Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-12-31

We have all seen how mech tisS practice OF
pent has dscoOr,k,,,ll pfodiStidn ihrotgh9G the
country. N 10 thiSbeaiided alpfogressive and Jun
limited depreciation ia the. value bg the currency;
which forms thcis6e hhSljni dfpaSnent the effect
on production n;uSb DC r9ouS and fatal: The grat,
the crying, tho sdigSmelGfceSSty of our StnatihP,.
therefore is a rftoiip q The cWrfHeI ~ tbat
than useless. cnBiE theR'Nl he rtm2ded b yoluii,
tary and timely and 5uiiii} acyivnl oil thftpafFot
the Government; Il I II in lis fNpFfSSl{ lipgIu,gd
OF the Secretary ihf {Je1ihrS, iiiialiblS %refuN
itself by vioiel aid 4lsst FPli$c9 HieA Ff'ly
mg the whole sYStcl ~ iGiG PIaponlt cMSti2ieekYlr
liberties, our it}lNishHGr 0uripFepefiieSi lbHF pi
in one wide and irtelFiey2be.Fnjn, ii.'.t Il; ! !.
The great praetiJ ll5diiiiy: thyus II, MNfit 'csf?
this vital rciurpai9p %ths ddrfenG! Is 10 us effect
edY The rtsu5 5a ol &s aiigNnk thG fNIJts6ii drt
maximum limit alsth Ii <lliG in ho7 tIekt, bPHers
mitted to tru.s{lpg are ngatdpt&l5 set;S'ntig apl
obvious couGijt;A II any lfaG 80 reLofM But fieS'a
alone are NOT t,hCtpt TEe ohidfl gidcrathtl iSt6
re-nsprc public toGEdtrste N thG qnn|dI llaSht4ip
off he notes crlht ao&cfdmelt4 which dow form the
actual CURRENCY 81 He .,lgHtttN. AUDI hetf vast c
unfortunate mfri,SS iot cur eeSAofir my ll!c
Congress. thoi6 lka,lnkSt and 9RSrdy ind miSdOm in
other rescctsi gS2iclily ji tile hasrEitaPGS reset
luton with wl6,niey tatlei Drth ME resureds a
the country 81, Almost exieoht uqaheht bS rhGSpb-
tary vigor lot I,hh ednscFiplioa phd Tax 9Ys,.liye
Justly won Tor tscn tile gratitude and applause Of the
country T0thOSElgiSht dcis df SotITAgeOts pltibtt
ism Mr.. Ri'rS S.ld III hSl tenetoA, and Niogld al
ways render tlel4mpEQ flhit sincere AMI H'lNali;
But, i'm ac,i,is da.the 6Glilatd aId!Rphtt qteSton
Of the curryqry thby ie1fI i6 hayereliea fn tPoN-
elusive am aqfiirlbn al the 0tdnlry Law of cOiQz
mercal vae:; biilCht9SlHti7 thdIrfhttpirHf deiauJ
aud supply Jigp ~ sieTt,e 5sStn4'S 70 ffduce The
volume a GIog Ttot, i9ficsed a sar'ouSllpw on te
uuhtc credit bi Sumporily describing mia striking
Out 6t existence, wlthGutp9yAelg oqe-tliiFd Of the
obHeetidns pl At,Goytrah,Gnt e$ihng I'm The! fqrM
of oUtstauane hra$lry Uotsi ,,Iiiel eolfeqnthee
has been dat, n5CHtlstdninS tie large rSluri3h aI
the amClpt u! ihk notes ~ NncuIto!S the dcfccla-
increased aud Is stilpihcrcas,gI SUCH i ah ihtyi-
table eilyc, upgiIa ppkllF credit of:auy departure
from tb, 81 i,ftt iSit d. tbs gNcrlfmtiit, hqSIet
,pecisus t1e arg sniihl 'Nairli may DE adduteq to
Justify oJ:G>LJ4 d IT. '@'+i' i i..ti''. -,
MR. Riyt. sasJLe id act Mitht o he understood Us
always ostulcI auE cotlt hot int silttcgird. ~ ~
uort,uiii .t.:rarfot t6G tuil C6agyuss. IIG well
knew. the :re'nr uaGertaitrS yi atf speculation"
riors witt .t>jCgto quyktthg dt this ctafiEInr and
the imposJ%laE u applying toi fiicia any nhlH'dr
rritc-iol' u tftlli III rcli the rolnar Of a crest
vrter-,i:' S., by his early spfctlatiobs op sub
iects of ila ,.ye n.y BE- said tohpNc aiif the toGn
ation OF Il y.i.iulcr,i sciincd political bGGnoDly
tha fn qg.rs iois o. irudc iad anatc, tt21onings
ria,i csnd JlywicA thcy are rile3 rJ'J d;ltfacc
long chain at to,iicrWenees, are af tolcadsto hSe
conclusions ~ Vr-GiGt s. 90 S3mGrh!g, M fay%ia"i IS
sure tohgfptGmiiSh such rraSoningS,
and produce ad tiltrl,t frpm Whit was expect
ed. - ~: 81 ~ L. ~.
Bearipgi mini. rlii lIiftent liability IN error IN
dealing viii. questions Sintfic.te and complex, Nf
Eives sain g;s ia lrs1 aFfH@lJtTting IN any ceIl-
serious sli, OH tht dctiqu OF TIE late Congress,
which hal 3ttl'e iin& the sanction ri, Somc 90 ,lr
most euI.httucd. opillpI,s It tfsel C1uieaurarN i
was his ifi vrutc,idif however then "a wet ~ now,
that ycrs' iuiarOu; yeHsRIueIce6 must inevitably
follow aI:vi;t :eupt 20 T,7t the notes oi tile Govern
,rt ff,' tlFr1 ~ nNium "A iigNber
OF Congress, ',s heihg ~ e0ismnnc&t ion ti!lltrper
solally or y letter wtA several lcl'ing ncmborS Ot
ehe b0ivn! touI die lhrrty p;Ircciy and earnestly
expressing ~ .hrIr hi, UiHonS fog the 4itih they
we're worth, i'll >Iros t;on e e contemplated MEAS
UNI. ri, i.oiiur,,Jc ae.ticmaHfrpnl South Carolina,
lYr. Bovttl iis1 was lt chairman Of the committee
raised Cntift btt'Sip may perhaps, Tegoert ii:!t
he had t6cnl he liberty VI hri,itg ini on The Sub
icct and a,9.,,gr honorable gentleman, tMr Conrad,
ot LouisiiRa mJyiplsp probably tr9rathe earnest
measure Ia iouygIs alon With iilp ~ TIM house OF
common. l. i?il.in tiIS city, e., e. ~ =.
Mr. RJEES isiil he l,d 40 claim. IT, AMI pcSGliar
sacacity i'm tle> EniQirS, ttNl bcta llt iei 20 &c
eo,mcctSi Vsish IN early i.riQd Of the Goy5sngui rt
ibis country fGll >l,'lry aid after tic adoption ot
tine CoDst eu.7tH uf:i7>S. ADlu iElGoSsilC. for
any oneJsl;J hsI btEH octOc!lin researches ot4qat
sind not 10 81 lgcpIE sTprts sgd .4q hcsone hand,
NTH the r.,,t and dl,SStruGS effects which had a-
renlcd tli.r.saii vt te IIlie sli;hn Qnauciaima-
ter, preyfoi1 to- tue FRA GttPnstiiEoua! tGorm nd,
on the ot:, {; with theamasa,1f retuYn Of Prosperity
and the ms l; iueJliS rGyiyai 10Th pG6Gc private
credit vhig, followed 4Guctilidls coiSpliahc vita
Tine national ';agagtHcniS .aii'r Sc ADDITION 81 lie
Constitution. h.. lirv yIg ,aTetE sHy other i!em-
Der of the bodb i'Sh@se toftVne I s.gktnye'been 10
be engaged mitEc SAME lwc of ptncal Investigations,
youlf have d.;r.iyd FROM thcm the NlAe impressions
ami embraced the same conclusions.
SoitwaS. however, that in the eNiyency Of great
s..ef t.a... .i.HH1.H
less the late Congress, with view 10 more rapid re-
iucton ofthc currency, by which means they pcrSua
led themselves Increased value would DE- given to
what Wa, let; IN circulation, SET the example OF
gxtiugUi-hu without payment, or, m other words,
repulatug une-thrd oi the Circauting notes OF the
Government them outstanding This gave so rude
shock to- ae public confidence, and excited So mpck
l>trust as tOdbc redemption ol amy portion OF tile
circulation that thc depreciation has gonc on in
ereasiug hand iu hand with the reduction Oh the
amount.
TN, remedy plainly indicated by this state Of
things is by some means or other, to restore public
confidence u the ultimate payment Of the notes yet
I'm circulation After what has happened, this cannot
be done by amy general legislative declardton or hy
d mere ddJctic pledge OF the public iaith There
must be some specific practical, tangible security
given for the redemption of the notcS. The Secre-
AIRY of the Treasury proposes, and the Committee OF
JVavs and Means have reported the bill on your Ia
bic 10 SIT apart Cor this purpose the tithcs now re-
.eived by the Government OF the three great staples
Isl cotton corn and wheat TO continue the collection
lr those tithes after the war until the whole OF the
Treasury notes in circulation shall have been re-
lccmed with them and, in the meantime, to allow
the holders Of Treasury notes to exchange theirn notes
for certificates emitting them to receive payment in
the tthes so set apart in certain specified proper
lions of each, and at certain designated perods-the
said certificates to bear an interest OF six per cent,
20 be made aSsgnablc and, at the option Of the hold
lr receivable in lieu Of the corresponding taxes in
kind to which he may be subject. To the lulflment
Jf all these provisions the faith Of the Confedcracy
is solemnly and mniutably pledged by the bill.
1t would he an act of temerity on his part, after
what he had already said as to the inherent uncer-
iainty of an spccuations beforehand on subjects of
this sort to express very confident opinion n" to
the efficacy oe the proposed measure in impartmg
stable value to the existing currency He could not,
however, but entertain strong hopes of large mea-
sure Of success from H. The Secretary OF the Urea