Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-04-02
FINANCIAL AND COMMERCIAL.

OySICz OF RE WHIG April lst, 1854.
As the time allowed for funding the old
currency (eIcspt fves) has EXPIRED The Secretary CT
the Treasury will have prescribe the terms and con.
diaons upon which any portion of the amount remain
Ing unded may be converted into ca certificates"
under the 9Th section Of the ''Curreney Act" win
the "cert6cates be transferablef n So the oontrae
ton of the currency will be counteracted to some
tent The necessities of the Government will require
The eIpsn ure of 81 in currency for every Is Of
the old deposited on CALL just il the loans had been
made in new currency. Now IL this an cunt Is put forth,
and attbe same tme holders Of "ca certificates ara
permitted to transfer them by endorsement, ad5itxr
the esct VII bs almost the as II "a in new cur.
rsncy had been put aAoat for every So deposited In
this view Of the case it would eIpedent to dsal.
low any future transfer Of oa Ger 6cstes y and since
the oreary of the Treasury has no longer the AUTHOR
ity TO make paper money, to NEE. appropriations BY
congress, 1t would aso seem expsdent to limit the tx
ercise Of the privilege Of cepositing funds at The
Treasury on call
L. Is true that the majority Of "cal loans" would be-
p:focably permanent oans but If the aggregate should
be large, and any state Of circumstances should arise
impelns holders Of certificates to withdraw their oans
the Secretary might find himself embarrassed by Q
deficiency Of currency in hand His main reliance for
provd for the eIpenees of the Government il that
prescribed BY the currency Act"-lhe sale or by.
potheoation of guaranteed ak per cent bonds and w
presume thai the nvti.on of bids for the fret offering
will soon be given to the public.
At o'clock to day the privilege of funding
the old currency Except fves) csases Ali that re-
mains unfuuded Ia now subject to tax of one third
rhe effect Of this depletion of the currency or rather,
the extent ofhe e.ct cannot be forseen; but no one
need expect any sudden change for the better. The
withdrawal from calculation OF the vast amount Of
money which has been funded and extinguished by the
tax Of IS per cent. has produced vacuum which
will be partly filled by the temperance Of the fvss
and small notes withheld from circulation during The
past five or six weeks. These fses are Is much paIt
Of the old currency as the t,rs fftes though not
taxable until the LIST July aud the universal conscious.
ness Of this fact, together with the almost exclusive
circulation Of ives for several weeks will retard the
reduction Of prices which rhe contraction Of the cur
ssncy will ultimately produce. Any dissemination to
receive the 6ves should be removed by their reception
on deposit at the banks whereby they are placed at
par with the nav currency until further notice. but
nevertheless the popular idea will be that the vss are
lea desirable Tow than they before the let April
and no disposition to accept lower prices will prevail
whilst the 6yes constitute the bulk Of the currency
and the money market remains "essy."
No important decline in the prices Of provisions osn
be looked for until the market, are better supplied
and If provisions DO not Decline othe articles will
generally keep up In remarks on prices, on Tire
18Th ult., We said:
so long the de cand Ia twenty times 10 excess Of
the supply, prices will continue to rule twenty times or
more above the range OF pTicts which would prevail II
the supply we're equal to the demand. This would be
the case If the new currency were gold instead Of
Treasury notes. Any decline Ia the prices Of pro-
visions must therefore, be pece led by an incresfe Of
receipts at Richmond, aud other centres OF trade"
We believe that the receipts from the interior will
gradually increase. The "Currency Act' has COMPEL.
ed the farmers, as GLASS, to get lid of their cid
ency, and they will have les, objection to selling some
Of their produces for the currency than they had
when the old was rapidly depreciatng with the pros
pect o. r!pudiatoa looming up in the future. The fire
on the terrapn's back" iii may use such phrase
IN this connecton) will be decisive Confederate VIC
suredy farmers to accept the extravagant prices
offered for th.ir psoduce It will the pre-
MUM of gold to Stumble" and have better effect In
reinvigorang the public credit than twenty "Curren.
cy Acs" could have. Let wait, and hope, and pray
FOR the success Of the Confederate arms In the sp-
proashing campaign.