The southern enterprise. [volume] (Greenville, S.C.) 1854-1870, 1863-01-08

Of. each other win not only mark people
trained te sentiments Of hosor, hut that
mutual interest, will sIso create mutual fer
ssarancs. But the redundancy Of the cur.
reney is sat simply due to want OF conf.
dsnce. hut TO the excessive issues forced by
| this state Of affairs upos the Government.
Before the war the circulation Of the conn
try for bnsiasss purposes was about eighty
millions Of do'larS The ISSUES of the Gov
srArnsnt thus far have been, ar'lS,s 8 =
treasury Nstss.. -. .S25a, ,00O, 900
interest besring Notes. ..... SO, ,O00, zoo
Call Loan, ut any time cons ert- Z. y
ible mte Treasury Notc... GO. COO. 900
Total cireulstion. $500. O0o, ,sL O
Making In all three hundred and ninety
millions OF dollars which is circulated. The
| funded debt gives us seventy four millions
additional. but is nat current funds. Ac.
ccrdiug to the estimate OF some We nee.l
less according to others more, circuia-
iion in time If war than in time OF pehcc
Taking eighty millions IA the circulation
before the war, we have no need for more
than ons hundred millions at the utmost
SOME say thirty millions would do, with
the additional circulation Of the outsian,i-
Ing bank bills; perhaps it. would be enough.
Another eaus % Of depreciation arises from.
The tear Of rePudiaiion. The example sup
posed TO have been set us by our revolution
AIRY ancestors has had its weight. II should
have been remembered, however, that Con.
uncntal Llis, not bonds. were their i.sues
and uiat the effect should br, therefore, tn
tend tn depreciate The hills. but not the
bonds of this Government But am yln.l
To lie able to sav that even in those days
there WAS not an entire reputation. The
course pursued was to adopt a scale show
ing the value OF these bills in gold and sir
Yer IN the various years Of the war, thus
showing what the Government received in
actual value for them. For the earlier
years the payment was 1t par or very near
" So. 1t was orly in the later Years that
heavy discounts Were CHARGED Nor was il
until the lapse Of many vears aud the re.
pentei calls of tho Government had render
ed IL almost certain that the notes had most
" been paid up, that the Government. after
"uc n"'ic", passed The acts sioppiny furi her
rayncuts upon them. The Cove, nmepi Of
these States will not. they cannot 90 SD far,
on the contrary dollar for dollar will he
pail, at,eHsi upon the issues already made.
Unfortunately, however. all do NOT Eel this
measure nf just fait!, in t!.e integrity nf the
Go"erI ment-and hence the sai deprcca-
liou Of it's issues.
From thi: view of the cvls IL will rcaGily
he perceived whist kind of remedy must bc
secured. It, must he nne which will relieve
tie r r.Gundnucv Of the currency, and. there
f'~'. m":t he funded debt. Again, it. must
bs such a fuadr,, drlt Tint the Government
will Ice ah'.. at high premium, to r.,ir.
its circulnti"n. And Yet further provision
must be made. which will furnish u. foreign
exchange at cheaper rates than are now
current
SUCH. Mr.. Speaker il the remedy rro
posed in the Bill. il IL that fundeu 1rbt
-, 4 L. a -
OF doIlars--tl,at it shall combine the credit
Of the Government and that Of tee insIiv,l-
uni States and that IL shall b. cold aL home
or abr oad to the highest bidders, In this
way pro, isi"n is made for such saics Of new
Government issncs ns viii command hish
premium. at home as well As Tor the creation
Of foreign exchange. "
The whole scheme rests upnn the s,mpl-
fact thnt the sycuriti-s Of the States ar.
highly valued both in our own country and
in Europe. a STATE endorsement even on
the bonds Of some petty railroad ia enough
tn make them sell A. high premium.
have heen furnished will tn. following n.
the present rates uf State securities; some
Of them, ~ the TENNESSEE Sc. are really in q
condiipp ei half rerudatioA-that State
having refused (" pny the interest upon that
portion Of her hsn.la. held in the United
States unless some equitable arrangement
shall be made between the Governments in
the treaty of peace. -.l. p -..- .-.-..
Tenncs'se 6S, (suspended). .1I6
I.,"isitna :. probably about .. :. 1928
North Car. lin. s's, (orD. ...iS6
so,,,' 49, - ~, ss, tne~(........-:....l 20
-. A., s---.... .lZ5,
Gsnrsia 6's... .................. ~ :. .a.ias
We have in, this sable most sicnaily *
hibitcd 10 ss the lish state Of credit Of the
different States. While this is s", aoweyer,
IL Is notoiions that The. onE:dcrate eight
per cent bonds are as IL were begging for
purchasers At par; yet tbat IL security sbc
added ottem, however slight'y, they are
material lily i'm proved, is seSn Ia the fact that
the fifteen milliop loan, because there is
pledged for it one--i shth ofs ces rer pound
Upon all cotton cxpsrtei. ~ now s"liiDg nj
Ito. IL has been thought by TO ne That
this Is b.causc The Government pays inte
rest on this loan in specie. IT IL mistake
Iis coupons are paid Ike oil Others, only in
current fuads. AID yet hert is n sesGrity
valurlcss indeed unless the war shall result
advantaS-ous,y, which at once raises thu
price Of the b"nds len pcr cent. Let the
combination !,e made Of state and Couf.de.
| rate securities. and yon have bonds which
cannot be be,tersi in this country. They
nust bring very high premiums and the
is,ue Row proposed Of them will not only
! relieve The country " .rcduuda nj curremcy,
slMs viii enable the Govern n.ntnt Ia q way
I perfceffy honorAiIle TO pay its debts at a
4 heavy diseoupt, md 10 secure smipie re-.
SOURCES both at home au,. Hhrond for SIS
pressut -exigeucies The following table
will show the rate nj which four hundred
aud sixty millions Of currency may be