Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-06-25
From the Augusta tGs.) ccnstitationalist

y! Oh depressing price
until they themselves control the markets. No
con- ent with using all the fair and legitimate means
quise to induce utding old issues by the FIRST of Au
gust when part OF teir issues will TO be tuna
bic in seven per CENTS and part cease to BE- undab
at ALL these parties have the boldness take oue ste
further and with the hearth So selfshness which dis
tnguishes them have declared their intention by un
lawful as unpstriotlc combination conspiracy, te
dscredt totally certain Treasury Notes. to refuse then
on deposit ID ymeBt to throw them out of Gil q
aton as currency entirely, declare them not good
fact, and thus to create confusion and dstrus snoGs
the people to oil the Treasury Notes now cut stat
| ing, hereinafter TO De issued, and enat ng them
selves to buy certain is ues, iatrinsicay as coed
any at discount OF y per cent. more to the man
est dermept OF bolders OF notes, and to The serious
jury OF Cont deIae credit and pubic co. fiepce CI
which our success so greatly depends.
! Ib is matter OF the first importance, aud demapd
careful consideration and just action. The issues OF th
Government previous to the funding act pas ed in nri
were their face, asd by the law of Congress- funda
BILE at any time, aud at all times until they were pa
in bonds oi the Confederate States bearing eight q.
cent interest his promise to pay eight per cent. in
terest on the debt egregiOus buDder 10 tie be
ginning and arose from unwa,rantahe PRESUMPTION
that the would bs Of short DURATION and cOnse
quenty the debt would be suall--at least small enough
to create no Inconvenience in paying such interest
When 1t became evident to the obtuse that IL
debwoud be large that eight per cent interest could
not De paid On It, 1t was thought necessary for the Gov
eminent to rerace its steps, to retire as far as possible
its notes fundable at high rate of interest, and to
promise only small per cent for the future
1t WIGS matter of doubt with many of the most
en'lous and sagacous Of the aud whether if
was either wise or eXpedien for the Government with
out the consent OF the parties holding its no e. TO en-
null the contract on the face Of those notes. Such con-
duct, 1t was thought, clearly wrong and would be
such stain upon the good faith OF tie new Republic
as could tot be counter balanced 6y the beLets likely
TO arise frcm if. We, however, sustained the unding
system opted, on the ground that while it was de-
p1vatoD OF tie noeboder's right to fund OF anv time
In eight per cent. bonds it would really work him no
practical worg, because the funding that would ensue
thereon would help TO pevt the purchasing power of
his rem aiming going down TO zero and that II
wss better policy tor the Government pay interest,
and at high rate part of its liabilities converted
into bonds al thus withdrawn from circulation than
to keep lis whole iat iriCs without interest ou
standing, thus aCdpg continually to the circulation de-
orecatlng daily, while Inc price of every hing the Gov
ernment must buy was approaching in the same ratio
we supported the funding system and the tax bill
heartily, not that we believed either or both combined
could bling prices to their normal condition. but that
10 TAR as they withdrew notes from circulation they
you'd to that extent ch OK The tendency to still higher
prices, and that taxation absolutely essential TO
sy interest and thus give an earnest TO all men that
be Confederate debt would be redeemed But we never
opposed that this compulsory system funding sqpint
pg though, 1t must be. confessed at laxity OF morals
ID disregard OF public faith, would be seized unon
parties whose own interests lead them to disregard
estroy entirely the current Vaiue Of Confederate rea
lry Notes.
Let us look into the matter little Bv the act Of
August last Treasury notes uLdable till st April
FL Int per cent bonds after that In seven Ger cents
tut by the act OF April Treasury notes issued prior to
50 O3ceor except the two year notes, were dabe
IL I'D pr 10 eight per cent. bonds-afterwards till
ugust next 10 seven per cents after 1st August thew
e no longer undable but they ece1vabe till paid
e az Government dues, except export duties, aud
lyo6'e' IN gold or its equivalent, StI D0aths offer
ace All the two year notes are fund bic till ; st
1ly IN eight per cent, bonds, payable in two Years
ter the 3lst OF July they are not fundable but nava
e only Vhen presented and receivable Ior duties and
xes. Al! notes issued from lst Decf mber to 9th =
pr are fundable ID seven per" cent bonds till lst
in four per cents only but receva
lor tutles and taxes, and payable after peace =
otes l1sued after 9th April tundabe in six Def
nS ior Twelve months from the first day OF the onth
their Issue, afterwards in fOuc per cents This is the
stem adopted by the last Cong esq u
co not know low many Treasury notes were issud y
7Voas 10 the 1st December, how many have since T
IN funded. We estimate. however, that the issue =,
70 outs andog, exclusive of interest potes tgo-year -
es ana one and two dollar notes. mot undable) was NJ
out two hundred and fifty millions Probably seven r.
i've millions were funded to the 22d April and il
loped that the amount in oil may reach two hundred
mons by Angus II 80, the amount of those left ~
be oDly ffy miliors every dollar of which is as ~
ID as gold for t0re and will be absorbed under the -
OIL 80 that there is not the slightest reason WHY ~
culatorS aud banks should refuse to receive notes Va
eo prior TO December-thus dsc"editing the cur tI
cy OF the country, the issues of the Confederate w
asury those notes are just good as any Treasu ~
ssaes, and parties refusing to receive them know it,
y are always receivable for taxes and pavabIa six
lths alter peace The notes issued after st of De- ~
Der and previous to 9th April are equally good ~,
Uey are lundabe after lst August though only ir '
per cents just as all other Treasury notes issued
r OH April, are fundabe Oniu in four OR cents 1t
We mouths after 1t is therefore onv ,yee 40
erested parties this attempt to discredit Treasury enc
= "hca are as good az any issues And the idea Pa
latter August there will be scarcity of money is Ina
ven sustained Gy the Treasury estima tes-which al
% - UOO,0O0 from January till July, and 1885, Az
600 from July till January-a total OF over seven not
Ired millions but
The Ca pture of Winchester i )
publish glorious to-day. Our success ct Win
Ter Is Gompiete The teegraphc dispatch from Harri-
fg IeIs some OF the gratifying particulars From tai
to nine thousand prisoners believed TO have been 1t
D. with vast amount of military and of
ions, oesdes great many and horses ana nre
rtAeey aud small arms. Truly, Lee has delivered PIC
dow, ana Eweh has made an admirable the POI
ssenRers by the yesterday attesed the sub in
SIS. ed in Stannton that ~; lou into
from Wiz che ster not to send him any more proys
as ne had an abundance. com
escaped ms lae He put himself at he head of ram
apany OF cavalry and fled for his lie. just to tho
DIS meek. IL Is reported that he threatened Ewe to
ne town, attacked, and Ewe led that he would any
the Iaet man OF them If they did. chin
ell pushed mmediatey after the capture of Win Ch
er and seized the ford of the Potomac Ut Shepherds
anIy mnes from winchester. The Baltimore and :. =;
is ours once more and is course already 1t Is
ned. The capture of Alroys army puts the whole COVE
at command, and opens ar, land and PennsY been
to e. Hooker, who is reported already in Washing do
the track OF Mcclellan The camnaon IL ppfoty whel
rest events 81 nay soon be expected cal,
report fall OF Gen William NTH ia the Hpht st and
scredited P;1ppy,J g nov July eontrsdefed that
,uo, g. = 800. "'''' Peep
0hOhAN| . OFFICIAL REPORT OF THE BATTLE CT ward