Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-02-29
az SaSsTITTFIoH-sFATR RIGATs.
RICHMOND WHIG.
mONDAI MORNING, FEB. 40. lssA.
The Currency.

-a1rE The Currency.
The currency act revokes all authority heretofore
given to the Secretary Of the Treasury to issue notes
siter Il Apr except new issues to an amount limited
70 two dollars Of new issues for every three dollars oOd
notes received into che treasury under the provisions Of
t,e act. The ssnAte finance Committee estimated the
anouns Of notes out in January last together with What
would be issued 80 the LIST April AZTEC millions OF dol
Ars Of which amount so millions we're lost and de-
strOyed may be reasonably calculated that 20 mil
oes more viii be lost, destroyed or taxed cut Of q.
st.nea By lst January ne1; and that Is millions have
been funded within tie rast month under provisions OF
former acts Tue number of small notes not affected
6y this act estimated at 10 millions OF dollars ADDED 70
these will reduce the amount OF old notes that will be
At the treasury under the provisions Of new
Law to about $3.50 900 OOO twOthirds of which, or 4SS
millions, will be the utmost limit Of the new issues
In our last issue We estimated the Amountof cd notes
that would be exchanged by holders for now Issues at
1850 600 OOO and that the remainder would be abb
sorbsd in per cent bonds and taxes. The 10 Millions
Of small nOlss added to tWO-hrds Of those exchanged
would thus amount 10 $780, 900 OOO which would be an
ample circulation.
To meet expenditures after LIST April the Secretary
will have margin Of over 200 millions Of new issues
ae l. further authorised to issue to those wiling to re-
eeivs them, in case ths exgsnces Of the Government
require il, certificates of indebtedness, bearing per
cent interest transferable Ony By special endorsement;
% issue call certificates bearing per cent interest; and
20 sell or hypotheeAte, from time tOtme as the wants
o. the treasury may require t. for treasury notes per
ant bonds to the amount Of tS00OO0oO0, upon the
bsS terms he can" These bonds are intended to sub
serve the two fold purpose Of procuring notes BY their
sale to meet the appropriations Of lie Government, and
to relucs and restrict the amouutOf toe circulation In
treasury notes within reasonable and safe imts To
eject these pu poses they made specially attractive
by being declared free both principal AMI interest from
taxation, to be either registered or coupon, IS the
parties taking them may ec., the coupons receivable
ia lieu Of specie or sterling exchange for import duties
and for all other dues except export duties and for the
payment Of the interest on them the entire net receipts
o, export duties hereafter laid cotton tobacco, aud
naval stores and the proceeds Of the import duties
now laid or so much Of them may be necessary, Ae
iledged. T
As a summary Of Ihs indebtedness OF the GoVern-
msat We see it stted in the report of the Senate Oou
mttee on Finance that the nteres. bearing debt Of the
country in January last is placed at four hundred nil
tais may be added fifteen millions of bonds for notes
undsd since that date under former tcS. The four
er cent bonds under the present Law, will probably all
oe absorbed in tax e Toe amount of new noninterest
airing Issues holders Of old notes We place at two
huadred and forty millions The amount Of small notes
ten millions, making aggregate Of Six hundred and
sixty Eve millions Of dollars entire Indebtedness,
Of uhich two hundred aud fEy millions is nOninterest
barring while the interest the reminder ia but rHng
under the provisions Of the tax act
In tie A.a report of the Secretary Of the Treasury,
hs states that the aggregate estimates OF the various
departments for the support Of che Government for
tie calendar year, would reach beyond fourteen
hundred milona, or at the rate of AbOu, eighty mil
ons per MONTH the lst July and double that for the
IN lining Elk mOnths These estimates were based
uoon the condition Of the currency at that time and he
adds: "If these estimates ars TO be supplied BY new
Issues of currency prices again increase aad largo
add ions must be made to The figures which represent
% currency aud estimates" Happily, the late cur
rency act will greatly modify both the Issues and Il
timAtep and Places it in the power of the Sects airy
TO full his own assumption that q reduction Of the
currency to two hundred millions would enable the Gov
eminent to sustain itself tn an expenditure OF only
four hundred millions in money" With the powers
granted the Secretary unless sVe and dshearten
ing reverses attend our arms so as to discourage fund
Jag he can regulate the currency to his standard
Of volume and at least carry through TO the eOse Of
his year on the Eve hundred millions Of bonds author.
zed by Congress.