The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1863-06-11
THURSDAY MORNING. :. JUNE II. lss,,


The plan Of drissag Confeds rate notes into
Confederate bonds, BY degrading them after q
limited time, 10 one Of question able Justice aud
oass,ionsbls wisdom. BY 1t We shall sec in a
f.w days laags part Of the Confederate cir.
sn,stiou reduced In value below the balance Of
,A.s circulation. II 10 declared not fandsbIs
aner August, and the BAaks, conspirins with
,hs Government 70 degrade iss own paper. re-
f,,s 70 take Il on deposit. This rejected and
dsasspcsd cursocy, too, 10 that which was
;smed from the Trsssazy Department with
III. expectation that its own story would CON.
,snd II tevsrywhsrs. It, promise Of eieAs Der
cent was the Aattsring tale Of interest TO give
II general passport and favor Yet we lind
that suddenly, upon notice Of little over
Two months, that intsrest was reduced to seuea
ssr eesf and the notes are refused by the
Hanks; and in three months more they als do.
dared not fundAbls st any rate. The sunuarv
dsgisistion Of currency such - this 10 q
sample of the operation of the plan. That II
will occasion loss to innocent holders. and
throw profit into the hands of specalxtors, il
certain, that il will impair somewhat ths essdi,
Of tie general currency Of the Government,
BY disturbing public confidence, may be feared.
The system, however, 10 10 be extended to
sut.equent issues. The notes issued since the
t.h April and hereafter to be iesued, are to be
allowed to bs funded within year from the
date OF their emission, at SIC per cent; after
tho end of that year they are only fuodable at
four per cent. Now, II there is Q want Of
disposition to fund these notes, Ia the funding
to bs stimulated BY refusal of the banks to
tsis them on deposit, (as In tho case Of the
eight per cents.J and thus practically TO mako
them uncurrent a? The Government having
ss. out with the pronise Of eight per cent,
aud found the drioing system of degrading iss
issues necessary TO stimulate investments In
bonds eoem at that rate, can hardly look for an
Increased desire to invest at sac and four per
ceat Should bonding flag, and tho banks be
induced, In regular succession, to apply the
screws, and reject, in turn, another deersded
currency, what will likely be the ssats of af.
fAirs' Why, that 90 large part of the Con.
isdsrste currency will be uneurrent that the
credit Of the whole must inevitably be i'm.
paired.
Governments cannot have immunity from
the commercial and moral rules which are
held just aud lawful in the affairs of men,
Thess rules are based upon common sense and
practice, and have the good aud right of all in
yisw. The Government in promising one in |
.sress and giving another-in demanding and |
enforcing An exchange Of one promise to pay
for an0ther-is certainly, a. q borrower, not
complying with them. Had 1t sold its bonds |
and taken inits notes, it would have acted more
iu accordance with commercial usags Nor
you'd this course have been financially less
beneficial than the one adopted. 1t would |
have preserved uniformity of value in notes. |
|. would have avoided the depreciation Of
'heu BY declaring large part Of them nei- |
hsr fundabls nor bankabie, and, a. We fear,
some detriment TO its own credit. 1t would |
Lave avoided any question of the intentions
Of the 6overnment-any apprehsnsions of |
unfairness. 1t would have saved the people |
from the trouble Of criticising and oulling |
Confederate n0tes to find the bankable and |
the uncurrent. 1t would have saved them |
iou0 soO AooocC SoASSHAoAs uPVAA OAA NASVA-
yertsble and uncurrent paper Issue of a very
large AMOUNT.
Az there exists generally the most perfect |
confidence In the ability aud resources of the |
Confederate Government, it is to be all the |
more regretted that it should resort to msa-
surss which are calculated to do it no good |
aad to occasion public Inconvenience. We
anticipate that they will be found so to
operate, and be misunderstanding as marks |
Of their impolicy series of bonds and notes
varying widely In their values; variation |
wrought upon promises to pay issued to the |
people, all for the same purpose, all taken /
with the same confidence and trust, and nei- |
sher bsing properly entitled above another to
reference or excellence