The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1864-04-21
FINANCES.

Speculation is rampant When tn
FIRST rude shock OF war came ana passed
business became stagnant, new enter
priseS we're abandoned and old ones cir
cumsCribed, and doubt and despondcn
cy seized the business community; but
by degrees men became Injured TO ex
citement, Govern nent initiated as wa
drought, adequate financial measures t
meet the new aud extraordinary situa
'tioR, and gradually confidence was sc
far restored as to insure q resuscitatior
ofcomparativo business prosperity. The
demands Of this gigantic war, stimulated
the inventive genius of the country il
whatever pertained to the art Of war
and directly employed multitules of ar
tisans and laborers, and at the same time
the withdrawal OF so many hundreds o.
thousands OF the active and robust pop
Ulation from the ordinary pursuits OF life
aud Transforming them from producers
into consumers, tended both directly to
enhance the price Of labor by diminish
ing competition, and indirectly to in
crease the price of living, by diminish
ing the aggregate reproductions. That
prices should have advanced to n GER
tain extent, is, therefore, attributable to
the necessities incident to the war; but
these necessities nave not IN our Judge
menb carried prices to the present dan
gerous advance. Congress early became
impressed with the necessity Of an inter-
nal revenue bill, and framed one, premi.
sing asst thought, adequate revenue to
sustain the credit OF The country; but,
its success could only he determined by
experionce-it has proved sadly made
quate TO the wants Of the country, and is
now undergoing radical changes. The
war found US not only with an empty
treasury, but actually in debt 100000
600. Having no available means to
meet the unex pected and augmented de-
mands for money, the Secretary Of the
Treasury, FIRST had recourse to the
banks oil the great cities New York,
Boston, and Philadelphia. He borrow.
ed thence funds for current expendi-
lures, till the meeting of Congress-
4th OF July, 1861. Congress on the
18th OF July, authorized the issue of
$5o,OOO,OOO. in demand notes. but the
war assuming after the Bull Run disas'
ter, enlarged dimensions, Congress on
the 95th Of February, ls62, passed
bill authorizing the issue Of $3.50, Ooo,-
1000 in United States notes, receivable
for all debts public and private except
Interest on public debt and duties on
imports; and at the same time in order
TO retire the demand notes previously is.
sued. permitted their receipt at par for
custom duties. These Demand netes
though increased afterwards by $40.
100000, have been all collected through
the various custom houses, and destroy
ed, and the United States Notes have
them Silver early disap.
peNred as circulating medium, AMI the
strait thence Of the business community, |
was relieved only BY the issue of $780,
100000, iuJrgctioaal currency. Vori.
Gus short bonds are authorized as a
temporary relief, and iioaIly the SEQ
bonds are thrown upon the market and
meet with unexpected suceess-$5lo,.
900, 900 Of these securities are disposed
Of at par, and ate now selling at from
IL to Is per cent. premium. Though
Congress had authorized the sale Of new
bonds, denOminatcd l0-4o'S drawing 5
per cent. interest, yet, unfortunately for
the country, they were not reOdyto be of.
lered to the public, andfn the meantime,
interest bearing Treasury notes were
to tho amount Of $50 900, 600,
which, while not intended or expected
o circulate in business, yet, by rcleas
ng an equal amount Of United States
,oto5 rcquitod 10 DO hell by tue banLS /