Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-02-27
HReOHsTITgFISE-sTLFE RIGAFs'
RICHMOND WHIG.
SATURDAY MORNING. FEE. Al. iss4.
The Currency.

The most striking Feaue of the Currency Act, lately
passed by Congress- 10 in provision for the gae
ducton of the amount and vaus OF the Treasury notes
a, present in circulation during period Of near ten AID
half month"; and their hna extinction the LIST Jau-
uay 1855 The SlOs 600 600 Of interest bearing no'eS
are at once regarded bonds. All other notes ABOVE
IS are u ,dabe at rar registered four cent bonds
until the ct April next After that date, they are taxed
hity-thr,e and One.third per cont, and thus dmin-
.hsd in valu, can be exchanged for new iAues uutl
the Is. Jolly or funded in four per Cent bOndf, or be
received for taxes al the st January except the one
hundred dollar notes. which can only be funded; ana
are additionally taxed ten per cent per month. The
Eve dOa, notes are fundabe a. par unt the l't July
after which dae they are RISd thrtythres Aid one
third GER cent aad thus diminished can be exchanged
for new notes received for taxes or faded in four per
cent bonds though the act not clear - TO the Prlod
within which they can be exchanged for new ssues or
bsher they are taxed one hundred per cent, like the
argsr notes the lat January 1865. NotsI ander i've
lolar are not rAned in the acs aud, it is presumed,
are not affected by it but coniLu' worth The promise
N their face The four per cent bonds are receivable,
without interest for all dues for the year 1854 except
export and import duties and are, also, exempt from
taxation. The aivAn'Age will DO apparent TO every
one Of securing sufficient amount OF these bonds for
taxes before the Let April
In report, made by the Senate COnnittee on III
nance in January last the amount Of our non
interest bearing dsbt, or currency, at that time,
together with what would be required to be issued
10 to LIT April nsxs estimated ct about S7sS,-
coo 600, of which amount, was further estimated,
th.t about $50 900. 900 had BEEN los. or destroyed
the amount Of 800 notes in circulation at the
ime Of the passage of the act is est mated At
100 OOO seVen-eghts of which WILL doubt, bs fund
"a in per cent bonds by tle lIt April and the re-
nainder not be exchAogeGble for issues The tax
On property and values, il s estimated, will reach at
Fast $500 900 OO0 As this tax can be paid in per
sent bonds which can be obtained At par for Do.es
Iul l,t April and " per cent. additional amount OF
notes will DO required for it after that cate, every
one will no doubt at secure an ample amount Of
lee bonds and perhaps over to feel secure. In this
say will be absorbed about $l75, OOS 900 Of the Sl00
nOss, and at least $lS6 900 900 Of smaller notes. We
see it stated from every direction thai, in anticipation
Jf the passage Of this act and even Asr the telsgphc
announcement Of is passage but before it Was officially
nneunced, immense amounts Of notes were converted
INTO per cent bondI under the provisions Of former
aolA The amount 90 fund d may, perhaps, be safely
estimated At $40 900 600 The amount Of the present
ptes ia circulation The lst April next may tasn be
simA;ed - follows:
TjtL amount Of notes $3.50 600 goo
Lot and destroyed. $50 100000
800 notes funded in per ,.
cents. .l76, 100000