The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1864-08-31
Treasury Department. G. :. A..2
Richmond, August 5, 1864. {

Richmond, August 5, 1864.
TO His Erceilency Coz. Bonham--D DEAR
SiR:-Your very kind and encouraging
letter OF S0th ult. was received Yesterday.
IL Il shall prove to be my happy furlune,
through the Divine blessing. To contribute
in any degree to the welfare of my coun.
try, shall be more than compensated for
all the labors and anxieties 10 which have
been appointed. Expressions OF confidence
aud good will on The part Of my fellow.
citizens. such as you have been good
enough 20 convey To me, are most grateful
and encouraging. | regard the Treasury
OF the Confederate States as most peculiar.
ly the treasury of the people. and there is
nothing in the pu@er OF man that would 80
soon restore il 10 condition at ease and
prosperity as the universal. and generous
support Of our people. There Is nothing
10 its present circumstances 10 inspire
alarn, bht on the contrary, every motive
tor confidence. An all pervadlng cause IL
embarrassment aud distress has been the
character Of our legislation. iInwryer pa
triuiicslly intended. Il is not 10 be denied
that The. measures adopted by Congress for
the relprm Of the currency had the anhap-
py effect of inspiring the public mind with
feeling, of fear and dlstrust as TO the coarse
that would ultimately be pursued in rela>
tiua 10 that part Of The public debt that is
represented nv the Treasury notes. Ap.
prehen>ioas of ultimate reputation crept
like an all.pervading poison into the minds
Of the people. and greatly circumscribed
aud diminished the purchasing power Of the
notes.
There we're many distinguished and pa
triatic men in Congress. whoearaesily be-
lryed that the great II not ,hc sole, evil
Sf the currency. was 90 be fnend in its re-
dundsney aione. Aud reasoning from this
pren,sr. they inferred that correspond.
mg reduction of lhs large volume 81 the
purchasing medium. would produce an
immediate reduction in the price OF all
sale.ble commodities. Others entertained
different opinion, and believing that the
purchasing pnwer aud value Of these notes
had a critical and sensitive dependence
upon the confidence ADD good will OF thnse
who were called upon 20 exchange theiI
substance for them. insisted that reluc.
ton of The quantity. BY any measure tha,
disturbed the confidence ul the people ia
the good faith II the Government, would
lead 10 universal disirust and still greatel
Depreciation.
The majority was unhapply found TO b,
oI the first opinion; and il must now uni
vcrsalls be admitted. | think, that the pol
icy that prevailed was erroneous, and III,
consequences precisely such as bad beer
predicted BY those WIN opposed II. The
immense reduction elected BY the tax Q
81, per cent. levied hpon the currency
add by the process of compulsory funding
produced very little effect upon the price
!. Of commodities. Everybody regarded viii
distrust new issue nl notes ui tie SAM
character as the lat. aud resting lnr then
supper, a. circulating medium upon III
same pledges, which had ended 10 ,lissp
puintmrnt before.
That this IL the true difficulty we hav
% encounter. think every eandid perso
must nav allow, and cannot refrain fror
indulging the hspe that new and souude
policy will govern our future Legislation
'fhr patriotism Of Congress il not to b
called 10 question, nor are we at liberty I
doubt their willingness TO renouncc an
policy that may be proven. by experience
70 be erroneous and mischiesous. Our pea
pie at the same time. should not be- silent
and IN this resptct tho patriotic citizens Q
The great and suffering Commonwealth Z
Virginia have set noble example.
On my arrival in Richmond, found tha
the commissioners of prices had fixed th
schedule rates fer wheat and corn at %