Washington telegraph., 1864-06-22

4 tised in the Texas and Louisiana papers. Being
/ unwilling that our Arkansas readers should be
ignorant of them, we give SO much of the sub
stance as is important to the people.
| Brigade or Division Quartermasters, acting as
psylnasters c.. S. A.. may, under orders from the
Commanding General, receive notes from the
roops for funding, for which certificates will be
i sued. under proper regulations from the De
| positary.
C-r.iicates for 4 per cent. bonds may be
| transferred by assignment in writing, by the
| owner or his agent, endorsed on or attached to
| the certificate, signed and acknowledged before
a notary public "or other officer" under his Off
| cial seal. If signed by agent, the power Of
| attorney must accompany the assignment and
be signed, acknowledged and certified in like
manner.
Interest due on bonds or interest-bearing Trea-
sury notes previous to July lst, 1854, ispayable
| in the old issue Subsequent interest will be
| paid in new issue. In connexion with this sub
ject it is well enough to mention for the benefit
| of this particular community, that the change
tickets of the Washington Exchange Company
| being Issued upon the basis of deposits made Of
the old currency, will (properly) be only redeem
able in that.
Certificates, properly assigned, will be receiva-
| ble 10y tax collectors for all taxes Of 1868 and
| 1861, due from the assignee or any ethers whose
| taxes he may choose to settle. All fractional
amounts must be paid in Treasury notes, the old
issue being, after July lst (unless the time has
been extended) subject to deduction Of one
third.
This, with some special directions governing
| the settlements of tax collectors, comprises the
substance of the instructions referred to.
| A correspondent in our last mentioned the
fact that Congress had passed laN extending
the time for funding to January 1st, 1865. Tie
matter is simply stated, thus indefinitely, IN the
Richmond papers. No doubt law has been
passed upon that subject; but whether it has been
| approved, aud, if SO, what its provisions may
be, whether general, or applicable only to par
licular sections or peculiar cases, remains un-
CERTAIN. 1t is unsafe for any one wishingto
fund.- and already determined upon it, to delay
it upon this Information. OF course our officers
here pay no attention to it; and unless otherwise
officially informed before that date, the privilege
of funding will cease on the 1st of next month.
| Whether or not it is better to fund the present
currency or to keep it to exchange for the new,
is matter which each must determine for him
self We are not sufficiently expert in matters
Of finance TO give any valuable opinion. Many
sagacious men are funding largely, and others
reason that the old currency with one-thrd oil,
or the new currency in one-third less amount
| will be more valuable than tae old notes are al
present, the bonds Issued for their full amount.
Either course seems patriotic enough, the
government accomplishes the object either way
of lessening the circulation. The hundred dol
lar bills must be funded, of course, they will
rapidly become valueless. With regard to the
othei s, the wisest course will depend very much
| on the circumstances Of the indiv For
those who have large taxes to pay, and little
present use for money otherwise, funding is the
| best. For those who do not expect to pay large
taxes, and who are constantly needing money in
their svocations, it might be best to retain the
| old issue Ii will I've in q more available shape
| than the bonds, and its convenience will go far
| to counterbaance the difference between the
|
the notes Except to pay taxes, the bonds can
be little used in the transactions of life. They
are safe investment, however, for those whose
money would be otherwise idle safer, perhaps,
than anything else. All movable property in
time of war is preearious and real estate, by
means of deYastations and heavy taxes, with
want of demand for immigration, may turn out
to be rather oneIous.
The transition from the old to new currency
will, of course, produce much confusion in ac-
counts The former will remain in circulation,
in common with Arkansas Treasury Warrants,
and small notes (under fives), which will not be
deprecated by the tax, and with fves which will
be lcss so, unless indeed there has been a gen.
eral law extending the time Of funding as to all.
This inconvenience we must suffer and remedy
as we can, until we may be supplied with the
new issue, when the old notes will go out of cir
culstion altogether, being either exchanged for
new, or expiring of themselves the first Of next
January.
Even now We gee little ground for any dis
tinction between the fves and the tens, twenty's
and ffty's. They are fundable little while
longer, and mag be useful to those who may
have neglected funding and who might make it
an object 70 collect them for that purpose, also
for paying taxes. But they will not remain on
par with the new issue. The prospect Of their
taxation will have an immediate effect upon
heir value. The mere postponement OF it until
the lst October cannot keep up their value until
that time. The fivss will. therefore, have only
the additional value which they will derive from
being still fundable and receivable in taxes at
their face value. That the premium resulting
from this will be small is evident to every one
with little experience in money affairs.
We will be apt to regret the postponement of
the time for funding. if the law should be gen.
eral and not merely applicable to peculiar cases.
Ne anticipate much good from reduction of
our currency, in a fall of prices and the checks
to wild speculation. The people are prepared
Tor the change; and With the imperfect lights be
lore us, we cannot appreciate the wisdom Of
Congress in delaying. There may be excellent
reasons, however. not yet obvious here.
| EB 1t is said that there are lots of cotton
| throughout the country helonrinor notor;ousIv