Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-11-25
RIGhTs.
RICHMOND WHIG.
WEDNESDAY, MORNING, NOV. as, 1858.
The Yankee Congress and Yankee Finances

4 ~
sell and realize at cnee all the railway and specula
tive shares they hold and do nothing until after Con-
Etess meets and Nr. Chases policy and movements are
better knOun" We take it as q matter Of course that
Mr. Chase viii make 4 call for another heavy sppropria
ton to be raised inShe form Of call loans or the ssus
of bonds of long date. No other resource exists and
the ccnequsnce of this policy must inevitably be- the
accumulation Of government securities, aud consequent
depreciation of those held well as those 10 be
issued The relation Of these securities to gold must
necessarily increase in disprOpOrOn, since no impetus
can be given TO the influx of the precious metals that
does not nov exist and the wider the margin Of dpro.
portion the more rapid viii be the depreciation if gold
ia At all held a. . standard Of value It pust be so
held 80 long as trade With the outside world remains
untrammeled, for it s upon specie basis alone tina.
their balances can be adjusted and foreign commercial
relations maintained.
The terrible dspropOrtiOn which government sccuri-
ties will bear to gold under the operation of addODsl
loans PREDICTED upon government bonds, will lead 10
pretty much the came effect that We witness here
The people will be forced in sell defence to realize from
the securities now hell whatever amount they likely
10 bring in gold and the depreciation of other
pOrate securities is likely go Par PGsn With gov
eminent stocks they too will be made TO add to the
dundAnry Of other securities until all brOueho the
lowest stand+d of depreciation. Even should the gov
ernnent throw into the market every available dollar
Of specie Ais command in order to the threatened
ruin the sagerusss of spectators their stocks
into gold will induce them to press to a sale whatever
stocks they put into market and foil government agents
in their endeaVor give fictitious value to their stocks.
If gold is brought into competition wish government
tb
hardly be permitted to return again the vaults Of the
Treasury as heretofore after sA have performed its
functions Of enhancing securities by an artificial exhibit
of the favorable standard of government bonds rea-
lively to gold TIE real value of government seeuIi-
ties is nov too well understood to b hVorAbly affected
by any temporary device OF this SORT md holders
of these securities will see that when gold thrown
into marke. elevate their standard 1t will be bought
up at any premium. Aud when once these Spectators
realize fair proportion OF specie for their stocks, We
may assured they will not again loosely invest in
what they muSs see has solid basis on which TO resi-
hope of ultimate redemption
As to the issue of additional eshGt of legal ten
lsrnotes, which seem to command most favor at the
North WetAke it that this afford no remedy for The
depreciation which to have SO. in. The es-
mAte Of the value Of these Of all other issues, must
be based on the ultimate ability OF the country dis
charge its liabilities and their greater availability in
everyday transactions will hardy counter balance i'm
pared confidence in the ultimate solvency of the Gov
eminent which issues them. It is upOn this ultimate
soVeney that all estimates of the value Of Government
securities Of every class hencelofth rest and
comparison of the Of redemption with the amount
Of liabilities but produce want Of confidence. Il
matters not that the Government has been far pune
tual in the payment of interest in specie The very
cessy Of saving their credit from utter ruin erjoned
this punCtuAiy for bad faith in the matter Of interest
paying would at oGce have preciptated crisis which
their whole power could nSt have Wthstood. The dis
charge of this obligation taxed tho Government re-
sources to their utmost and is questionable whether
any liabilities will be incurred upon conditions in
yOVing such imminent risks 10 the good faith Of the
Government as guarantee of the payment of interest
in specie.
l. Is not at all improbable, that Chase, finding It i'm.
possible in the absence of large specie basis main
tain anything like an approximate favorable relation be-
tween Government securities and gold, will suffer them
to abide the issue Of Legitimate competitions among them
selves allowing their graiatOns in value be deter
mined oy the time they to run md their classified
ton in the order OF guarantee. Some securities have
peculiar guarantees Ia the matter of paying the interest
in specie. Others are not 80 favored and Of cOurse
must atuays maintain an unaVorAhle relation TO the
former when brought into pubic competition. So with
regard to legal tender notes. and those which circulate
as mere promises pay. The withdrawal Of gold from
composition With thesS pSdes will CAUSE them 10 abide
the results Of competition among themselves the rea
tive bAces be determined by the relative grade Of
guaranteed ohssS seeing thAG the Government securi
ties are no sOo largely hSA1 to be likely to suffer
from any depreciation At the hands of their hold
ers sll Iaui more less Of them, may, in all prObA
billy asR Congress authority saue Ie1eral hun
dred miOas more Of securities, With interest payable
in tho papet-lssues Of the Government
Toe extent Ct interest in the maintenance of the
Government credit measured by the extent of It'd obi
cations, MIST be very great, and w0 would
no, wander if Chase took advantage Of the almost uDi-
VersAl indebtedness Of the Government to throw
upon The people the alternative Of maintaining its
securities ct ala stAndMd losing all. Such pol
lev would DO entirely consistent With Yankee Gdroit
ness, aud We should not be surprised if any available
gold In the hands Of the Government in the future
diverted Eor tae payment Of interest is homo debt
and applied 70 the discharge of s foreign liabilities.
further accumulation Of the Yankee debt will necessi
tate either an un1se discrimination against class of
securities whose interest is payable in gOld Or total
disOOnLinuASOs Of that principle, and recognition Of
all classes Of securities ape, the principle. The
latter the policy moot likely to be adopted, Chase
tlustirS no d0ub to the necessity FOX the maintenance
of The Government credit, caused BY Its great indebted
mesa " reconcile the PsOple to any scheme which
promises to avert reputation
But reputation inevitable, and the zeal to get rid
81 Government securiier q. any sacrifice win be nOWiSe
diminished BY devos which has justification, save
The necessity 70 keep up the credit Of an insolvent