Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-11-18
cURRsNuY AND FlNANCEI.


Since The publication Of my letter to Mr. Armstrong,
Il the Wing" of the 2Slh ult, have been requested
oy many friends to explain more fully the scheme Of
financial relief suggested in that letter. With your
permission propose 70 ubmit that xpanaton through
the columns of your paper. The only apology have
o offer Tor obtTuding my views the public, is the
paramount importance Of the suit ,cs to which they re-
lac. In a few weeks the questions connected with
insnee and eurrescy occupy the earnest attention
Of Congress, and think it would be vel, 4 who
have gwen thought to the subject would make known
their views, in the hope, that by comparison of opn
ions correcs conclusions may be reached.
There can be question in regard TO the necessity
of !o9tng p-onpt and energetic measures for the i'm.
oro,emenJ OF currency and financial condition The
r. easury nqH IN circulation probably exceed si1
,pdted mi lions OF dollars and the new ISSUES are said
30 be at the rale Of fifty millions per month. The con
ouence Of this enlargement Of the scheme OF ciccu-
,tion is a core spending increase in the prices of ali
nos Of properly. II, ior example, hour ID worth $50
er barrel Wnen the curreLcy amounts TO SIX hundred
nops It plain, that tweve months hence, when the
urfency shall have been sWeled to twelve hundred
pilHons the relat of supply and demsni remaining
ne same flour will be wOIh 500 per barrel Ihaz rd
otbing Ia sayirg thai our people Cannot aud will not
iad me cOudiuvn OF things. The poor wall be starv.
ID ia tue mds. OF abundance, aud Que armesmlsl be
u. because Llc Cttult Ol uJFeilnGuG
ne yieLs To maintain them In the Id The ISSUE
5er 49, in uy Judgment, narrowed down TO a radical
.ssnre Of tclcv, submission TO the enemy We
,,.. e the emergency With bold snd manly spirit
.ye,y .li Ne have Is at stake The property of the
country, as well as the men, must DO made eo-tri-
,u;s E9erally 70 the common defence
The plan Of 6.alcAl relief suggested in my letter to
Mr. Armstrong, embraces four leading ideas:
1 Toe immsd ste dseopupuance OF the issue of Trea-
sury notes.
= Toe prompt Withdrawal from circulation and can
collation. Of all the Treasury notes except two hundred
millions BY a tax aud compulsory loan Of IL per cent.
"a assessed value of The real and personal property
Of tie citizens.
Toe rledge OF al export duty on all tho pro iuc-
lions of cur fields aud iofesss for the payment Of our
lcbt, present and prospective.
a An enlarge and vigorous system Of taKltio1, to
pey,Et too great increase OF debt aud to 10
,Dre confidence in the purpose Of the Government 70
oly ale outstanding debt veil as that which may
ne, eater be incurred.
The first proposition hardly admits of debate All
cor q r. in the belief tbas have too many notes in
circulation aud that their depreciation 10 mainly due to
10 rsiard m: supply. The frst step in tue march Of
.uprovemsnt 10 To arrest any further iaauc.
The second proposition il, 10 some extent, cor
,Isry Of tAs e. 81 All vii, concede that the volume
Of currency SHOULD be reduced and the only difference
n oninon that can arise s ~ 20 the ent CT the re-
I'm toD a d the mode Of effecting It.
On these points will Ctfsr word oil explanation. L
10 reduCe the amognt OF fr asuty notes TO two
unfred millions OF dOlark Al fret VieS, thus amount
nav esm too large; but spds6ed that IL clnnot
be made lees At ths time without bringing great dis
trs on the country. sudden reduction to the spe-
- Standard would be attended by results almo3tss n-
h., ons "A a spd in6lion Mr. Memminger expressed
be onipon at the country cOud bear eircnlation'oi
one hundred and fifty millions propose TO exceed
his ma1imum only fifty millions and do so for the
/ following Ons:
lii Tue policy OF tie Government to keep in circu-
ation many can be used without serious Gs-
/ precatOh because, 70 the extent Of The notes. the
ioVerument il bOrros without interest," and there
fore by retaining two hundred mOOs in circulation, it
will each year twelve millions OF dOar5 the esti5
mated interest on 200 600 OOO Again, while have no
dh that under The condition OF thiags existing be-
e,ra the war, Me-. hemminger's estimate was liberal,
| W. under the change 10 the manner Of transectng
h. ess ubeh has since occurred ii IS below the pro-
- Imt Bsfo.e the war the credit system was almost
mi eel Very few men expected topay cash for any
artiole Of muc, value If an individual sold land,
,layes or other property to llge amount vas the
almost inyaria6lo practice 70 receive lnrG OF
fourth IN hand and the residue in deierrea
To sell properly for cash IVES certain TO ieAe 70 a slS
rice. Uuder such a system eomparaHVey SnAl
amouas Of currency necessary to carry on the ous
nes of the people, for land bonds, negOuAele notes
ard other securities perlnm the functions Of money
Blu. an entire change has taken place IN the mooe o
business. The credit systtm has been abandoned
Every one nov pays for what he purchases on delivery
| and YOU can devise no surer mode OF embarrassing
sale than 70 divide the price into deferred nstamens