Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1864-03-19
The Rebel Flnanees-HIgh Pr Is.

[u.I
On the publication of the Currency Bill
passed by Congress, prices Immediately clean
ed up" Everything has an upward tendency
Yesterday, 'etsky 'oich had 6eea, selling h., dg,s
ago for $50 per gallon, could not be bo,,g5t n
S120. Broac,e sugar $3.50 per pound 5v Hs
hogShead, and none offering. Some of the deal
ers have absolutely shut up and refused to do
business at all, preferring to hold on to the
goods rather than receive ANYTHING in tho
shape of money larger than S. note.
All this is but the result of the sudden
panic into which the country has been thrown
by the unexpected reputation of portion of he
currency. II is, howerer, the mere iuR,tr Of he
tide, and is reflI1 wN reduce prices to hfjr az
standard. 1t seems to be pretty generally
conceded by all parties that prices viii fall.
the currency appreciate, and everything "get
better after the first of April.
But it is much easier to carry nrices ,,n
than to bring them dowe,. and the reduction
of prices will not be so rapid as the advance
The total issue of treasury notes bv tho
rebels in present circulation, exclusive of
1928, 100000 of 7-SO notes, is said to he
S720,OOO,0O0, of which 5000, OOO. 900 are said
to be in 800 notes. The act which has pro-
dueed such an elevating tendency in prices is
thus described:
1t allows the holders of above FIVE dollars
in value to fund the same Those east of
the Mississippi till the lst of April. 1864 and
those living west of the Mississippi till .Tulv
1st, 1864, in bonds payable in twenty wears
with interest at four per cent, payable on
January and July 1st. Until the bonds can
be prepared, certificates will be issued. These
bonds or certificates are receivable for Gov
eminent duties, except export and import
duties. In case, however, these notes are
not funded, the holders must stand a share
in them after the dates above speci6ed of
one third, for after these dates the Govern.
ment will discount them in all payments
made for taxes, postage, or even funding. at
the rate of 333 per cent, and if not funded
| or exchanged for new notes before the LIST of
| June, 1865, they will be taxed one hundred g.r
| cent, or, in other words, be made yaluelqss
But the fate of the 800 notes is even
worse than this ; for after April lst on the
east side of the Mississippi, and july LIST on
the west, they cease to be receivable for
public dues, and are to be taxed, or in other
words shaved, and are also subject to a ten
per cent. additional tax every month, not
PAYABLE in these notes. So that the holder
| if any should be fool enough to keep them,
will find himself rapidly incurring a tax
|
not pay. The legislation will compel the
prompt funding or burning of the 100000
900 500 notes. This amour. taken from the
circulation viii leave $4,000 900 But part
of this will also be promptly converted into
bonds, for the bonds are to be received for
public dues, while the notes will be depreciat-
ed One-third after April and July, and unless
exchanged for new notes will be valueless.
The Secretary of Treasury is authorized to
issue, for future expenses, six per cent. bonds
in 800, or multiples of 800, payable in
thirty years, interest semi-annual. These he
is to dispose of on the best terms he can
They are free from taxation and secured by
export duty on cotton and tobacco. Certif-
Gates, however, of Indebtedness are put on
the same footing as Treasury notes above FIVE
dollars, and, after April and July, must be
| taxed one-third. The five-dOlar Treasury
notes are to be shaved as the Others, only the
time with them is extended to July lst, east
of the Mississippi and ID of October west.
They are not liable to- be taxed out of exist
ence.
But the incest little swindle on ga cOnfd-
ing public is concocted in the 10th and 18th
sections The 18th authorizes the Secretary
| to increase the number of bank repositories.
But the 10th says Z" that if any bank of de-
post shall give its depositors bonds author
| lied by the lst section in exchange for their
deposits, and specify tie same on their bonds
by some distinctive mark or token, to be
agreed upon by the Secretary of the Treasu-
| ry, then the said depOsitors shall be entitled
to receive the amount of said bonds in Treas
ury notes bearing no interest, and outstand-
ing at the passage of this act" In other
words, if depositors make deposit of funds
more valuable than Confederate notes, bank
ers are authorized to substitute bonds pur-
| chasable with Confederate notes in lieu of
them. That may help the Government and
| the banker, but how, about the depOsitOr?
The Secretary of the Treasury is prohibit
ed from issuing more notes after the lst Of
April, except in exchange for the old, and
then at the profitable rate for the Govern
of two new notes for three old ones. The
old 100 notes, of which there are Sl29, 000,-
| 600 out, are no longer receivable for dues,
but are directed to be funded We do not
believe that the whole financial history of the
world will furnish any parallel to the sapient
legislation of this rebel Congress, which thus
by legislative enactment seeks to reduce
redundant currency by virtually destroying
its value one-third. After such an adrot
scheme of swindling as this, what faith will
any capitalist have in the future financial
projects of the great repudiatOr and his CO.
adjutors? And what guaranty have they
that any limit of issue will be kept by so per-
/ fdious . government