Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-08-28
FINANCIAL AND COMMERCIAL.
TaURsDLr, Angus, q, 1868.

goes on as rapidly ever and htil further Ceprec;l
ton of the currency seems neyt.be. True in short
time If mere enc gy Il e1bit Cd tie election oil the
tax in kind VIII r,!ieve toe pressure upon the Treasuy
for the paper money nov required to pay for necessary
army Supplies AID the c5e.ton OF the axes real |
estate incomes etc., will br back to the Treasury
siderable poroa o. the notes here of)re s.uad But
we cannot now re!y upon collection Of taxes fr
restoration f our currency to hcs'tiy coalition. L
is very fiji :ult indeed to prescribe eicacioui rr-
edy bit l. s obvious 10 every IT ing ptrsou that
"4omething must be done"
0ae cause of the degradation of currency is a
psryading ditruss of Us ultimate redemption. lt is
,l,ss to attempt p dsgu5e this fact Our recent
ve.scs have nanlety inspired be liuid and seniloys
portion Of tho people with tie Apprehension that tue
Ysnk5,s will ultimately succeed in tie scheme of sub
jugaton We merely state the fact vitboi. digresang
to show tie atslEdy of this fear. Tie only argument
however, Which could b, successfully usei to convince
this class o! persons of the probability or certainty of
our eventual trump, would be asigna victory TWO
over the enemy by Confederate arms and thcse, We
trust will be achieved ere l)ug.
Another class of persons believe tina. will esIab
sh our independence, but will b. unable for many years
after the close OF the war to redeem the outstanding
issues. We forbear to discuss the question
The influences Of these opinions combine with the
dundauCe Of the currency to impair The public credit, TO
inf tie prices, nd 10 foster specnlaon aad exravs-
gance The former is ct present beyond legislative
control II may be il the power of Congress 10 enact
measures which will fec reduction of theamount Of
currency The "demOaeiizing" system has beer tr d,
aud found wanting. TIE stiOn Of the privilege Ct
furdirg and reduction Of the rate Of interest have
proved uaavaling expediens, aud other plan fer
accomplishing the desired end be resorted to.
It may be that The Government will be compelled 10
make fresh start. financially, issuing, afer fixed fu
tue cate legal tender note fundablo at the end Of
or two Yeas in bonds bearing per interest payable
semi annually in gold or cotton Tn issue. should be
the equivalent of gold in the CoDed States aud would
bIyoid doubt b. eagerly sough after by al cl,sses
No other notes should he Issued aud The present ctcu
Ation should b, recalled by persuasive meaus sueh as
Offering 10 p.rsOa VINO wal. u ii any amoan. OF the
present cirr ncy exchange OF legal tenders for OLD
Currency TO the amount OF onethird OF OrefouEth Of
the sum funded by them. For example, would take
So 900 the Treasury and nves. them in bonds lie
would then be privileged to present another $1,000 or
$3.50 s the might be- and receive in eIchar Sc
for equal amount Of the legal tender notes VI
course he would hesitate to avail hinselG Of the
privilege nor would he be reluctant to make the in
vestmegt which would secure this privilege. In this
way large amount of the PRESENT circulation would
be s1ou withdrawn and all would ultimately be abb
sorbed.
The issue of legal icvg should be limited to $780,
900 600 at the on.s,te and al funds required by the
Government, beyond this amour, shoili.re raised by
| lOIns and taLItiOn.
This orojet, like all oher, may be open objection,
but E. the time may, at least convey hint or two
which woll prove useful in the solution Of cur fnan'
cial GiTiculie-. 10 this spirit it is submitted.
The brokers report decinein the premium
OF specie. Some Of them are rot sskl more nov
than 81 premium fer g,ld or sl2 for one. rde At
lanta Confederacy, of a recent date, says;
T ere has been heavy decline in the prise of gold
sterling exchaTg3 and bank notes in this CITY, for few
days past Gold las allen about four per cent and has
a downward tendency.
In bonds ard stockl, we have no change to report
An extensive auction fsl1 by Messrs Davenport Co,
will take place on 2S.b IRIS, a, their room, in
view OF which omit quotations.
Country produce has been arriving more
freely in the pat few days. aud prices of some articles
are lower The established quo'a,ion for Wheat is IS
per bush. The miers will off, no higher price, and
consequently the farmers will have to accept this price,
| or not SELL They can, however, have their Wheat
ground on toll the city mills, and sell the Flour fer
any prics they can obtain The G.veInmPnt price i,
S25 per Dbl. or supelne New Flour unexpected has
been sold a. auction this week. at s48 2J per tbl This
is above the marke. value.
We quite Corn at S9@9 so Com Meal 80 l2(99,50;
Oats Sc; new Peas 5000 %; new Irish PO,aoes SEQ
6 50 p bus Peanuts $ll@ll,25 p tu,; Bacon $40
2,lO for hog rouhd; La 81. 65@l,7O; Batter SEA
225
own Sugar 81, 75@l 81; MolAsses $l4@l5; Coffee
SO 7j64,25; Rice 2o@25c firm; Ssh: 45c Cider VIM
cglr Sj@5 pa; Tai ow candles 49, Ri Cab Soda So;
S4lera.us 81, so; Coppela' aoc; Soap 75@sl,25.
Beef C,tte sold at the scales, this week, at 8O@l5
gross.
As large amount of the unfundable Urea
sury notes is sill, aloat ask attention 10 the follow
| ing extract from a comm IacsOn published in the
Sentinel of the lSth the signature Of "A Col
lectOr:"
An act of Congress, approved let May last provided
that the Secretary of the Treasury might prescribe
regulations 10 enable any taxpayer to pay into the
treasur in advance such he might choose
account of taxes against him. and to obtain
tn refor certificate besring interest at the rate Of FIVE
per cent. year. until bis payable The regu
laon made in pursuance OF this authority permits any
taxpayer pay the hands of the Treasurer any
assistant Treasurer or Depository, any Of money
not less than $780, 10 advance of his taxes thus excu-
ng from all direct benef: Of this law very many
payers and especially those who need Indulgence
and aid-bu' ioubuess) for good and sufficient
Thus there tax PAYERS who even have 10 pay several
hundred dollars in the course of 4 year, yet WI not
have to pay quite much 800 any enc install
ment All these lin effect prscluded from making
such deposits in their own names.
But proper spirit Of accommodation among the
larger taxpayers will afoid remedy for this. Lit
such receive from these whose are ess and even
from persons who pay taxes at all the Governments
promises pay which are too sen lie for any purpose
but to pay the Government therewi.b, giving in ex-
change the laes. issues and then let tem forth nth
make deposits authorized by the published TTea ury
ragnlatinn OF course re,ann can reasonably he