Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-12-01
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>" rSLEE * ALLEGEE


a. -SLEi: IL ALLEGEE
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rt%ANT MORNING. NOV. 81, 1868.
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T-rrtXE J0NyENTLoN SonEME---''
IARNER'S' OBJECTION.
- -.-..r-." il ;ae 'Whis' Of Thursday
N..sl,.. -G;,,. discusses st lGrgth III
.c@..r, g. i5c late Bank Convcrti"r, anG
49,: st. 2tc!,;on will tend to aggravatt
nt-r Ian :el;cve Cur present ca,ha.rass-
Les"
,taM-s.
.r: .h.,~y Q! The plan under consideration !,
ii. ,:to he amount Of one thousand mil
rss:J. -. q. hpaTin- ~ in'e!es. q! s:3 pei
ra-.s..fo'r III coin. the people will brY h"n
I - 'r e,,,rv notes So rs TO secure a sum
e.. a.o". - OF cnmpHHs tn pay their share q
,s....a:. .:.'2 millions which, tax is payable
a-y:a rr.r. az IN c Epons Of these pa:'icIls,
- s T. his wav IL is presumed the .reasNr,
r,-. ~. , q speedily absorbed The plan con.
"a. ,.,law ,,iHn for ca:!cei:ng any %: the notes
- .a1 apparently. leava it dscIciouar:
w,a..a .,sei#rv Of 'le Treasury tn re :*sre
:A-n. sa'n =; ne might hare ncrssioa Ia ID
80 80 in led le would be obliged TO r"-issus
tn a.: thus thc country might again bC
6 .'.l w.;a appreciated currency. This may
haze -, c:.,ual mission. but it strikes me 81
s:,c. Tia, in an elaborate scheme. formally
g'',e''-l 10 the country by convention o.
fr,ies, ala Haanc;ers, such IN omission should
h:"a oe2r...ni" "
The ol;,e'.oa taken bv ga Farmer" in this
eZ'raa;, i 20, important, even in his opinion:
fr n rgsscs il by 80 examine the Plan in
other aslcets" We agree with GA Farmer
a. tie rtec:ioa cf Reissue can be most
eas;'- g.oy:ie ayainst; indeed, SO easily thet
Ii. Convention, doubtless. did not think il
ra,e.s2rv t. cncumlc- their scheme with q
iS;ne: Ya.ac:aph against that ct which tic
,l2i, schema was lcveled. AS the struggle
:;o g: ia the currency 1t IS presumins upon
o5cial bin lness 70 suppose that it would be
rs>i,,aci and 20; cancelled.
lie proceeds:
"Er: posing that hy, let us examine the plan
u o'a-r n. Nrc's
M 'o"s :'.d pledge itself 10 pay the interest
an n " III ccin
THIS ;a.o'YsS two ropositions-lst. the bor-
T9sir. oi 800 millions in currency, and2d, the
I:;"lsri, ri ;Iie intercsrn coin.
L - con> Ter them in their proper order.
t. ,siug.ei amount of the Treasury noes III
c''n =, n. oI. l3 Instant. was six hundred nit
a1'>. il We aAl fifty millions for The new iSsne
TX :" dc mad. before the lst Of December.
We ha'e the ir,tabe aggregate of notes in clicu-
:'8 a, 'aa. date, six luadrrd and fifty MIL
lbs
'!io'c. Il r. :rr t!n 900 millions of bonds "a
be thrr-h' arA pri,! for l. is cl"ar. the GO
M 1s"uSct t:-.sGiY roles viii not suffice. And
Il "r ~ al hc bank issues. extendc.. 70 the
IN authorized bv their charters and all che
eG,'y :,..- and oil, the corporation issues. the
'sc "!a;s vii sill fall short Of the desired
Smo"'. And what is the country to do III tho
%"!'';:ertr currency How is business ("
'eElr'i cn !"," nrc ccn'racsio be net, Q!
a"a'r">,srirS q lie obtained
/ 'Na- .i.rg. cv.r-n crude and i'll Giges' cd p
'ra ~ lu' G.'l :" 'he country By IN assembly
" r. Nra"t yr'a!ig"n' gentlemen The Simple
f..:"t q. 20 P."rnum II illustrate the imp'acr
e.o.''! &: 'ao :hoe pian."
Lotus 80" If simple queries lave e1'
t'+,'i -" wc:i 1ige-'ed scheme ofthe bank
e-'. X Farmer" cannot see Low 600 riii'
An' q irri, are to be bought and paid for,
ri, lily go millions Of currency. Ncr ca,
v: hut Cur readers can understand tha. q
tic ;@ct g! he scheme is to retire the chr
'ncy, If ;hcre is only ESQ millions CT cur
's"c, @ be retired, twill be necessary te
SCI only C.0 millions of bonds; but if "A
isssaet" is in error US to the amount Of cur
Hn'y now out, and if it amounts to near ~
II liors, then it will require the sale Ct az
n ms OF bonds to retire the currency. Tht
Fl1rc is no: to sell the 1000 millions O
ta2., ~. 70 retire tie currency By the salt
Q a my bonds as the absorption OF th'
e'''sn-y 4ca.an:s.
|; XII! t;Sc. say three months TO set tSi
S,':ne % tull work let us begin with Is
!.naa,y. Tic 1000 millions Of bonds dur
l'' ;Ae months Of January, February ant
Mare W. vii suppose to have drawn in th'
"-i'auiiny enrrcncy-say $50 millions
!;'r'a: ii the hands of the.Trcasurer $50 nll
N'a' {" tonts unsoid, and none Of the presen
i'sa'ory rotcs in circulation. Buts duriDc
'ae three mpa;hs occupied by this operation
~: Treasury has issued $50 millions OF rcH
F'''eHey notes. and has authority to increase
''s Issue - 300 millions, 6ut is forbid issHina
''j"" On the lss cf April, instead o
r&;T :noGs 4 currency, the country la:
''&'i.icns of the ncw notes, and the Trea
%.e' aa' go millions of bonds for sale, ant
's>on?,:ss Of these bonds are repaired by th'
S'?a - pay = millions IF taxes. The new
r,'''enc3 will begin to now back into tn,
'sssary aal tue bonds t, 20 into the hand
: :" 'Ae p2o;le, and SO on-thc currency ilowin:
d .'' 'aG treasury 10. bonds and out for ex
r'N'eS o. the Government until the 1,000mil
: N1Hs arc consumed.
, ~ Farmers" Simple queries" wo do 10
/! ,S' ,I."+ Illustrate the imnracticability Of tn
q tlen to i.
8 H. co4,irves:
Y Us now consider the second branch {