Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-05-04

addition OF % zoo 0O0mOnihIy. Tie Government has
no rigLtt 20 ressue he Treasury Notes wicA they take
in They canhOt issue a deprecated currency, and
these notes would clearly he less in value because the
period Guring which they could lie funded would be
nuch shorter than that OF tie new Treasury Notes OF
Apri Therefore Il mast be borne in mind that the
mouoy shdrlwa rom circulation FOR taxes can only
DO replaced gradually BY the Disturbing officers and
that from The period OF It's absorption, six eight
months elspse before the volume be great
Aud this also upon tie superstition that 10 bonds
shah be sold By law, the Secretary Of The Treasury
Is directed to u1d notes, so as to endeav0r TO keep
enly $4,000 900 ia circulation, Whether he will dis
play the genius necessary Is yet TO be developed
With money in plenty, prices are necessarily nAhed-
With O stringent money MARKET they must invariably
collapse Upon all these facts there is the additional
one of tie gerncss with which the Confederate loan
was sought seF in Europe, at 30 cents upon the dollar
aud lie premium paid making it from 81 TO 95 cents
TbeIeacton must soon commence, and when the news
Of he iaiure OF the ron-cad feet before Charles
ton reaches them, The hnarciers Of Europe must
feel a sill greater confleace in Confederate
credits. 10 may Like ninety d1ys to fully de-
velop The appreciation Of ouR. .currercy, but we
assert the opinion that in comparatively short period
the change will be marked aud graifyiog Besides,
the values placed upon various articles only cti-
tiou5 Because few nan in Richmond have estab-
lshed prices upon the gold silver or sterling ex-
ohGage IN tier possession far in advance of its correct
value II IS no iudcI9n that the value Of our currency
baoad be DEPRECATED. True, the prices extend from
Richmond 70 die Rio G-ando as quickly as the tele-
grepa can c0uyey1ne new7 of fresh enhancement
few foreigners IN Echmond get frightened and make
4nsh lcr .4-.shipg p pay any thing for t. Forth
W.T. zoe frce e1cs uD 40 per cent. in four days. and
probably $1,000 IN gold you'd the entire sales
0r the mlcc est253bed everywhere else Throughout
the Coaieieracy. The argument would be falTacious
that values could De Suddenly changed Take for
ias1pCe, che provision market The difficulty Of trans
pOytal0n has cheated scarcity ia Richmond. Corn
meal, IN Consequence, se 40 $l2 per busheI butter
So % per pound; eggs - per dozen turkeys 500
each; peas S20Eor b1sbel lay $50 per hundred weight
81. DOES Gny orc believe these 70 be fair Valuations
OF these Uommo1ileSg II Is just as much tic case as
is the inflated pFiec OF gold, silver aud sterling
Iron Tie Charleston Nrcpy.
The loal,ly Influence Of the Tax Bill which has lust
become law, is already maing itself felt in the proyi
sion market Since the leading features OF thetax have
obtained publicity, the decline Of prices in -four, rice
ana other articles Of food has been steady and unms
aLegbr. voriety Of reasons arc given account for
tie iai; some aadouiug il TO tie sudden contraction
OF DE currency DJ .le recen, funding OF so many mil
lions OF our redundant Currency III Confederate bonds
and others alleging Us cause the restrictions lately
Imposed upon Interstate shipments for the purposes OF
speculation Both these circumstances doubtless have
contributed in MEASURE bring about the reduction
OF prices; bat the agency that mas been mainly nsru-
mental IN eitecus tne welcome change is in fact the
new Con.edcrlie tax.
4tuo time, feel convinced has these existed any
red scarcity Of food in TIE Southern states. But in
every community, besides and distinct from the specu.
Ltors and extoriOurs there have been timd capital.
lists who, 1--we ling their funds in an accumulation Of
provisions, and refusing 70 sell, rather with view to
security dian pro . have virtually Withdrawn from the
market very large proportion OF its natural supplies
An Artificial scarcity has thus been produced while in
tru.h, there was abundance in the land
But during the last three weeks prices have reached
their Gcme anu there B reason to believe that the de.
clue which has begun is not yet ended. Theuow wheat
and corn crops promise TO be the heaviest ever known
in the South, and will, ere long be pressing into the
market. The policy OF Importing provisions in large
quantities has elre4dy been oauguGsd the well known
Charleston hm, @Hoso enterprise and tact has already
IN other resp-cl, conferred ncGculable benefits upon
tae country, taking the lead in ti5 last and impor-
tint Development Oi the blockade trade. With tue
propec. C this eaiy nd active competition in the mar
ket and with the certainty OF the heavy tax upon hoard
ID produce which must be p9id ealy in the summer it
20 strange that holders Should everywhere be eau.
ngusy relaxing their grasp upon ther accumulated sup
Plies. Nor need sc be surprised to find that as those
supplies long withheld lre wisely Yielded TO the de-
mand there occurs such tumble IL The price Of food
viii add TO the Of cur soldiers in the
6cd and send Joy and thnkuaes to tie hearts Of the
whole people
from he Columbus Georgia, Ea9uissnl
There is every reason to hope that the returns made
By thc poiaries Of tie revera States of the total
,mouHts lmdcdsn per cent bOads up 10 the 2d inst
viii exhibit great absorption OF The curepcy as to
appreciate seg-by the Outstanding Treasury notes.
Suppose there have been 100000 UGO or $lbOOOO eco
funded at the several repositories? This is calling in
Of one-th oreiOurth OF the currency; and the work
Of funding IS by means ended, viii be actiy ely
continued in por cents until the lst OF august The
Government Will not reIssuet1e uD,es thus called in
and only It's issues will add to thc amount of its
money in circulation. The tax law will carry in
very large proportion Of the outstanding noes and
those yer to be issued and win greatly lessen the cur
rent expenses Of the Government BY Securing for it an
Immense amount Of produce paid n taxes The Gov
crnmeut vail thus, toa consdeeeSent, be enabled to
Teitc from the market pufcir Of supplies for the
army aud TO that extent wiz the great demand that low
exists fer provisions be les encd TO the same extent
akO viii is current expenses be reduced; and the ne
goiia0u OF large loan Europe COT tlc success of
which 5dgised) VII he another element con.
gibuGng to tie reduction Of tho expenses and the cur
reucy OF the Government Thus the turang.point in
monetary career appears to have been reached aid
We have strong assurance Of healthy state Of the
currency, prod1ced by 50 great reduction OF It's
amount
This reduction and appreciation Of he currency must
effect tumble in prices and chat speedily. Those
who are holding OUT for still higher figures VIII prety
surely End that the tide is rccedng and that they must
back out with it or be left high and dry where the whale
cast cut Jonah Il Is to b. hoped that ike him thew
viii then repent Of the error of their WAYS and thence
forward profit by tne lesson taught them $50 mote it
be-