Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1864-08-26
TREASURY DEPARTMENT. G. s. A., |
Richmond, Aug. B, 1854.
m. Gouernor Bonhdna

letter of the 30th ultimo was received yesterday
If it shall prove to be my happy fortune through
the Divine blessing to contribute in any degree to
the welfare of my country, I shall be more than
compensated for all helabors and anxieties to which
/ have been appointed, Expressions of confidence
and good will on the part of my fellowcitizens such
as you have been good enough to convey to me,
are most grateful and encouraging. l regard the
Treasury Of the Confederate States as most pecu'
ary the Treasury of the people, and there is moth
ing in the power of man that would so soon restore
it to a condition of ease and prosperity as the uni
versal and generous support of our people. THERE'S
nothing in its present circumstances to inspire
alarm, but on the contrary every motive for con-
hdence. An all peryading cause OF EN- barrsssment
and Distress has been the character OF our legsla-
ton However periodically intended, it is not to
be denied that the measures adopted by Congress
for the reform of the currency, had the unhappy
effect of inspiring the public mind with feelings OF
fear and distst as to the course that would ulti-
,mately be pursued in relation to that part OF the
public debt that is represented by the Treasury
Notes. Apprehensions Of ultimate Reputation
crept like IN all pervading poison into the minds OF
the people, and greatly circumscri6ed and diminish
ed the purchasing power OF the notes.
There were many distinguished and patriotic men
in Congress who earnestly believed that the great
if not the soe evil of the currency was to be found
in its'redundancy alone. And reasoning from this
premise they>inferred that q corresponding reduc-
would produce an immediate reduction in the price
of all saleable commodities. Others entertained a
different opinion, and believing that the purchas
ing power and value of these notes had a critical
and sensitive dependence upon the confidence and
good will of those who were called upon to exchange
their substance for them insisted that reduction
of the quantity by any measure that disturbed the
confidence of the people in the good faith of the
government, would lead to universal dstrust and
still greater depreciation.
The majority was, unhappily, found to be the first
opinion, and it must now be universally admitted,
think, that the policy that prevailed was errone.
ous and the consequences precisely such as had
been predicted by those who opposed it. The i'm
mense reduction effected by the tax of 3Sb per cent.
levied upon currency, and by the process of CON-
puSoTy funding, produced very little effect upon
the Prices of commodities. Everybody regarded,
with distrusb new issue of notes of the same
character the last and resting for their support as
q circulating medium upon the same pledges which
had ended in disappointment before:
That this is the true difficulty we have to encoun-
ter, think every candid person must allow, and
cannot refrain from indulging the hope that new
and sounder policy will govern our future legsla-
tion The patriotism of Congress is not to be call
ed in question, nor are we at liberty to doubt their
Willingness to renounce any policy that may be
proven by experience to be erroneous and mischiev
Gus. Our people at the same time, should not be
SILENT and in this respect the patriotic citizens OF
the great and suffering Commonwealth of Virginia
have set noble example.
On my arrival in Richmond I found that the Com
missoners of prices had xed the schedule rates FOR
wheat and corn at $50 and 1924 per bushel respec-
lively, for the months Of August and September
The feeling of disappointment and alarm with which
| was inspired by this circumstance; you can easily
imagine The painful feeling was, however, soon
changed for one of renewed confidence and hope by
the farmers Of Virginia Public meetings were held
in the agricultural counties and resolutions adopted
boldly avowlng the lmpoSsibiity OF maintaining the
public faith if the government were forced by the
people to pay such prices for supplies and patriot
ically insisting upon a reduction of the standard
rates, and their establishment upon a basis sutl
GENTLY low to inspire confidence IN the currency
The result was that the Commissioners reassem-
bled and reduced the schedule price to S7t for
wheat for the month Of August and S. for Septem-
Der. A wiser and more patriotic course was never
pursued by any people, and would respectfully
appeal to you as the Chief Magistrate OF our gal
liant and patriotic State to suggest and encourage
similar meetings and resolutions on the part of our
own people. | have abiding confidence that a
general and we'll established belief in the intention
of Congress, under no circumstances Of temptation
trial, to shrink from the observance of the most
rigid good faith in the money dealings Of the gov
eminent will enable to overcome all our hnan-
cial difficulties. That such is their real intention
l cannot doubt; but this determination should be
encouraged and supported by the public declara-
tons of our people, expressive of their own reso-
lutte will to foster the credit of the government by
the establishment of low prices and by the patriotic
support of IT'S Treasury. Whatever differences OF
opinion may have existed in the past or whatever
errors may be supposed to have been committed,
may now be buried in common grave. We are
making q new start IN our finances, aud under
circumstances by no means untavorable or dis
couraging.
The expenditures of the Government are of two
classes-those incurred abroad, and those incurred
at home. In respect Of the FIRST there has hitherto
been but little embarrassment nor is there any
reason to expect greater difficulty in the future.
Out foreign supplies will probably be procured
without making any addition to the public debt
The malice of foes having raised the price of cot
ten to sod per pound in European markets, while
the depreciation of our currency enables at the
same time to buy it ut home at less actually thaI
4d 1t is plainly thatit be no difficult task
to draw from our enemies and from the-complscen
spectators ofths atrocious war, the means of sup
plying all our foreign wants. This would leave us
then only domestic debt to deal with, and when
it is considered that all that is asked of our people
and all that the Government is called upon to pay
for, is simply their surplus productions and their
services in transportation and mechanical and Other
labors, who doubt the ability Of the people t.
bear this burthen !? If they gave all that is asked
without compensation, they would ask at last nc
more than their surplus and would be no poorer fol-
the gift. How, then, can their condition be made
worse BY receiving the money and the bonds of the
Government in place of receiving nothing
Hope, nv dear sir, that you will agree with mt
in the opinions and. sentiments have expressed,
and may join with me in the effort to give a new
and generous impulse to the public sentiment upor
this great topic Of our national affairs. -.
do not think that planters and farmers should
alone be called upon to declare in favor of lower
prices. Manufacturers, railroad companies and ev
cry great interest Of the country should contribute
to this reform. Let us content ourselves with mod
crate prices and keep down the public debt; anC
not by extortng the highest prices, swell the pub
| lie burthen and disturb our own confidence in thu
virtue and the resources of the GoyernneAt