Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1863-12-09

LIE It .f1uduC6S.siu9s Surr6ucys.1yl0's
Plan. -,
No measure SO simple, prompt, eficacious
and just, as Lyle's plan for the reduction
of the currency, and consequently Of all
prices, has been proposed. 1t is this: :
That 800, ,000,O 900 of new Treasury notes
be prepared, and notice given to all holders
of the present issues, assumed to be $780,
1000, 900, that, within ten days from day
named, all such issues shall be surrendered
to Commissioners appointed in each Collec-
tion District of the Confederaoy, and one
sixth of the Sums respectively held be Ia
ken in the new currency, and the remain
ing fye.sixth in bonds, bearing the rates.of
interest to which the notes originally emit
tied the holders and that all notes not so
rendered shall be deemed paid. a.
By this decisive stroke the currency
weuld be reduced to 100000, 600, at
which. 1t nust,6e kept, as tie ma1insun'.
This is sine qua non. : -
By this measure the note-holders will
suffer no damage; for the purchasing power
of the Sl00, ,000, 900 will be as effective as
was the 5000, ,0O0, 600. They will not only
suffer no less, but will gain the full value
of the bonds, equal, it may fairly be assu-
med, to the value of the new notes deliver
ed them. The mere terms of the contract
will be broken, but the effective value of
the obligating currency surrendered will be
doubled. The measure being consumma;
ted, the whole funded debt, including un-
settled claims to be hquidated, may be
81, ,000, ,000, ,000, requiring, say s7O,oOO,s
900 for interest. ~. {, ;ss,:s go 9
But the interest Of the debt, and the cur
rent expenses Of the war, must be provided
for, Uahout further issues Of Treasury
notes.. This must be done by taxation and
voluntary loans, and, if necessary, by i'm.
pressments, paying for property so taken
at the market prices, in bonds, at the mar
ket prices, SO that "just compensation"
shall be made for. all commodities and
property obtained by this exoeptionable and
harsh measure. g:-Sss,s
There will be much inconvenience in
carrying Mr.. Lyles' scheme into effect; but
not SO much as would attend the accom-
plishment of the reduction of the currency
by ;taxrtion adequate to that object, or by
any other plan that has been proposed. 1t
is obvious that the amount of new notes for
each District could not be fore known; at
some places there would bea deficiency,
and at Others an excess Of the new notes at
the first trial ). for the deficiency temporary
certificates could be issued, and the exces.
ses quickly transferred to meet the def
ciencies. For the trans. Mississippi region,
it would be, best to establish Sub. .Curren-'
cy Department for this and other purposes.
And as to such portions of the currency as
could not, from any insuperable cause, be
presented, let it be condemned as currency,
with provision that after the war, upon
satisfactory proof that presentation for ex.
change was impracticable, such notes, with
six per cent. interest should be paid.
It is admitted that as far as mere legal
rights are involved, there is a departure.
from the terms Of the contracts, and that
forced loans are proposed, The coerced
parties, however, will not BE injured, but
certainly greatly benefited; and they are
precisely those who have all the money Of
the country on hand, and viii make nossac.
ri6ce to obtain it, as under other sohemes
of forced loans, the parties compelled TO-
loan borrowed money would have toado.-,
And here it may be observed, that; the loan
would be widely diffased, and the mass Of,
the people be deeply and directly interss-:
ted in maintaining the faith and credit Of
thssGogernmentsss ssAsss7. sFFsg4assss - ..s. )
No osmeasure has, as syet been adopted by
Congress for the rednotion.o the currency,
or proposed forts adoption, thst does not
involve forced lsaly, breach of cpntrsots or
the eonsfi sfiEusion; BY peryersiion
Of power dislsgased to eject purposes NOS
A1dnohe, tits 70 Be: feared, can
Be devised that will Be free from some of
these objeotiona. The Bank plan is con.
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