The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1863-08-29

MensminxE1s e. l.
The following letter fI0q 0etAry
Menminger to Senator Hum ative
to the currency is published
Richmond, Aagast 4
Hon. n II r Hu,.tss.s IIoytls.
sir--Iu reply 10 your inqnirtu1 bout tie
finances, send you q condensed naemenf
of the issue of .frsssary notes. "a ~ the
fnnding operations ef flEt Tres Y0u
will see FROM this statement t1a6k HE fund
ing has been efninently snecess1Ja4. and Yosa
VII learn, aisn, that the amount NJ ntstas6l.
ag Treasury notes IS still xithiA tltt llaaif6
OF the depreciation which Irepafle led q Nsh-
gress at the iart session. Ms refknk then ca:
-tinlased the 3iaonnt Of circulation i hieh the
country could probably bear nj &fIdiu 200.
The stafemeht now Made shuAs that tlie
outstanding Treasury notes use rs gene
raj currency amount almast to Ree times
this amount But, when Ii Il f0n&Jd defea that
4 very large portion Of tIlese I0t<Fpse across
the Mississippi, it will hs. appsre.4 that in
the Atlantic States the estimate Ht fhroe to
one is rather over than, under the Alel'ls. Two
assofbcnts are now added whh;4MAi Keep
down the excess from kzsw issue sal!aMely !.
the taxes and the sale Qf eattuaa -zsansi
when the tax in kinsl4slS as to ed3 absise it.
portion 10 the SUPPORT osstiae AZ there r.
every re:tson TO believe that the "a lkene ysAs
be well sustained
1t Is obvious, from this statement, tha. the
popular netion of estimating the value Of
the currency by comparison with gold, il
altogether faliaeious; for, while the act uai
volume of currency has only been increased
three fold, its proportion to gold rates at
more than doutle that amount. The fact Is,
rs you well know, that, situated rs we are,
gold is as much q commercial commodity as
plati'a or tin, and its price is governed by
the law of demand and supply. As / have
already shown, in the port referred to,
wheat and corn afford much more reliable
Standards of value when their price Is not
controlled by some local obstruction; and,
by referring to these, it will be seen that the
currency has maintained itself mt the ratio
which the outstanding issues indicate. Yen,
will perceive by the statement that, uniting
all the various appliances for funding, there
has been funded in bonds $.!s353 404 go, to
which, according to estimate, there is yet IL
bc added aho,lt SO, 900 900 more, which are
yet in the hands of the Treasury officers 20
be funded, making in all about 500 ttu 600.
Add To this si5 Az, 600, deposited in the five
per cent. call loan, and we have an aggregate
OF nearly S3iS, ,Oo0,0W withdrawn iron TIE
currency.
This result Is certainly very favorable, and
shows that the measures adopted by Con-
Us had anticipated Ii is somewhat remark
able that the Yankee Government should
have adopted exactly the same iness ures for
Withdrawing their circulation, and accord
ing to \ statement published in Hunts Hej.
chaafs' Udyazi,se Tor July, they have funded,
in call loan aud bonds, not more than 500
O0o. 600
These figures. sliow that there is no reason
for disirust us 20 our currency; aud ii, When
Congress meets, you viii all address your
selves vigorously to measures which will re-
strain It's further Increase, VIC shall bc fully
able 10 mainl;+n our cause. | would suggest
To you two matters for consideration: Une
is The export duty which proposed and The
other is renewal nf the call loan for all
Treasury notes upon tie same principle with
The six per cent. call loan which was reported
ut The last session.
II is worth the experiment to try whether,
by allowing deposit in the Treasury, on in
.ercst, wc may not be able To attract and re-
tain there all the Treasury notes not actually
required for SPECULATION.
Very tmiy, yours
&. q. MEMAiSeER,
Secretary Of the Treasury.
Statement Of Ontsian,iag 7;eas,.ry Notes, 4iH
gust &, 1868
Total of all kinds of General Currency
Notes. Observation-Disclosures. .S.,I;, la ,iti
Estimated ou hand for cancelia-
ton. "a, ia, coo
-
S+a2 81, SOC
And probably beyond ttr Missis-
sippi 80 ,0G0, 900
<:s13 ,9.9, sos
Statement ~ aa'as i,.to mtieh rt1Teaey has
t.ea E,4aofe7, ;nctttii,.J atssas of Hte Produce
LGaa.
Total OF 100 million loan ....... .@;luB 600 900
Fnnded since Feb. -. ISti; .... E!4 so
Funded of notes, Ma, Ii, 1861. s0dsi,:aW
s...s:,,, ,4o4 go
On hand rs be funded, hy est;-
mltc 10000 600
Total funded ............, $af., ,4oi,6n
Five per cent. call, partly funded. io,H.,UR
Total ....................... .s;l' ,s46,6.o