New-York daily tribune., 1863-09-01
NovrNEyr ArAfNsr ,onllE.
FINANCES OF Tun CoNFEDERArEs
Their Currency Norihl'ss-lctisr OF ur.
Tcon.bs, OF Csorgin.
WAtNiNGToN. Ca. August =. 10
10 =. Tiifor ofnr C5E.Nflfio.ollri

To q. TSii'r ofne Cyr.'ifsno.a.uf.
me Confederate Government have committed
two radical err ~ IN tio McIt q. Our finance
which pIlG e,J CEi IICscat chlau.ioas condition q!
TIC Crrraf or = laws ~ currency fixed certain.
ard fimut.h!e tie .aWa Which 'cln tie plsnciag!
s!e.em. 49,
al IesOArccs AID .nru c,,Menis II pubic crruit
wo borrowed r0id at 81 for Guy bOncs--WeeA lad sia
ucasTel AZ o'rieei ana poverty i'sei eiau.ed u q, a
pFAose 10 augment our Ttsoa',ct hA 'ts mit,. Tony
ls mainly C.L'flJcicd % tie drying rp %! ils LfILs
fountain ~ pubic supply
Tie lr' ,.tat crlor Wss IN attempting 10 cary on a
great o. - '-sye Was solely on oTcGitTtAoit t1na-
t0u. . .e 80. atfsnpi II the AlAd eve ipade ~
= co. Jr!!e Iha r'gt u tie e,p.'..sni w ~.
isc,5da o., Il ccai n - and posig gonod the cacc
ton o. tloe levlet for tie second Joar to period fatal
IL .oo ...:e - sLgpori oar currency.
The 0cC1f' rfT naiDe.g resulted nom The ffst and
coasnAnrt.d tle CesIucLol oi public cwdH liis
oT1oT was 49, g.c u to public credit almost exclusively
lDicv WA ,HIA. i.r, table OvorW LclEling At is 4
Nelse-t, I'd ssula principle IL currency iAat ha-
t.5u WF.cA lt8 gunclcAt quantity ~ circulating mo
diuia v. 2, answer The wants II iis trade AID CON.
eIcc ,,4r,t id - TIE value oi that currency b. ~!
ariacr addition 20 iis quantity ia tho ordinary ti-e
OF trnc any 81 th5 proper quantity exhibits is'
The crD %: the c1YortalcR o tuilion-sAy deficiency
N6er frou. my causc Aetcvor ne operation e this
INV T. pfc,cIted any redundancy Of currency rus! Lc
cossariiy prcc.tc tc .hoe lass ana ths doieca-
L0u vii cInJn ..'lI "a ttc Iifc N pIce oi cJln0ei'
ties .icA y c cu!ei. II D. nlso true tlat ili &c
GlnGrt Currency c@iaas IN The iIiin - iefr money III
convert Ne MO coin AZ the Ill II tho h0.drr The incf-
0; tis 1eprecm;ien is tie dihgehee between ihe
standard Of mint fsic0 ~ bullion Ad u" iaiL I-ec'
when paid H. Ills currency.
Tested Is these plain and sound principles tie son
oa o. tio CAUSES II Our prctcHi financial ronhca is
easy WkeI Ills i.evo.hiicA eoLmoncei cur currency
was Ia excess ~ Ito wants oI tOclety. IAc pro-!
4. TIA. nearly all o; tie hanks within The C"Hicor ne
states h44 suspended c14h paynonts and Their notes
were depreo!.ioG; therefore fhe trst Treasury note
int. tfle added
10 ths ercs; each succeeding Issue enlarged a. nia IN
creased tLo depreciation O tic whole inast H. dc,
Drociatiun soE began 70 manifest isei In the ~. u
yti lbe Goscrnncnt has unwisey c'"-
tIucd dGy, Ly loiced circulation ~ add o. lm -.
cess increase &c depreciation ard enhance the price q
al the con aodiits wmcl il Il compelled 10 purchase.
ard Is tlus ~rhsosng the national resources IN to
Iaio Of gegp-erlc.1 p0sTession
Isi. ru.luas policy would Lave long sinoe run iiy
eourss but for tie iaci that NV intmdauol nnd above
ell lie ardent sincere, hoLost b., mihieken yntrotism
of tie people who Rave been invoked TO uphold ~ But
tho pTinolL, beng radically wrong. 10 human power
could uphold II lofg Gnd in ep.e Of oil thes" powerful
proofs or national currency Is deprocioed more than
one thousard per cent below gold ana silver four hnnd
rcd per eelt below suspended bank notes. ana prcea
end paymeus orc rapidly adjusting themselves to the
ilsJorable iacts
IaDy unsouw' reasons are given for th. state Of
things by TIE 6u gr.eH Cr 6poDgsts OF TINS IcrIicOus
nolicv Mauy Gbie md excellent persons aa.Im aad
aLicn surround VI b0lOn is no longer standard oi
value Or true messuEo Of mo GePrec.aon oi ogF cur
Jhf erI !ia3 NlDuANcu biiFSLsci
trx tha, goG and syer do rise ard fa IN value Ike
u, Il, lin IA less degree than other cOmmod!ues, and
r IL mainly by Ia reason .bat tho, have been adopted
M nouknd az iLc standards Of value and ho"eye they
lse or fall thai IN degree affects their value as
teet Of .e deIrecatio oi inferior cuirencies; 'Ley
certainly gti .ciuain If not tho ufbe yet he most
accurate measure o. such depreciation when te "i'
dom OF tho word has set been able to dtcpyer
This IL 10 pleasant picture for us 10 bcnod yet 'his
Letter than te still more gloomy one which cOhlihu
en In The rn,ls Of error will speedily present 10 our
ysion Tha CONSEQUENCES are frighuul Los ns pursue
them little further Let us suppose that We nave hie
hundred millions OF currency now In circulation worm
CITY Inili0na Of standard bullion; the issue OF an add
tiosl i've hundred millions OF such currency VIII hOt
add single dollar ~ its value The thousand iDIions
viii bo worth no moro than the i've hundred millions
were before the last ss 1c. 10 wit fifty millions OF Du
lion Tie addition bas only deprecated tho whole cur
repcy by OpeLaL anu this depreciation VIII Invariably
exhibt tscif In tho rise O the commodities for which II
NAV be exchanged. Tue Government. therefore, II 1t
epds the additional issue III rOmmOdics hoses first
the whole ailsunt OF depreciation eAiotog ut the be-
ginning " tAe issue also all the additional depreciation
produced by its daily expenditure and the notcho.derS
iose one half Of the value Of their notes.
IA will therefore follow that If tho market price OF
heat s 81 per bushel under tho issue Of $500 Of
treasury notcs viii be eG per bushcl under the issue
NJ 81 90 coo OO and the $40 win be worth no more than
the a. and viii exchange for more OF other cOmIno
dities This beng the uniform law OF currency when
YOU Gx en- arbitrary price on any given commodity and
leave ali other con I0Odes " the natural operation VI
tbs law y0 utterly destroy all sound principles Of ex
change and must tAe end ruin the producers OF the
regulated commodity sness they sosndVa tlat basness,