Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-04-23


poses might be- iHproRed-Mr- Adams said that hi
were ready listen aay propositions be-
Males'ys government had to make bat they did no
see no" ife'r Own law this subject could be i'm
proved
L said the Cabinet had come to similar conclusion
so that no further proceedings reed be taken present
t on THIS snhJect. i am, &c, RUSSELL.
! From the RicLmc Wing.
/ Cur Currency.
1t may we'll be doubted whether the currency bill re-
Gently PAST By Congress will the purposes OF
those who enacted it, The graf need of the country
TO nave the volume Of the currency reduced from its
present inflated condition. to about one hundred and
SeVenyhVe or two hundred millions and kept perma-
nenty within those limits The amount indicated will
be ample to effect all the exchanges and business ope
ra'ons OF the Conederacy, aud anything above these
tends to depreciste its value and to enhance prices
Will the currency bin effect these objects We fear
not The provisions in regard to funding the notes may
withdraw considerable amount from circulation but
1t nust be remembered that the process of issuing
notes will 60 On quite fast, If not faster than the
pr ocess of absorption by funding The wants of the
Government will probably be fiftymiIlioDs Of dollars
per month, and ii may be doubtful If the funding will
amount to that Gum. 1t may, and probably gill ex-
coed it, during the month of April but not afterwards
as the motive to fund after the 2lst April is materially
diminished The currency therefore, instead Of hecom-
ing reduced in quantity and improved in value, will
continue to expand aud to deprecate Prices Of almost
everything have raised to FIVE times in mary
las in groceries and clothing) to twenty times their
former ratesor, in other words the currency has de-
precated to one-ffta one-twentieth of the specie
standard The Government, for all it buys is there
fore giving its promises to pay for five, or, il some
cases. twenty times the true money value Of the article
bought.
Can the Confederacy stand this exhaus,ig pr ocess
We following 10 the footsteps OF those who initiated
tie revolution OF 1916, and the French revolution of
1852, and it is much to be feared that without change
OF policy Treasury notes will sharc the fate of
American Confidential money and French Assignats-
The depreciation will continue until they become worth
less, and Reputation Or bankruptcy must follow.
Ii seems to us the radical error in our financial sys-
tenn is in the t0rt to carry the with Treasury
notes. 1t may do as temporary expedient, but will
rot answer as permanent system. 1t mixes up
the governmental expenditures with the currency, in
aes prices deranges business, robs creditors OF their
just rights ruins widows and orphans aud all who have
fixed incomes, stimulates speculation and depauperates
the Government.
The plan is let the currency remain in it's
NAL condition. just adequate to meet the OF the
counry-aDd prosecute the war by taxation and the
issue OF honda
But it may be said the bonds will deprecate. This
may to some extent, be true. But there is danger
that they will depreclate much Treasury notes
have done. Suppose they to depreciate 20 Is
per cent, it would certainly be better to sell bonds at
that discount than to sell Treasury notes las is
substantially being done at depreciation OF So per
cent. If the Government needs flour, beef pork,
or grain, or any other necessary to carry the war
dollar in gold would buy. What is this, but selling
your Treasury 90 cents the dollar or 80 per
cent. discount? Would it not be better to sell Gov
eminent bonds for IS so cents in the dollar,
and to buy necessaries at fair rates. than to pay the
prices it has been paying in Treasury notes
The bond system would disconnect the currency from
the governmental embarrassments and the people
at large from the ruinous prices that bringing
such distress upon them.
What, then, is the remedy for the evil If Congress
will promptly provide by law that no more Treasury
notes shall be issued for the present after early
date named by it, by which time the volume of
cy be reduced to 200 Millions and that bonds bear
ing per cent interest shall be issued and sold 10 the
they will further pass efficient tax bill to pay the in
teret the bonds and meet portion of the current
expense aud, above all if they will pledge reasond
bic export duty cotton, tobacco and naval stores for
the pay of the interest," and ultimate redemption
of the Confederate debt the effect will be magical
Prices Will begin at once to fall to their natural rates.
speculation will collapse, Treasury notes will apprec
ate almost to the standard of specie, and the cost of
the will be reduced to about onefourh of what it
now is and the pay OF our officers and soldiers will be
enhanced 10 the ratio
With such policy as this there need be no appre-
pension of depreciation 10 the bonds of the Contedera
cy 1t seems strange that Congress- and the Secretary
the Treasury, have Ignored most important fact
which is constantly before their eyes. We ailude to
the market value of Il 6 bonds for the fifteen million
loan The last quotations of prices current show those
bonds to be selling at more than sixty per cent pre-
MUM, Why is this Mainly because the Provision
al Congress pledged small fraction Of cent per
pound export duty cotton, tor its redemption. Here
the matter has been brought to the test of actual
pertinent, and the result is signal Here then
is mine of alth, and almost exhaustless source
of dit. Let avail ourselves of it-et issue,
two hundred millions of dollars worth of bonds,
as the public exigencies may demand, and pledge red
SoRable export duty Ocoto tobacco and naval stores
for their redemption, and We will hod that the bonds
will be promptly taken, not only at home, but abroad
Such would operate benefcialy in many
ways. It would not only fill our treasury with money
Of real value and thereby diminish the actual cost of
supplies for the army to fourth of what paid
but it would Tighten the burdens our own people, by
making foreign nations, which consume exports
pay portion OF them. And, finally, it would stimu-
late England aud France-our principal customers
berend u.s. by showing to them that the longer the
struggle with the North continues the greater will be
the duty exports, and consequently the heavier
will be the tax which they will have to bear. This
has disclosed to US the important tacti that Europe
must have cotton and tobacco and naval stores at
any price, and it certainly is our policy to make Eu-
rope pay for these their ln! value, including fair
port duty. Let Us avail ourselves of the lesson we
have learned and those nations which have turn
ed deaf ear to just demands for recognition, to
pay trlbu in aid OF our struggle Tor Independence.
Let this policy be adopted, and the following results
will soon be realized.
l. We shall have sound currency
2 The credit OF the Confederate States will be es-
tabshed on firm basis.
3. The cost of supplies will De reduced to one-ourth
OF the present cost.
4. The necessity for raising salaries will be olivia
ted.
s. The burtbens OF our own people will be dimin-
ished.
6. Foreign nations will be made to bear share OF
the cost of our struggle tor liberty.