Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-03-30
FINANCIAL AND ooMMKRCIAL.
Oyrcr or THE Vino, March 20 b, 1864


Act" we expressed the opinion that the supplies Of
provisions from the interior would increase, provided
the farmers generally did not already funds enough
on hand for the purchase Of the requisite amount oil
four per cent bonds to their taxes for the pre-
sent year. We also intimated that the extraordinary
prices prevailing 10 this market would, probably In
duce MANY Of tie farmers ssrd in supplies previous
" withheld in order that they might cave the Ices
which would follow the sale Of their produce, in the
new currency, at decline in prices Of 80 10 rs per
cent The receipts Of produce did not increase, but,
on the contrary, steadily diminished until there was
scarcely anything offered for sale in the market We
do not believe that the meagre receipts during the
past month indicates an exhaustion of stocks in the
hands of producers, but that 1t was caused BY the
abundance of money held by them, and by natural
unwngress to increase their stocks Of Treasury notes
during the period of transition They had enough OF
Confederate money to buy as many four per cent
bonds they required aud, as TO- the argument that
prices of produce would decline when the currency
was put into circulation, they preferred to incur tie
possible loss of so to 70 per cent? rather than Increase
their stock of Treasury notes. which they knew would
be subject on the lat Of April to inevitable tax OF
Sst per cent They had to dispose of the notes already
held and therefore did not choose to embarrass them
selves with any augmentation Of the amount
These facts explain, 10 great extent, the paucity OF
receipts during the past six week.; and indeed 1t may
be assumed that one Of the chief causes of inadequate
supplies for months past has been the immense accumu
ation of Treasury notes in the hands of the farmers
Their boards were SO large and the apprehension Of
ultimate Reputation prevalent, that not even the
70 MI hare
af.er could tempt them to increase the amount by fur
Their sales This state of things Is happily undergoing
charge. The farmers have been carrying or sending
their bales of notes the Repositories to be funded In
four per cent bonds to be otherwise invested The
"AuIh times" with them and all Others, are passing
away, and period of stringency is approaching. The
farmers and everybody elss will discover that the
credit of the Government is rapidly improving. Con
6dence in ts solvency will increase, and the result viii
be not only willingness to receive tho new currency
but an cagerness TO obtain it. The reserved supplies
will then begin flow to the centres of trade, spccu-
ators will look on, but Touch moi" ON fear Of loss
and with the markets replenished prices will recede TO
a reasonable level How far this desirable result may
be retarded by the impressment system, the heavy
charges for transportation and other adverse influences
We take occasion to reiterate the expression
Of the hope that notes of the present currency 6ves
of course excepted) will be universally rejected after
the lst of April No detriment can result 10 any one
from the adoption of this policy, but much good may
follow It's observance by acceerating tie dappedrance
Of the discreded currency and the substitution for
Of the new and improved currency which viii be ready
for issue on the lst Of April We want uniformity Of
currency in order that uniformity Of prices may pre-
vail. The merchant or tradesman who advertises that
he will sell goods for the old currency, at par after st
April will be to charge such price as will enable
him to convert the old into new without less OF
the tax of ST. The better ruls for all sellers to adopt
is to make their charges, payable in new Gu rency hut
receive the old f at ally at its reduced value and when
they have accumulated few hundreds, or few thou
sands Of dollars, according to the extent Of their
business take them to the Treasury for conversion into
the new currency. BY all means let everybody dis
countenance their circulation part OF the currency
The holders of small amounts readily effect an ex-
change at the Treasury the rate of IS for or sell
them to broker for "a or S5 per cent. discount.
As millions of dollars of the cid currency will be
ried by present holders until LIST April, all Whe keep
morrow or next day to deposts the respectively
held by them, and have tWo-thhdI of the amount
placed to their credit. The banks viii effect the ex-
change and Of course pay the two-thirds in the mes
currency. o. the holders, as heretofore suggested,
can deposit their old notes at the Treasury and receive
certificate of deposit for tWo-thirdJ of the amount
bearing four per cent. interest. The certificate will he
transferable and the holder can draw the amount
frcm the Treasury Whenever BIO desires TO do SO.
Between the present time and the middle of
mex week we shall have an exhibition of financial
feast aud famine" in quick succession Just now five
dollar notes are that they scarcely be OBJ
tanned in any considerable amount or exchanged for
notes OF Irger denomination, Icept at premium of
20@26 d cent. This is reasonable enough, as the
larger notes will be subject TO discount Of SSf 81 CT.
on the Let April, whilst the fves viii be exchangeable
in trade par in the currency for several weeks
Until the ls April therefore, holders of ives viii not
generally part with them even under the temptation OF
70 to 80 u cent. prenium but after that date they will
expend them freely, or deposit them in the banks,
with tie view of checking out or return as many no ca
of the currency of larger denomina ons a. they
can obtain. For several weeks the present hves will
constitute the bulk Of our Currency and in very sh IT
time instead Of the tcarcity now prevailing, there will
be superabuadance Of them. The banks will how
ever, afford an outlet to the redundance, and the
amount Of larger notes funded In four per cents u not
equal to that which W IL be required in the payment Of
taxes. for the esent year. il is quite likely that the
circulation of ves will be diminished the ls July
by their payment into thu Treasury for taxes not pre-
vded against by four u cent certificates. The amount
of fves issued to lst April win fall short of $780,
600 OOO
IN COUNCIL OF TIE CITY OF RICHMOND,
MARCH IA. 1854.