Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-04-27

h'ought 10 bear upon It, and the fall tremendous
One of the largest operators in Fort Wayne Messrs.
Boss Co it is said have lost 5000 900 on that sin
&c sock since Friday, aud failed on Monday.
Mr. Chase will probably let up bis grip on the paper
in few days. this will be necessary to float his loan
to advantage ct its par value. II Is really curious to
watch the effect of partial withdrawal Of thepapsr
currency. IL will be remembered that the banks here
hold large amount OF i've per cant two year Treasury
notes with coupons attached large portion OF these
they deposited with the loan committee Of the Clear
ing House Association, taking out loan certificates,
which were to be used in settlement OF btllnces be-
tween the banks. The notes thems lives capnot be
Withdrawn until the first week in June when the first
coupon natures.
As mary Of the banks are short Of everything but
these cert6cAtes they seek have all elaine them
presented through the regulr exchanges at The clear.
ing house, Il order hit they nay pay them with the
cert cates instead Of currency The latter Is now
worth one per cent. more than the certi6cates The
most superficial observer must why the banks are
short Since the lat inst they have been drawn 10
round numbers as follows:
To fprd in the ten forty loan 100000
To bur gold certificates. ............... 100000
70 pay foe Government exchange. ....... 1000 900
To pay Tor sales Of god...... ......... 100000
TOtalcaIled in .S4I 900, 900
Against which the bank shave received Only the ordinary
disbursements from the Sut-Treasury.
Mr.. Chase came here on Wednesday night, and on
Thursday commenced actual sales OF gold through his
own private agents. Mr.. Cisco not being concerned in
the Transaction. He has been clearing" the market
ever since He left Saturday evening, but his agents
have continued the business to-day and have thus kept
gold knccksd down, and kept 1t from Advancing.
Forney writes to his paper as follows:
The practical cure Is in immediate and general re-
trenchment in the taxation of the redundant currency
of the State eank9 in the enactment Of high tariff 10
put sopto tte txsetsiye impOrations that futfnl
sources Of dissipation and pref among the people
= aud believe This cure ViH be applied
pIscoNTIHuARcs eP GOLD ERIIyIcLrEs-LKrrRR FROM
an, tEcRKTARY CHASE.
The following letter from Secretary Chase addressed
to Mr.. Cisco, of New York. explains the reasons for
discontinuing the issue Of gold certificates:
Treasury Department, April Is, ls64-Sr: Much
complaint made by number of the leading merchants
of New York and by many OF Boston, Philadelphia and
BALTIMORE about the Instructions Of the Department for
the temporary ssue IF coin certificates from your Office
receivable for dutyin Leu geld.
This instruction given partly indeed with refer.
ence TO general public interests but mainly for the
purpose Of relieving as far possible nuder the Law,
The importing merchants from hardshps occasoned by
the necessary accumulation Of coin 10 the Treasury
Az the complaints referred to sufficiently show that
the main object Of the instruction is not accomplished
tho issue Of such certificates will be Discontinued after
the current week, and duties will be collected uniformly
| in coin, as heretofore.
Very respectfully, yours,
.Gt To- t 1al 8 T. CHASE