Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-06-18


UMEAHDG2K MOTHS.
From the Augusta Com iitaiiouailtI
As we predicted soI1s tins since. the specgia-
toYz. in collision with the banks and paid OF stu
pid newspapers, are atteup ting to create panic
about the coming scarcity of money, for the pur-
pose of depressing prices until they themselves
can control tha markets. N01 conten- with
using 81 the fair and Legitimate means requisite
to induce funding old issuea by the iirst Of Au-
gust, when part Of their issues win cease 20 be
fundabie In ssven ger cents, and a part cease %
be fundabls at all, these parties have be bold
ness 20 take one step further. and with the heart
less selhshness which distinguishes them, have
declared their intention, by unlawful al well as
unpatri0tie combination or conspiracy, 20 dis
credit Totally certain treasury n0tes 70 refuse
them on deposit or Iu payment 70 throw them
out of circulation as currency entirely 90 do
clare them not good In fact, and thus 20 create
confusion and distrust among the people IS %
al the treasury notes now outstanding, or here
after to be issued and enabling themselves %
buy certain issues. intriusicslly as coed as any.
At q discount Of fifty per cent. or more, to tie
manifest dstrimens Of holders of notes. and TO
the serious injury Of Confederate credit and pub-
lie confidence, on which cur success so greatly
depends.
This is a matter Of the first importance, and
demands careful consideration and JUS. sciicn
funding act passed in April, wsrei 90 their face,
and By he law Of Congress, fUndabie as any
time, and as en- times, unit. they were paid, iu
bonds Of the Confederate States bearing eight
per cent. interest This promise to pay eight
per cent interest on the debts Wss An egregioUs
blundeE in The beginning, and arose from an
uuWarrantable presumption that the war would
be Of short duration, and consequently the debt
would be small-at least small enough 90 create
M
When it became evident 90 the most obtlse that
the debt would be so large that eight per cant
interest could not be paid on Z, it was thought
necessary for the Government to Eatrsce its
steps. 70 retire ss far as possible its notes fund
able at a high rate of interest, and 20 promise
only small per cent for the future
Il was matter Of debit wish many Of tho
most conscientious and sagacious men of the
land. whether it was either wise or ezpelisnt for
ths Government without the consent of the
paries hcldiug its notes, 90 annui the contract
on the facs Of those notes Such conduct. it
was thought. was clearly wrong and would be
5uch a stain upon the good faith Of the new
Republic as could not be coZutsr3alsuced by
the benefits likely TO arise fsora it. We how
ever, sustained the fuadiuE system adopted on
the prouBd thaE. while it was a deprivation Of
the uota-h0ldsris right to fund at any time in
eight per cent b0ndB, it would really work
him no practical wrong, because the funding
that would snsus thereon would help to pre-
vent lhs purchasing power of his remaining
notes going dOwn Co zero and that Do was
better peiicY for the Government TO pay In
tsrsst, and at a aigh rate, on part Of ita labilj-
ties, converted into bends and thus Withdrawn
from circulat than 90 keep ITS Whel5 la
bilites, even without interest, oats sRduy,
thas adding continually 70 TIE circulation, de-
preeiating daily, while the price Of everything
Government must buy was apprecs1ng 10 ths
[ same ratio We supported the funding system
and the tax bill heaTtily not that We believed
either OF both combined could bring prices TO
their normal condition, but that SO lar ss they
Withdrew notes f1em circulation, theY would, to
I that extent, check the tendency % shl higher
/ prices, and thst taxation was absolutely essen
tial 70 pay interest and thus give az earnest 10
j all man that the C51fs1erale debt would be- re-
/ deemed But ws never supposed that this com
pulsory system of funding squintng though,
[ Il must BE- confessed, AZ iaCitv of morals and B
disregard of public faith, would be seized upon
bv parties. whose own interests lead them % dis-
/ regard tie public good and ths credit Of the
I Conls5eTacy, t9 destroy entirely the current
value Of C0nfedarats treasury notes.
Letus lock into 'hs matter a little. By the
act of August last treasury notes were fuHda-
| bic ill she lst Of A9ril in eight per cent bonds
after that in seven per cents But by the act
I of April treasury notes issued prior 10 the lst
.Dscember, except the two yaus ugtes, were
fuudsb'e hll 221 April Ia eight P=- = = bonds
I -aftsrwards til August next I'm seven per
cents, after 1gt August they ara no longer fund
able, but they are receivable, till paid for ali
I Government dues, except export duties aud
payable in gold or Ifs equivalent, SIX months
after peace All tie two-ysar notes are funda-
bic till 3lst July in eight per cent bonds, pay
able in two ysars-aftsr the 3ist Of July the7
are not iuudabe, but payable only waeu pre-
/ sentsd, and receivable for duties and tsLes.
/ An notes issued fr0a the lst December to 9th
/ April are fuudabla In seven per cent. bonds
/ till lst Augu5t-sftsrWari in four per cents
only, but receivable for dIties and taxes, aad
[ payable after peace. Notes issued after The
6ih April are fuuda5le in SIX per cents for twelve
months from the tirst day of the month Of their
issue, afterwards 80 four per cent. This IS the
system adopted by the las. Congress.
We DO not know how many treasury notes
were issued previous 20 the lst December, nor
how many haVs since been funded. We estl-
msts, asWsveT, that the issue then sutstanding,
exclusive Of interest notes, tw0-year notes and
one and two dollar notes, (nOt funda0ls.l was
about two bundled and 6ity millions. Pr05a-
bly, seve8ty-tivs millions were funded 30 the
22d April; aud it is h0ned that the amount
ali may reach two hundred millions by August
g. If sa lhe amount of those left VIII bs only h--y
millions, sTery dolisr Of which is as good as
gold fer taxes, and win be absorbed under the
tsx bill. So taat there is rot the slightest
reason why spsculalors and banks should rs
fuse to receive notes issued prior TO Dseem
ber- thus discreditng the currency of the
country, tha issues of the Confederate treasury
Those notes ars just as good as any
treasury issues, and parties refusing TO rsceiv.
them know it. They are always receivable lol
taxes, and payable six months after peace. Ih'
notes issued after Ist Of D8cenbar'and prsViou.
to 9TH April are equally E00d-and tisy ar'
fundable after l8t August. though only in tou'
per cenfs-iust ss all other treasury notes
issued after 6th April. are lundable 0uig IN fou
per CENTS, twelve months after ISSUE Lt Is there
fore only Tnss Of iniere d parties, this attamp
10 discredis treasury noies which are as goot
ss any issues. And tie ilaa chst aitgT Augas
there VIII be a scarcity Of money is not wei sus
tanned by the treasury astimates--Tghich az
S3z2,00 600 fe0m JauuaEY Gil July, an.
1886 O00 900 from July .o JauuaEy-a toial O
over seven auudrsd millions.
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