Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1864-03-03

face OF said notes. but not ike the hu6red dol
lar noes, to the additional monthly of per cent
On the lst Of January, however they will be wipe<
ont of circulation by the attachment of tax of
hundred per cent Long before that time arrives it
certain that most OF the notes of the denomination
mentioned will have been funded, (that is, exchanp
for per cent. boads absorbed in the payment
taxes exchanged for the issue authorized By sh
! act.
Thirdly, the law discrimnates IN favor of notes o
the denomination OF S. and under on the presumption
that they are, will be, chiefly held by persons o
small incomes. The fvts not subject to tax no
til the lst OF July next, bQ after that time they
to be rated as only worth SO 331l, until the Ist o
January next, when they will share the fate OF the
larger denominations. (rhs latter provision is not
clearly expressed in the act, but s presumed to have
been the intention OF Congress) The immediate e
feet of this discrimination Is people to hold
to the fves in preference to OF larger denomipa
tons, unless they wish to fund before the 1st April in
which event they must get rid Of their fVes in exchange
for notes of larger denominations. The privilege OF
funding ~ 6ves in four per cent. bonds commences on
the lst april and ends the last day of June this
side OF the Mississippi river.
The 81, 81 and half dollar notes are not SUI iect to
any tax under the Currency Act, and will, couse-
quenty be excnangcabe at par IN trade, for the net0
| OF Treasury notes. For this reason they are
being boarded, laid by for future USE The amount
OF Confederate small notes in circulation the lst
January, 1854, was about $lOOO0O00
1t is generally received axiom of fnaLce that
actually required for the exchanges of trade the "pur
chasing power of the currency is lessened to ex-
tent corresponding with the For example, if
$l00 900 900 be required and $l5OOOO 600 be put in
circulation the latter amount in the hands of the peo
pie, will not buy more than the 100000 900 would !;
and so, when the $l5O000,000 is reduced again to
100000 900, the latter will buy much as the for
mer. Hence, it is argued that when the Confederate
currency remaining untuoded on 1st April is further
reduced at that time hnd by the imposition of
tax OF 33 per cent, the amount thereafter remaining
in circulation will buy as much as the whole amount
will purchase now But this Increased purchasing
power of the currency will, probably, not be made
available until the old notes converted into the
issue. AS the latter make their APPEARANCE
there will be general disposition to reject the old
notes. account OF the Inconvenience OF calculating
the difference in value between them aud the notes.
Phe effect OF this rejection will be the rapid dsplace
ment OF the old notes. and the substitution for them
new and Uniform currency not exceeding 10 volume
one third OF the amount now IN circulation 1t s i'm
possible that this reduction or any approach to it,
take place without material decline In prices. Money
will be scarce, and the issue will be in demand
only because it will have more purchasing power /"
than the present currency but for the additional
that holders will have an opportunity OF funding them
in registered per cent. bonds, the principal and
interest whereof shall be free from taxation. See 9th
and 7th sectione of the Currency Act.')
Since the publication of the " Currency Act prices
have generally gone up "like rocket but shall be
surprised if they do not come down again like the
stick" In our opinion the high prices of provisions
etc. ruling last week. established by the oreshad
owing Influence of the action of Congress on the
rency and by the meagreness of supplies induced by
the pervacng conviction among farmers that the
rency was deprecatiDg SO rapidly that it would soon
prove to be worthless Speculation, of course had its
influence in putting up prices. But we now ap-
preaching the eliminating point, and no further advance
need be anticipated uness the scarcity OF articles offer
ed for sale continues buyers toolishy make run up.
sellers to get rid of their treasury notes at any
rfce. If they wise they will, in opinion, buy
nothing more than they may actually need at present
prices but will keep their Iotes such they do not
fund to pay taxes Wth0 until after the lst April, and
exchange them, at the discount, for the new issde
We do not believe that the scarcity Of domestic pro-
ductions heretofore prevailing, will continue that
the seller of any commodity will be compelled to put
up prices repres the demand therefor unless it be for
some imported article declared contraband by recent
act Of congress A Uery large amount of taxes will
have to be paid this year. and tax payers, Instead of
speculatng in or buying uaneeded articles, which
almost certain to decline in the of ak or eight
weeks, will avail themselves promptly and freely of
the funding privilege given by the ls section of the
Currency Act" The incentives to fund too strong
to be overlooked disregsrded The tax payers will
save thrtythree and third per cent. on the pay
ment of their taxes, and WILL moreover, the tux
for the pre- year. the amount they invest in
the four per cents one of the most experienced fnan
cers of this city has given it as his opinion, that the
four per cent bonds authorized by the Currency
Act will constitute the most desirable security in the
market.
Farmers who have taxes to pay will undoubtedly take
advantage of the funding pz<e and uoless they al.
ready have sufclency ofas notes for this pur
pose will sell such producf9954 their surplus stock or
produce as wilt enable them to realize the sired
amount for Investment in four per cent bonds. Thou.
sands of the most intelligent agriculturiss will perceive
that will be to their interests to send to market be-
fore ls April supplies heretofore withheld, in order
that they may obtain the extraordinary prices pre-
vaing, and carry the proceeds until after the l8t
pri when they may convert them into the new ssus
at the rate of $3 of old for s. of the new. The$2
will be intrnscaly worth than ST of the pres
ent currency
1t ia quite possible that in the CO. fret of interest be
tween buyers and sellers, prices may continue "high'
for ouger time than we anticipate; but wesare Ger
tain that new and better state OF things will dawn
upon as in April. Prices will then surely begin 10 fall
Tie people will be more cheerful, under increased
dence 10 the solvency Of the Cover nment. COLA
tors will bederred from prosecuting their unhoy pur
suit c gal, as they never buy in "falng MARKET
One thing more wi be needed however, to give im
pulse to the "me comiDg"-that is decided victory
over the enemy. We sanguine In the belief that
this great blessing will be vouchsaed tous by the God
of Battles if people win at abandon the idola
trous worship of Mammon and devote themselves in
becoming spirit to the worship of the Almighty God
From the Nashville Press February 9th.
tOId John Browns Ghost IL Marching On.''
No man in Tennessee-not even lsham Harris-has
moro Johnson create. to nernetuate