The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1863-08-29
CoSrrprRArs FINANCES. We publish
,r,,- the l.ftar ..f Ar N..x,..,s..

CoSrrprRArs FINANCES. We publish,
,h;s morning the letter of Mr.. Memmin-
,sr "a Mr.. Hunter on the state OF the
Gnances. II presents an encouraging
,;ev Of them 1, is gratifying to see that
-, large an amount Of notes has been
.onyerted into bonds; but it il still more
sr,tifying 10 learn from him that. with
,he pre<ent systems Of taxation in money
and ia kind, and some hoped-ior measure
II Congress. Mr. NJ expects to dispense
uih the necessity of a further increase
otohe currency. He states that the pre-
emf circulation is about three times tho
.nn required for the business and trade
If the country. they being able to main
IAN circulation Of 1850. 900, 600, while
,he amount Of notes atloat is S452 ,97a,-
Sh6
Ur. Memminger is correct in saving.
ui,h these figures. that the price, or gold
is no criterion of the depreciation of the
Confederate money. The present excess
o( circulation is no justification for de-
pgeciaiion anything like that exhibited
i,v the price of gold The gold Of the
i,lnks is held by them as the basis of
their circulation, to be used upon the re-
sumption OF specie payments. The coun-
try having been pretty well drained there
j. r.ow no gold outside their vaults w'pr-
,hy of estimation. Therefore, in COM
nrrcial phrase, the market is bare" and
The rate Of such an article cannot be pro
uonnced current since il IS itself moi
current The speculative demand for
sach securities as may be used abroad to
ran ,he blockade appreciates them in like
manner and affords, also, an unfair stan
dard bi which it is too common to es.i-
iia1tr the depreciation Of Confederate
notes, 10 these we may add the
enormous prices Of blockade goods,
which not only represent the pre-
mium oi the funds with which they
isec been bought, but also the dangers
and perils Of the business Of blockade
running. II is, therefore, altogether
wrong to estimate the value Of our. cur
nncy by any of these indicators.
Win the statements Of the Secretary
If the Treasury before us we must con
cIuir, however, that all the necessaries
Of liie are held at excessively high prices,
and tile fact must he attributable to the
mistaken estimates drawn from these
erroneous standards. The Secretary's
lelter, ii is TO be hoped, will do SOME
thing towards correcting these wild cal
citations. Ii is bad enough al best; but
there is 40 justification for the initiation
Of prices from five to ten times their
proper rates.
There is no doubt that apprehension of
the future has a great deal to do with the
dStrHst OF the paper money atioat, and
the only way on earth To realize those
aplrchenSions is for the people who in
iuIge in them to act as if they We're
well iounded-i. e., 10 continue to charge
tie enormous prices which must accele
rate the food of paper money to meet the
enormous expenditure Of conducting the
var
The taxation at last employed blythe
tosernmen! will improve the condition
ii ife currency and help 10 correct the
pabii,' aPprehensiops. If the Govern
mrn; viii employ successfully any means
ia addition Siill further to rednce the cir
culatlon, short time viii make Il great
change IN affair. Money will be searcer
prices wilt come down, and people be
Letter contented. The Confederate Gov
eminent has magnificent resources. No
Government on earth ias such as she
c'h cdmmani after the war The pao-
pie ought 10 feel the utmost confidence
IA ilsem, ant! Government and people
ought 10 continue 10 check eXtortionaie
th'rS, aHi thus keep The public debt
within reasonable bounds. The promise
h pay Of the contcderacy is that Of q
solvent debtor, and nothing can make il
anything else bat needless and unnatu-
fd panic among the very people who
edPporl the Government and on whom
d' credit restsa panic which begets
alstruSi, and hy swelling the public debt
ta m0ns,rous aggregate through fabu
iol} prices, lorre reputation by the pe0
PIE that debt which must he after All
"ae due chiefly to themselves
EGi better state Of feeling must pre-
vail. \ wiser View Of the subject and :.
patriotic sense Of duty must cooperate
with The Government in producing Il
healthier condition Of affairs.