Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-12-23
NEUTRALITY-SUSPICIOUS. KIGhTs.
RICHMOND WHIG.
WEDNESDAY MORNING, DEC. IS, 1888. =
The Impending Financial Crisis.

ven,ion and Others show that the present frghtul de-
pecAton of our currency the most prominent subject
of thought with every one, and that all sgree that
netting must be done, and doue quickly. We pro-
Dos to briefly di.cuss the cause of this depreciation,
and the remedy.
Confederate money is appreciated If we judge by the
prices Of articles Of prime necessity produced at home
70 one-tWeneth Of its face CT FIVE cents the dollar
Why Is this? We answer it is because the hnsnces OF
the COnfederacy have been managed as to convince
the people that the Confederacy, as managed, was ut
tely unwosthy of cradit; aud because the previous
history OF this continent caused dstrus of the bills OF
credit Of revolutionary governments.
Wien the Confederate Government commenced is-
suing Treasury Oe the banks agreed to receive thsm
aud Ills gave them currency near the banks. But the
people Of the rural districts especially those remote
from market, dstrusted them from the 6fst They had
tie traditions OF their fathers to the depreciation
aud anal reputation Of Continental money. The
Yankees the Jews a1d the foreigners, also dstusted
,hsm Teen, if the Government had acted every in
livduA must act who wishes either to obtain credit
retain the edit that he has, IN short, had made some
provision TO pay their oblga ions as they accrued ard
20 provide for the interest those not yet due these
suustu and selfish classes would have been convinced
ina. the Government worthy of trust and sel-in
Interest would have made them sustain the currency
aud the Government The mass of the people had al
ready given the Government and ia currency enthu
sastic support because they felt that it their Gov
eminent and tleir currency.
Just as the people OF the remote portions of the
country beginning to seek the Confederate eight
per cent bonds the bsst investment possible instead
Of measures calculated the people, the Sscre
AIRY OF the Treasury deliberately regulated them
Yes for it was equivalent to that. He announced
aat lie val unable procure specie to pay the interest
due in July 1862 and paid it in Treasury no es. This
vas LtaI b!o1 to credit. ANY merchant who would
,.k the renewal of his nota and at the same time
loulce bis inability to pay, and offered his noe for the
uteres would be regarded as too uncertain for even
ne most rapacous to take his paper at the high
s. rate.
The Secretary of the Treasury did this at time
Ehen cotton could ave been obtained for Confederate
1oods at a very loE figure, when the blockade WAS
uere fiction and when cotton quite high in foreign
markets Specie too Notwithstanding the demand for
BOARDING. and blockade running, had not yet reached
e hundred per cent. premium, or two for one. Yet
90 exchange ono form of debt for another find the
President graVely announcing 10 Congress that the
Legislation Of the last session provided for the pur
coase Of supplies with the bOlds of the Government
but the pree of the people for Treasury notes
has been so marked that legislation is recon-
mended to authorzs Increase in the issue of Treas
ury rotes which the public service to require.
No grave inconvenience need be apprehended from
this increased ISSUE tie provision of law by which
these NOES are convertible into eight per cent bonds
forms an efficient and permanent safeguard against
any sericu, depreciation of the currercy."
Wha. was this announc men;s 1. was that, at the
very time when confidence utterly destroyed, and
;he holders of the indebtedness Of the Government
whether tie shape OF notes or bonds seeking to
out them iu:o something of intrinsic vade any price,
ne President not regard if be, in5eed, knew o.,
sle warnings of history Toe liter failure Of the Con-
aenal money, Of the French assgusts, and of all the
lrr.ucies of revolutionary governments were lost Oh
l,m. When Congress met sgsin they attempted to
say the tide OF depreciation by bill intended to pro-
note funding of the notes one clause Of which violated
he pledged faith Of the government that certain notes
should be fundabie in e!gh; per cent bonds. During
wv w.
dsd 10 keep their racket from being heard in the
sIee) were grinding out countless millions OF add
aousl notes.
Sreh are the causes; now, what are the remedies
The Presidents forte is evidently not finances. His
carly studies were of military character; and when
called on TO play the part Of statesman, finances did
aot fall into his way beo4uS, that not the bent Of
ais mind Il is pretty well understood that Mr. Mem
mneer is only the chief clerk it were of tue Prssi
lent and he also has had little or experience In
iaalce.
First then the President must for the salvation CT
the people call TO his aid Secretary of the Treasury,
some gentleman Of good Abilities and extensive inform
ton on financial affairs. He med nos 10 politician,
for what we want is a fnlncer. Perhaps bank officer
would be better if be possessed the knowledge of stas-
cs trade SO, that would bs necessary, than any man
VINO had been in any legislative body. When We are
sek We send for a doctor, and when We want house
built We 90 to carpenter. Il would be as absurd to
send for the carpenter when sck and employ the doc
Tor to build the house. for US in our critical financial
condition 10 put to keepa politician in charge Of our
dnsnces Il ia old prac ice borrowed iron the Eng
lsh but in times like these it would be more houoed
in the breach than in the observance. Without nan
cer in charge OF the Treasury any measures hat Con-
ress NAV adop. will be futile for want of the capacity
in the Secretary Of the Treasury to carry them out
Now to the legislation necessary to restore our cur
rsrcy to healh. There are various plans The first
We shall notice is one which has not been mentioned in
the Legislative halls in the columns of the negspa-
psr bat which is discussed by hardy veteran sold
isrs as they sit in their rags around the camp hrss
MUNICH their tcanty ratons and endeavor 10 keep the
wind out of their bones with their half cotton blankets
They propose to let tie currency go to the dogs and
when the war is over, they say they Will have voice,
and potential voice in the legislation of the country
Then they will repudiAe the currency or only Pay it at
the lowest rate Of depreciation apd thus they say and