Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1864-11-11

47.000.Cn0

estiUa'ad st Is 900 UOy
Boz O.. certificates or iat.bt-
a:H,ss eEd ioaGs .. hj-
p:s1s2st:oa ii s;3a1s. 41.0U0. COO
Sl62 2,00U, 600
The cest;Evsisc ut iD1!bteidess, provided
BY tbs ar OF l1th February, 1864, did nat
prove al faToiltt 81 l1ysstnls1t as was ontioi.
paiod, and tie amount OF ,hara securities,
taken in payment By public creditors up to lst
October, is 50 0G0,GU0 only. From the sale
of bonds end loans oa hypothecstion Il boads,
sbcut S45 0G0, 900 Tss salssi, end }rtnl ths
nav tssns Of treasury notes s2e3 900. 900.
The large aud rapid iss1s Of treasury n9tea
is tbs more tc Is regretted from the faiiure
OF ths msssuS3s rolled apcl % sI5te;u tncir
value and :ed4ca expenditure. Ths aex
notes sEs received hy rhs Tubl!c sc Z 7aius
soa.oely sny higher tksa tbs ;.id, ard, es b
consequence, ;hs expen5:G ha7a 10: declined
The 0cr,aIoy demands tue il:!o 5iia's and
ths gravest clG,:isla!;0u ai Congress. Ualsaa
g unifoTEi sGd stable value can Ia given to this
Trsss9ry notes, the effort 10 asrry on the war
through thelr instrumenialt3, tnWst Of neosasi
ty be sea0doaed Acauiesosaes III ita de-
plorable depreciation, is - eoart tbs ruin 10
which il leads. Oae hundred snd thirty ii vs
dollars in currency, tbs price ohtsi1sd for one
hundred dollars ip eig per cent. bonds, is equal
to six dollars only in arscis end 10 soil tba
bonds st this rats is, il reality: t0 Sispos0 81
them ct ninety -four par can't discount; or. il
other Tords to give bend foT Gus hundred
dollars il. Ct otlsidoratic'. of &c loan of s1 ,lal--
lSfs.
The'e is not man OF property III 5hs oouH..
t'J who wou]d not prefer any faiI maasuL5 ai
rs1stioD, rather than proours Temporary
and treaoheTou5 prosperity By the lll, OF
mor'Gages ~ his sstat5 al this TunoN+ rata.
Tho Depreciation 81 the ouiIsI3y, pressed
ing from redundancy, and the want Of conf
denoe in irs ultimate redemption, can only ba
corrected By measures thar shall 10th diminish
its volume aud sustain the public confidence.
The measures adopted by Congress to reduce
the currency, did not coaltils tisse ESSENTIAL
elements of SUCCESS Those who had taken
the old hotss. relying on tie good faith Of the
GoverImsnr, Oil finding them auddenl5 ds.
Vriyed OF oue-thira If thei. oominal 7alus,
became alarmed, and received tbs nav notes
under stToCS sppreheoeions Of q repetition Of
the measure. Al .Ee timo, too. that tho c11-
rsncy acS provided fJr oiruist;oa sz.
ceedipe four hundred milliors of dollars,
It circumscsibed and reduced tie denf ft.
tie notes, BY making The focr per csnt bonds
receivable Ill tho payment Of IsI1i. by tie lst
day oi August SlT0, 900 OF the nsw notes had
already been issued; and Lass tns1 $4,000 0G0
sudieed for the payment oftte tszes collected a,
that date. Depreciation c0limeEcsd at once
and proceeded at 50 rspid rate thst by the Isl
day ofOctobsrp gold wEs selling 1T twenty -f7e
dollars for one
Ths necessity Of pT1Tidine speedy snd eti-
- E.. xk.
vio15 The bonds have TO be sold for this cur
rencJ; the taxes must be collected in it, ana
hence all the means of the Government far tha
purchase of supplies y III csasst Of this H:eGi;:rn
Admitting thar the amount which may be Isis:d
from these SOURCES Is HominalY egusl 10 the esti-
mated expenditures. theTo i; yet 10 security
against such further decline n tina rslus Of tho
notes ss will disappoint present cslcaistiaas, sud
sdi enormously to the sccuGalsiion Of the pub
lie DEBT. TIE time, ths1etore seems 10 have al.
rived when Congress sfo1ld take measures to re-
5.o,s srd sasts;n the currency, CT maize pro-;siol
for i!s honorable redemption, am resort TO tue
.ase Of specie and bsnk-notcs. Tee sdoptioa Of.
the last alternative, il fs feared, wonld r7od1co
great embsIrassment in the community, and trs
;mpcssibility Of obtaining su udequato supplv OF
specie aud bank-notss for the wants of the Co..
srnDent. would crssto the Bsas5 ity for sJ STEM
Of universal impTessments, foll3we1 by inosleu-
lsbls eateTins snd di6ireef
That tho Go7s1nnsu' mus: 10 supplied with
sufficient means 70 carry on tia wrT, lii are
agreed. Oar enemy cffers us no terms short OF
unconditional surrender of lie, Liberty and pro-
persy, sud no choice is left us, even If ne Ters
disposed TO hesitate. Tbicn we sro not bat TO con-
tinus the wer. The adoption, therefore, Of
permanent and efficient system OF Sn8nce :s ia
dispensable TO the full Development and uncol
strained use Of our resources. The return to spo-
Gle payments being for ths present ;mrrec,:ca-
Bile, The enquiry is whether 70 possible to restore
end maintain tho Tsiue Of tho troGsuTT notes as
> currency. The accomplishment of this end Z;
of sucp -ss; importance. that it ;sr Of ni cIore
tn.. to which she resources Of tno co1a:rI- snould
Go devoted aud appl;ei. Wero it possible 70 IN
ticlpats ice productions Of future 5egrs Of peace
aud CONVEX. them into money for Immediate use
the e1psdiency of re:o1ting to such a measure
could no, be doubted. May rot nesr approach
TO It be made by de!oting portion Of these fl.
tare productions TO the pa1poss Of inpsrt;ng to
the treasury notes higb and stable Talle? /
sabmi: that this Ia55 bs done, and respectfully
oropose plan fo: i.s accomplishment.
It is an SCI pled.:ag the faith Of the G7Te7ns
men. against the is:ne Of tIsHsrry ro:e5 beyond
tho amount authorized ty tho not Of i7ih Fabrus-
~ 1854; e1snpting the notes from ts1a.ion; pro-
7iding for the .pplicstion Of twenty psr cent. Of
The taxes s1anslly 10 tee reduction ofthst amount
anti peace be declared or ;ne outstanding ,lm
be reduced 10 Sl60,G0o ,0o0 continuing tho taz
IN kind Gf:sl the wGr, ond Eppropiating al as
oa,sained proportion thereof annually to the re-
demphon or payment OF the circulation, until the
T7hole shall bo retired.
proposs th:t the redemption snail De Dsds
from the tithes CT cotton, wheat and corn, al
prioss fixed bJtho act, nsmslJ: cotton sc fifty
cents per pound, wheat st fouS dollars psr
bushel, and corn at two dollars per bushsl !;
that the notes bo received after the war, from
al persons liEble to tho tsI in kind. in coui-
mutation Of their tithes Gad that the Score
tar7 of the Treasury be authorized 10 issue
certificates in exchange fcE treasury notes,
bearing si1 per cent interest. secured and re-
desmable ii. tbs sa1le manner and On the sems
terms as the notes thsms,l7es, free from taxa
ton and receivable sitsf tne ws7 IN payment
Of tho tax 10 kind and that sll notes, receiT-
ed into the treasury for thsss certificates, be
cancelled.
The cfsot Of this measure wcala E5 that, at
present prices the entire population would DO
Interested In exchanging their productions for
treasury notes. They would constitute not
only o safe currency, but profitable invost'
nspt for in tie ratio of to1 dollars foT Qua. 81
compared with spsc;e, the produce obtained in
payment at tho close Of ths var, would cost
tho following priocs, viz: cotton hre cents Per
pound, wheat forty csats psr bushel aud corn
twenty cents These Dominslly low prices
would not operate to the prsj udioe Of ths agri:.
oulturalst for his ts1, bsing in kim, would
neither be increased nor diminished by the
price. Il is true hs would have collateral
interest il oozaHon with tag payers generally,
(fo, Of couree all interests sill De te1ad.) IL
the redemption Of the notes ct moderate rste:
In this respect his interest would be protected
b! the prices ssipulsted bJ the act. which ere
not too low foz tims of peeoe. but if they
were. full oonpsHsatioc would accrue to tho
tax psyer in tho ipn ediats enasrccnen: ofthe
notes aud consequent reduction Of expenses
And th. producer wculd ind complete in
demnity 10 tho sale Of bushei of corn nov a.
four dollars. and the application Of the money