82s2 so
On hand to be funded BY estimato........ 100000
Total funded................ O7O
Five per cent. call, partly fundsd...... 144I9OOO
,sle.s5O
The Enquirer adds, editorially:
1.-THE efforts of Secretary Memminger
must be aided by the people before they
of them. If our people, instead of seeking
land, tobacco, cotton, old furniture and
other trash, will invest only 4 small per
ceutsge Of their money in Government
securities, they will soon fnd that the re-
maiuing portion of the currency will buy
land on better terms than all could have
done without the investment. The more
the currency is reduced the more valuable
it becomes, and property quickly responds,
and comes down as the currency goes in.
If all sales of lands were forbid by leg
islation for the next twelve months, one
object of speculation would be removed.
The land would remain in cultivation, and
contribute Just as much, and perhaps more,
to the support Of the army. There is a
class of persons who have made large sums
of money during this war, who, feeling no
confidence in the security of their gains,
seek to invest them in lands Of any price,
content to make their terms with the Yam
KEGS should they fall into their hands, or
to make their real profits by the sale Of
the land after the war. Under the opera.
tion Of this mania for land, the price at
which land is offered has risen to two or
three Thousand dollars an acre, which be-
fore the war would have been, perhaps,
from one or two hundred dollars per acre.
Cut of the objects Of speculation and
the funding of the currency. will progress
with much greater rapidity.
BRAGG AND RosEcRANs.
FROM the Richmond Enquirer, August ..
Probably the next great BATTLE will be
fought in East Tennessee for the occupa-
ton of that important region. The Late
| demonstrations Of Rosecrans near Chatta-
nooga may possibly be intended TO feel the
way round Bragg's left flank; and the
towns Of upper Georgia have been some.
what alarmed at.the prospect of q hOrd Of
Yankees upon them but from the best in-
formation We have been able 70 procure,
those demonstrations were q feint to dis
guise the real aim Of a combined movement
upon our great line Of railrosd eommuni-
cation through East Tennessee 20 take