Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1864-03-17
The Rebel Finanees-Hish Price.


From the Richmond Enquirer. Feb 2o7
On the publication of the Currency Riu
passed oy congress, prices Immediately clean
ed up" Everything has an upward tendancPp
IeS'e."ay, ofSky acch had been SELLING ten 6a,,s
ago j0r $50 per gallon, could not be JougH of
Sl2o. Broaoa setgar Sl2. so Der Do,,2d 5w t5s
h0gshead, and none OFFERING. some Of tho doaI
ers have absolutely shut up and refused to do
business at all, preterring to hold on to the
goods rather than receive apvtbino IN Tho
shape of money larger than a S nofe IL 'i''
All this is but the result of the srddo,,
panic into which the country has benn +buo,,-r,
by tie unexpected reputation of norton 30 IF 5
currency. It is, howerer, the mere iaf,, # tJs
tide, and its reelr riU reduce prices to he;r oiJ
standard. 1t seems to be pretty oeneraIIv
conceded by all parties that prices will fail
the currency appreciate, and everything get
better" after the first of April.
But 1t is much easier to carry prices nm
than to bring them doacn,' and the reduction
OF prices will not be SO rapid as the advance.
The total issue of treasury notes by the
rebels IN present circulation, exclusive of
sl2S, 100000 of 7-30 notes, is said to be
s72O, $1,000, of which $500, 0oO, 900 are said
to be IN 500 notes. The act which has nro-
duced 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 ,Jnlv
lst, 1864, in bonds payable in twenty wears.
with interest at four per cent, PAYABLE on
January and July LIST. Until the bonds can
be prepared, certificates will be issued. These
ponos or certlhcates 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 snecifed of
one-third, for after these dates the govern
ment will discount them in all payments
made tor taxes, postage, or even funding, at
the rate OF $50 per cent, and if not funded
| or exchanged Tor new notes before the LIST of
June, 1865, they will be taxed one hundred Der
| cent, or, in other words, be made valueless.
| 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 Ist 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 mourning a tax
debt on money which the money itself can
not pay. The legislation will compel the
prompt funding or burning of the $4,000
600 500 notes. This amount taken from the
circulation will leave $500, 100000. 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-
1al hi,,I Oft t,or, I'll
| exchanged for new notes will be valueless.
The Secretary of Treasury is authorized TO
issue, for future expenses, six per cent. bonds
in 500, or multiples of $780, 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 fvedollar Treasury
notes are to be shaved as the others, only the
time with them is extended to July 1st, east
of the Mississippi, and I'd 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 "that if any bank of de-
post shall g We its depositors bonds author
lied by the lst section in exchange for their
deposits, and specify the 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 1st Of
April, except in exchange for the DID, and
then at the profitable rate for the Govern
of two new notes for three old ones. The
old 7.3O notes, of which there are 1929, 0O0,-
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 adroit
scheme of swindling as this, what faith will
any capitalist have in the future financial
projects of the great repudator and his CO.
adjutors? And what guaranty have they
that any limit of issue will be kept by so per-
fdious government
The New York Town Eecti0ns---Heayy Union