Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-08-28
GCOxNUNlcATED.]
TIE CURRENCY.

TIE letter Ct Tie Register Of tue Treasury OF August
lstb. rub!isL ed in the Rchroad Sentinel o. August
ls.l presens facts and suggestions which ought to be
kept tciorl ,he public mind until public opinion Urges
onrr 80 10 some radio measure for the restoration of
the currency. TIE amour: of currecy legitimatey re-
olrd for the business Of the COuf,deraCy it is
w,ul layJly b, laced by any one at lisher figure
than seventy five (75) millions The amount Of Treasury
notes outstanding is sr htrd ed and reNty tre (622)
millions. OF these l25 millions are bearing interest,
aud 10 some eatelt, my &c regarded as Hitldfa"n,
AZ least from constant circulation a. currency. tbs
leaves as rnaurst onaby currency, aga millions, far
demand which probably would be supplied by an issue
of sfty millions When We adj to this oil the other
paDer which is in urm for circulation, it b easy to see
that Il ere IS more han ten times a. much currency in
ejaculation as taere ought 10 be- 10 such an unWse and
a,g ous imitation OF the euTreacy 1t IS only surprising
Tia, Ures are kept lOS "a they are The lac DEM
osrates the unsesitang faith Of the people in the Ill
innate redeml tou Of the paper Of the Government
Prices -e no higher than they would be If this sudden
and enormous Increase in currency were Id and silver
instead of Cover meut paper The fact suggests what
nine of wealth the Government held in the faith
and purposes Of its ci;z,na TIE abuse OF this vast
u N''S'N~S
history will charge to these who ave b,el responsible
for this excessive imitation Of the currency. Me-. Tyler
suggests reu, dy which is Of the only class o! rcme
dies now left I'D ccmcnts for voluntary Investments
in the tic securities promise results too 'lw for the
emsrgency. Compulsory conversion of some large
mss of the currency into un6el debt, is one of the
absolute necessities of our lon brought u BY
bad fuanci legislation. We are glad TO see this
Ollie ally recognized i: gives US hope that the remedy
is az band Toe currency now convertt by II" into
four per cent bends must exceed four hundred millions
Let AZ. Tyer's suggestion b. applied to this whole
batch Congress ought TO provide that tie bearer shall
only derive e to this class Of Treasury by 81
lar written transfer and the attempt to pass them by
mersdeiysry, ought to be made severely penal. With
this smpe addition present congressional lsgis-
la,iop, four hul5red Millions wouli be invested
in four per cent bonds, snd the currency reduced
70 something like manageable proportions. This
cheap deprecated ious per cent. currency must be
e1lliJed from circulaton at early day, otherwise
it is folly to expect the credit of the bonded debt OF the
Coafederacy to be supported. With currency depre-
oaei in value and inflated TO proportions tenfOd what
ihy ought TO be, the depreciation and imitation must
accara.e at geometrca progression in the future, if
| a quick and eiIicicn; remedy be not applied.
This great evil is the which or ng5 moat distress
upon the weaker classes OF our society is the
ground of apprehension about the maintenance of our
Government with all sensible, rejecting men. 1t is
| idle and wicked to deude the public m nd upon the
subject The threatening danger ought to be pointed
on, and sterny met The greatest service which the
press can nov render to the country il sound the
alan, Oorousv until ali in rubc authority are arou ed
TO ne most strenuous exerols The press the great
third estate in our SYSTEM and exercises mueh prac.
tcJ, actual power over the Government as hose BY
whom the Governments nominly or at least Temporal
rly controlled Let it here and now exercise its whole
poser To do everything within the sphere Of his in
Huence to arrest any further circulation of this per
cent currency of the f:s: duties of every citizen
o. ito Con fe1eracy.