The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1863-04-29

sfS :" P''@oS e'iueut, anu tne IOr-
mer will have no sympathy whatsvsr.-
The volume OF currency ha. at no tim.
exceeded 5oO,oOo,OoO. or thi. i, NAV
DO .ate to calculate, that loO,OoO,OoO
are now withdrawn and funded. The
tax bill is vsriously y estimated as produc
tive OF from 200 to 4Oo,OOO,Oo Of rev
enue. lake it at the loves, figure, and
what will be the effect Of the withdrawal
OF 2OO,O00,o00, or half the remaining
currency Inevitably, a most astounding
depression in the price Of every commod
ity. There is a mistaken impression that
this Withdrawal will be only Temporary,
and that tho fund will reach their previ
Gus channels, through the disbursement,
OF the Government and that the volume
will still be increased by the addition Of
10000, 900 monthly. The Government
has no right to re issue the Trtasury
Notes rhtch Mty take in. They canno,
lssue deprecated currency, and these
no,es would clearly De less in value. be
cause the period during which they could
be funded would be mu, ii shorter than
tha. Of the new Treasury Notes OF April
8. Therefore, it must be borne in mind
that the money withdrawi from circul.
ton for taxes can only be replaced grad
ually by the disbursing officers, and tia,
from the period Of its absorption, ST, or
eight months musi slapse before the vol
ums can possibly be so great. And thi.
also upon the suppositiou that no more
bonds shall be sold. BY law, the Seer.
tary OF the Treasury is directed to fund
notes, 40 A. to sndssvor to keep only l75.
OOo,0 in circulation. Whether hs will
display the genius neceuary, i. yet 10 b.
developed. With money in plenty. phi
css are necessarily inflated. With a strin
gent money market, the, must invariably
collapse. Upon all these fScts, there i.
the additional one Of the ssgernss with
which the Confederate loan was .ouch,
after in Europe, a, 90 cents upon the dol :.
lar, and the premium paid making il
from % 10 95 cenu. The reaction mu.,
soon commence. and when the news OF
The failure OF the iron clad fleet before
Chsrl'',on reaches them, the financi.rs O,
Europe must feel n still greater confidence
IN Confederate credits. Ii may take nine
ty days to fully develop the appreciation
OF our currency, but We assert the opin
ION that IN comparatively short period
the shsngs will be marked and gratifying.
bes'de', the values placed upon variou.
articles are only fictitious. Because q few
men in Richmond have established price,
upon the gold. silver or sterling exchange
IN their possession Ear in advance Of ,,s
correc, value. it is no indication tba, the
value Of our currency should be depr.eia
ted. True, the prices extend from Rich
mond to the Rio Grande a. quickly a.
tho telegraph can convey the news OF
fresh enhancement. A few foreigners in
Richmond get frightened and make a
ru'h tor goId-~ilIing to pay anything
Tor 1t. Forthwith the price goes up 500
per cent. in four days, and probably $40,
600 in gold would cover tho entire .sle,.
but the price is established every where
else Throughout, the C"nfsdsracy. Tb.
argument would be iallacious ths. values
could lie so suddenly eh hanged. Take.
for instance, the provision market. The
difficulty of transportation has created .
scarcity in Richmond Cora meal, in
consequence, sells a, *l2 per bu.bsI; but.
ter $50 per pound eggs, s2 per dozen;
turkeys $50 each peas. 500 per bu.he;
hay, s25 pc: hundred weight, DC. Doe.
any one believe these to be fair valuation,
OF shsss commodities ? 1t is just AZ much
the case ss 10 the inflated price of gold.
silver aud sterling South Caroiinian.