Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1864-11-24

~,
excessive The of $500 reduced into specie
amount applied to the values Of 1885, viz
is at of less than half of per And
upon an assessment Of s2 O5s SAL would amount to
one and half per cent And when is embered that
strongly recommend less than onefoorth of the
cy will suffice for the quarters tax, and the col
ton before another payable it apparent that the
Of the country are ample to meet the proposed
1t may objected that the several combined
will unduy reduce the circulaon and the couatry
the evils of declining and Insufficient currency The
reply this objection is that the evils predicted are
extent nseparabe from the reduction of the currency
and the improvement Of its value Any that
efectEg the desired reform of necess
tg followed By the trials that attend upon such tran
sition Congress does inerpose, and by such
as have ventured to recommend restore the
currency gradually judicousy and by of voluna-
ry action, it will aasuredy reoty itself by Violent
and disastrous conclusion.
developments attending the execution of the
cY February IT, 1864 reveal that great
body the Giro ulston ia held in moderate by per-
of limited means in aIi classes of the popua ion
The deposits hed the banks large they the
aggregate proved be The accunulatons of individual
dspostora ia all parts Of the county, The report Of the
soldiers, soldiers ales AID tho poor generally, have
been the heaviest sqnslers ~ e LAX o me currency ana
classes society in the currency the responsibility fixing
the yaus and establishing the security of the notes as
the drsvv OF sscrad duty The soldier snd all
forced to :he immediate use OF their money
the depreciation whereas the capitalist has in his
TO indemnify HIMSELF and even reap profit by investing in
The proposed may be expected to correct ths
inequality, and give to thofe who claim sympathy a
and when the country will enjoy salts.
acton of having protected its defenders froni want
Iic proposed reform should be followed by general
la ge decline in prices woud be hailed with the
veiest satisfaction, except by those whose impruden in
vestmens have contributed 10 the arrangement desire
to correct. No improvement of the currency be
pected mat will not be attended by an Immediate decline
of prices 1t will therefore, be idle to that the reform
of The ia
prices should be continued and 20 shrink
the reform currency The me for hesitation past
and Of two alternatives must be adopted. Measures
should be taken without delay to revive confidence in the
treasury notes and uphold their vaIue or tax payable
specie and the Of solvent backs be reaorted In
he most favorable light in which can be regard
ed the purchasing quality does exceed
eight apared with specie and the bonds even
lower in vsue being sold rate hundred dol
lars in bonds dollars specie. To continue such
change. ndeed tor any length Of tine it possible
would be runous But my conviction is that it s impos
sibe to persevere, and unless prompt and decided
reform adopted tho progress of depreciation
viii be accelerated and oar become
mountabe. would, therefore, earnestly urge upon Con-
gress the necessity Of acting wh dispatch, and by the
adoption OF vigorous and decided restore hs
value OF the currency and avert the Calamity with which
we are threatened
To remove spprehensions of our ability with
Venlenoe tte nc eased taxation recommended, 1t vii
suffice to call attention to the pail thi
| The total amouns Of taxes is estimated
| But :1om this sum must be deducted the credit
SIPS, ,7s7, "a
:.s245, ,4ol ,1s
To this amount must be added the tax on treau. :
~ notes of thirty-three and third per cent;
ssd the four per cent. bonds have declin.
ed In value to $66 66 per 500, the tax in eff.
feet, included the whole sum of ssus IS, except
in SO tar as the bonds used at par in
the payment of taxes vix:
| Total s.ue. .ue.......................s79 .s797 7s2 600
Less estimated amount of four
per cent bonds receivable in
payment of taxes. es............... SO 600 600
| SOS, 1872 600
cent. .......................,. 9ss AGA 90