Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-03-12
FINANCIAL AND COMMERCIAL.
o,ucr or rnr VINO, Muos II b, 1854

orucr OF TEE Wac. Mlrch IL b, 1854.
The idea seems to prevail to some extent
amoeg The q the people tia. becsuse the prs
en-. deprecated currency will be taxed one thid on tho
lst April the cunercy will not represent pur.
chasing value Of more than sixty six cents in tho sAr.
They argue that If It takes Hitesn dollar, Of the
currency 70 get ten dollar note ths Trsaidry,
the ten dollar note Obtained viii not 81 any fume
time, buy than two-hirds Of the quantity Of any
article which they cln now purchase for fifteen doarp
$l5 flor instance) will buy thres pounds Of lard
nOw, the nep $40 noe will only bay two pounds They
specifically conclude, therefore, that they win gain
nothing By the e1cha ge bat will lose IS of every SIS
which they may "carry" until lst April; and with his
apprehension on their minds, they exceedingly
anxious, the one hand, to get rid Of their money
nov, By raging exlraya prices for thrgs not
ally needed, and the ether hand, withhold from sac
any aud every dsposabe article they may have They
do not perceive how is IL possible for the reduction Of
the currency to appreciate the amount which remains
in circulation aud have faith in the opinion (based
upon financial princpe) that the purchasing poser of
The currency will be equal that which attaches
to the present curraDcy, although the former will DO
nearly Ue hundred miiOns Of dollars less than the ag-
gregate issue OF the latter up to the lst April.
Il Il very thu, that for few days after the 1t of
April, SIS Of the currency will not buy moro Of
any article than SIS Of the present currency will buy
now aud that enty, the person who carries the
latter Il. April aud txpsnds il before the effect of
tho depletion of the currency developed loses five
dollar but il Is contrary reasonable expectation to
suppose that the state of things which would subject
him to this loss viii continue any considerable 9Th
of time Every dag after the Ut of April, unless some
decided military reverse to takes place. the
purchasing power Of the currency will Increase
until $40 of is will go far $40 cow and the apere
Gallon will not stop at this point of Increase.
The inevitable result OF the depletion of the currency
nov going will be searcty of the circulating me-
dunn. Millions of dollars are being funded daily at
tie various repositories throughout the Confederacy
and on the lIt of April the amount remaining uniund-
ed Except tie 6vet) will be reduced one-hird by the
attachment Of tax of SSt every dollar. It ia
estimated that the amount which VIII be permanently
with iaxn from circulation by the combined operation
of fund n5 and the tax will be $500 0O0 Can
any one believe for nom snt that the exsguisRent
of this vast amount Of Treasury notes will produce
tca,ciy OF the circulating medium Aud IL money
becomes scarce, It's vs.us or purchasing power must
increase. The ference between the present stae of
things aod that which we confident will be deve-
oped in the future, If fuenoss judciousy man.
aged is that money Is nOv abundant and commodities
scarca; hereafter money will be and commodities
plentiful This has been the usual experience of the
world aud il is should prove otherwise bers our condi
ton will be deplorabe, indeed. II money aad COM
Dodes to be simultaneously scarce will be de-
cidcjly worse eff than We were when money was
a. II I,.,
The usual ,fet Of a scarcity Of money to lessen
the general ability TO buy commodities for any purpose
and to the pressure upou holders to SELL E,cn-
tualy sellers become numerous than buyers, and
the supply of commodities equals or exceeds the de-
mand alpays accepting articles absolutely prospec-
lively We reason to doubt that this eff
| fest VII be developed here when the currency is
| depleted Holders Of ccmmod tes-dealers and pro-
ducers-6nding ex.raysg aud speculation checked,
and the demand from oil souces leslened, will abae
their extreme prices. They viii require money TO buy
articles which they may need DESIRE and must sell
to realize the required amount Both sellers and buyers
will perceive that the new Gu cy il inrinscally
valuable available than the oi, (being convertible
into ak per cent. bond' exsmp: from taxation, etc)
and they viii be Influenced acquire or to hold It as
be denGad for mtney It's scarcity having dimns shed
the general ability TO buy and stimulated the dspoa-
ton to SELL tie of.c will be general reelection Of
prices
This Is the view We take oftte effect of the Currency
Ac';' ald, 60 believing, think that the man who
abstains now hoa the purchase OF any article not
abs, utey needed aud sCbmit4 TO the tax Of one-hl
upon tie currency he carries 10 the lat April for Jro.
speetivs use is far wiser than be who squsnders bis
money in the purchase a. extravagant prices Of articles
no. actually required; but the latter IL not blind
TO his own int rest than tie who has anything fer
sle and will not cell it whilst be can, at the unprect
danted prices prevailing, unless be hai reasonable
assurance that be will be able to obtain the prices
| or some approach thereto in the currency.
Mcssrs. Davenport and Co.'S auction sale of
bondr stocks &C. TO- place TO day. Prices ger esy
l)wer the princph exception heirg in cotton loan
boDds, which recovered partially from the recent de-
clue. We q report of the results of the SALE
Tn, bonds AID seven thirty notes sold with inter
est added to day OF sale. The cotton loan bonds wee
sold " fat: