Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-11-06
THE CURRENCY.
To the Editors of the Enquirer:

10 me Edu0TS % TIE inquirer
Gentlemen: Among the many plans pro-
posed for relieving the country OF redun-
dant currency, have seen none which ad-
dresses itself, in my opinion, to the true eVii
Of the case. The real difficulty lies not With
the government but with the holders Of those
surplus millions of Treasury notes which we
! wish to put out of circulation; and this, from
the fact that these notes are worth more IN
| the hands Of holders than any government
bonds that have been or can be offered. un.
less this state Of things can. be changed, l
apprehend all legislfi nn supon ther{ubjsct
viii prove abortive. The great mass Of these
treasury notes arc held by mon engaged In
reckless and unlawful speculation-and are
used for carrying on this business--specuia-
ting in cotton, breadstusa, and running the
blockade. The profits arising from this gam
bling are enormous, far greater than per
cent. bonds. Thence the unwillingncss of the
holders to invest these notes IN any bonds
that government has offered.
There are hut two principles to which We
can look in the present emergen y for ETY.
tho patriotism of the people and their self
interest. The former has been appealed to
ind failed: The government, last April, OF
rered its bonds in market, drawing Per
cent and every appeal was made to the hold
ers of treasury notes to invest in these bonds
but to no purpose. The notes would yield
more prof than the bonds, and therefore they
refused to invest; and while tho same mo>
tiyes last the same course will hSpursucd by
The same men. To what alternative then are
sc next to look! The only course now lett Tor
government is so to direct it's legislation as to
reduce the profits of these treasury notes in the
hands of spectators, aRd make it their int,
rest to invest them 10 Government bonds Can
this be done and howl There is a very obvi.
GUS and simple way of reaching this evil, If
the Government has but the frmness tn adopt
it. We are told that by December, 1863, there
will be some $3.50. 900 600 in circulation, and
for the legitimate business of tho country we
need only some 800, 900 600 Let the next
Congress, then, lay tax Of SO! per cent. on
S55O,0O0. 900 of Treasury notes, e1emptir
the last 800 100000 issued from taxation =
Under such tax it is probable that the hold
ers would find it to their interest to invest
these notes in government bonds. Let the
bonds put in market be exempt from taxation
fan error fatal to any scheme
and draw seven per cent. interest. If on,
portion of our citizens can "fdrd to pay tai
| # 331 per cent. On Treasury notes and still dc
| n profitable business, why, it is hut fair that
they should share those profits with the Gov
eminent. The probabilities, however. are
that such tax would cause the mass of thu
notes so taxed to he funded, and thus the evi
that threatens our ruin would DO removed
| IF, however, am mistaken and the owners
should still find it their interest TO- hold the
notes and carry on their speculations. then
the tax would yield the Government the hand
some sum of more than $4,000 600. And
this would arise from tai not upon the rea
wealth of the country, but upon its more fcti
tious representative. Such tax would or
press no honest and patriotic man, it would
not touch the soldier or his family or any Of
that class who live on fixed salaries. 1t would
fall almost exclusively upon men who are at
home making fortunes, getting rich upon the
! war. and who should be made to bear some OF
| its burdens. d. W.