The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1864-08-23

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Treasury DFPARTMENT,l
CONFEDERATE STATES OF AMERICA,
Richmond, August S, 1864.
To HIS Erceliency Gorerfsor Bonham:
Dear Sir: Your very kind and encouraging letter
of the S0th ultimo was received yesterday. Ii it
shall prove to be my happy fortune, through the
Divine blessing to contribute IN any degree to the
welfare of my country, shall be more than COM
pensated for all the labors and anxietes to which
have been appointed Expressions OF confidence and
good will the part Of my fellow-ctizens, such as
you have been good enough to convey to me, are
| most grateful and encouraging regard the Trea-
sury of the Confederate States most peculiarly the
treasury of the people, and there is nothing in the
power of that would restore it to a con-
dtion of ease and prosperity as the universal and
in its present circumstances to inspire alarm but
on the contrary, every motive for confidence. An
al-pervading cause Of Embarrassment and distress
| has been the character of our legislation. How
patriotically intended, 1t Is not to be denied
that the measures adopted by Congress for the
form of the currency had the unhappy effect of in
| spring the public mind with feelings of fear and
distrust to the course that would ultimately be
pursued in relation to that part of the public debt
| that is represented by the Treasury notes Appre-
tensions Of ultimate Reputation crept like all
perva1ing poison, into the minds of the people, and
greatly crcumscrbed and diminished the purchasing
| power OF the notes.
There were many distinguished and patriotic men
in Congress who earnestly belieyed that the great,
if not the sole, evil of the currency was to be found
premise, they inferred that corresponding reduc-
ton Of this large volume Of the purchasing medium
would produce an immediate reduction in the price
of all saleable commodities Others entertained
different opinion and believing that the purchasing
power and value of these notes had critical. and
sensitive dependence upon the confidence and good
will of those who called upon to exchange their
substance for them, insisted that reduction OF the
| quantity, by any that disturbed the conf
denco OF the people in the good faith of the Govern
| ment, would lead to universal dlStIust and Stiil
| greater depreciation.
The ma ority was unhappily, found to be Of the
first opinion and it must now be universally admit
ted think, that the policy that prevailed was erfo-
| neous, and the consequences precisely such had
| been predicted by those who opposed 1t. The i'm
mense reduction effected by the tax of thirtythree
and one-third per cent. levied upon the currency,
and by the process of compulsory funding, pro-
duced very little effect upon the prices OF coInmodl
ties. Everybody regarded with distrust new issue
of notes OF the character the last and rest
| ing fof their support a circulating medium upon
the same pledges which had ended IN disappoint-
| ment before
| ter think every tandid person must now allow,
and cannot refrain from indusing the hope that
new and sounder policy will govern our future iess-
| lation. The patriotism OF Congress Is Aot TO be
| called in question, We at liberty to doubt
their willingness to renounce any policy that may
be proven, by experience, to be erroneous ana ms
chievous. Our people, at the same time, should not
be silent and i'll this respect the patriotic Citizens ol
the great and suffering Commonwealth OF Virginia
have set noble example.
II On my arrival in Richmond, L found that the
commissioners OF prices had fixed the schedule rates
for wheat and at thirty dollars aud twehty-four
dollars per bushe respectively for the months OF
| gust and September The feeling OF disappointment
t and alarm with which was inspired by this CIR
| cumstance you can easily imagine Tins painful
feeling was, however, soon changed Tor one OF re-
hcwed confidence and hope by the farmers Of Vlr
| ginia Public meetings We're held in the agrcuitu
raj counties and resolutions adopted, boldly avow
ing the mposslbiity Of maintaining the public faltl
if the Government forced by the people to pay
such prices for supplies and patrlotcaily insisted
| upon a reduction of the standard rates and thel
| establishment upon basis sufficiently low to inspir
| confidence i'll the currency. The result was, tina
@ the commissioners re-assembed and reduced th
schedule prices to dollars and half for whea
for the month of August, and five dollars for Sep
! tenlber wiser and more patriotic course wa
l never pursued by any people, and l woul'
respectfully appeal to you, as Chief Msgis
trate of our gallant and patriotic State, t
| suggest and encourage similar meetings and resolu
| tions on the part of our own people. nave al
10 abiding confidence that general and well-estab
e lished belief i'll the intention of Congress, under
circumstances of temptation or trial, to shrink iron
the observance of the most rigid good faith IN III
:, | money dealings Of the Government, Will enable
IL to overcome all financial difficulties. That sue
il their real intention, cannot doubt; but this dc
II Termination should be encouraged and supported b
the public declarations of our people, expressive
~ their ewn resolute will to foster the credit OF tn
H. Government by the establishment OF low prices an
to by the patriotic support of its treasury. What
n differences Of opinion may have existed IN tf
= | past, whatever errors. may be supposed to hay
u | been committed, may now be buried IN eomnio
It; grave We making new start IN our finance
L. and under circumstances by no means unfavorab
a. | or discouTaging.
classes those incurred abroad and those INQUIRE
at home In respect of the first, there has hther
n been little embarrassment, nor Is there any rease
e. to expect greater difficulty in the future. 0,
elk foreign supplies wia propably be- procured wltho'
ks making any addition to the public debt The mali
of our foes having raised the price Of cotton to 80
be per pound in European markets, whle the oepfec
ed alton of our currency enables Us at the same time
NJ buy at home at less actually than ADJ II Is pian
seen that il can be difficult task TO draw froI OF
r. onenes and from the complacent spectators of tn
arocious war; the means OF supplying all our orsie
rs wants This would leave U.s. then, only our dome
tic debt to deal with and when it IS considered tn
o. all that is asked of our people, and all mat u
y, Government is called upon to pay Tor n simp
c- their surplus productions, and their services
el. transportation and mechanical and other iaDor
ut who can doubt the ability OF the people TO be
nd this burtheni If they gave all that Is asked Wit
re- out compensation they would give at best no mo
ps than their surplus, and would be no poorer for
ng gift How, then their condition be made wor
in by receiving the money and the bonds OF the u
lst | vernment in place of receiving nothing!
er, hope my dear sir, that you may agree with
Wy in the opinions and sentiments have expresse
VS. and NAV Join with me in the effort to give
he generous impulse to the public sentiment upon
lis great topic of national affairs do not thu
- that planters and farmers should alone be call
he upon to declare in favor of lower prices manufa
urers, railroad companies and every great inIers
th of the country should contribute to this reform
Let us content ourselves with more moderate prie
i'm and keep down the public debt and not by extol
| ing the highest prices, swell the public burthen a
ng disturb confidence IN the virtue ana the
Ice | sources of the Government
remain, dear SIR, yours,
at With great respect,
rps - G: a. TKkNhoi-M
.de SOMEBODY'S DARLING.