The daily confederate. [volume] (Raleigh, N.C.) 1864-1865, 1864-02-26
The Currency Bill.

! alton was RAM pant and uncomfortable; con-
Ience had been swamped, and hide and &c
ek had become the game of hoarders whom
impulse of patriotism and no dash of VEN
re could induce into risks-aud the necessa-
IS of life Were being put out of reach. TIC
,or had begun to want, in the midst of char
y. The army, whose support was indis-
snsabe to the existence of the nation, had
be supported by titles and improvements.
he Government, oppr' ssed by heavy sxac-
ons, could only meet the demands by further
khaustion Of its credit Agitators added to
he general evil, by frogging the land with
leir croaks, by denouncins the government,
nd inviting Instruction. Want Of cou6desce
vas becoming universal, and the broad road
i5as fast widening into a slough Of destruction
Congress has met the necessities boldly
'ally-and we think successfully. The disease
vas decp-seated, malignant and rapidly devel-
ping symptoms of fatality. The operation
Tag been sharp, and to the r. OTIS, and the Grad
| cation painful in the extreme But the cure
will be permanent, if the patient takes ordina-
ry care.
The main features Of the bill require:
That all notes not bearing interest, of de-
nonina tion above five dollars, shall be funded
before the LIST of April next, in the registered
bonds drawing four per cent. interest, or suffer
taxation of 33s per cent. of their face At
ter being thus taxed, these notes NAV be fund
ed as before, until the 1st of January, 1865.
Notes Of one hundred dollars not b.aring
interest, shall, in edition to the above, be
taxed ten per cent. per month after the first
of April, shall cease to be receivable in pay
ment OF public dues, and shall not be exchan-
geabe for the new issue proposed by the Gov
eminent. And the notes of no denomination
as above stated. Shall be funded after the LIST
OF January, 1865, and all which may not have
been exchanged for the new issue, will then
be taxed one hundred per cent.
The present effect of this legislation seems
to be to withdraw the notes of the lowest denom-
nations from the market, and to increase prices
$50 per cent. on commodities offered for SALE
lhls Is an effect wholly Legitimate, and is
purely the result Of panic-ano will favor
only the Spectator who furthers and pro-
notes It, The high prices had already been
the growth of inoriinate depreciation, having
no reference to the value of the article or Of
any relative value between the currency and
pccle. There is therefore no reason in tbe
rgument that prices ought now to advance
the amount OF the tax, " in order to obtain
ne usual rate of profit on agricultural or com-
nerclal capital That is already obtained
" four per cent obligation, to be receivable
G payment Of all Government dues PAYABLE in
1854, except export and import duties TIE
apitallst who parts with his currency COW for
hese obligations, gets III exchange for depre-
lated and deprtea,ing property, ore Of an !
c'1al liked Standard value property to be
realty nccded-"hose par worth can only be
'opaIdized by the failure of tie National
use. In other words-for one hundred
'ilars that will this moment buy an article
'd IN ten minutes will lack ten per cent. OF
ing SO, he gets hundred dollar certificate
bond, registered and receivable for taxes.
hich beyond all peradventure will be good
hundred dollars tor this purpose, or good
this amount when sold to another, or good
+ this amount if in the revolutions of com
'rciai matters tour per ceLt. becomes to be
lsldered fair profit on safe permanent
iesment.
The buyer then, who submits to be clliselcd
the market by purchasing now, when he .
wait five weeks, iufcts his own evil
volunteers contribution to greed and
'rlce. On the other hand, the manifest in
Est OF every man who has food or other 0
cies Tor sale, is now to crowd the markets.
lie money is abundant, and sell for fair !
ut; Tor he may be assured that the redun
t circulation will be absorbed as apidly as ,
blood Tushes from severed ugular. No u
dred dollar note will stay out in the cold Q
order to buy an entrance after the first et
Ipril at discount Of $50 per cent. or risk d
'tch laneushiDg consumption of ten per w
:. a month afterwards. Vixen This absorb b
does take place, and currency.is reduced ! BIT
in the limit OF necessary demand and TO
ply, then at once its value appreciates. pa
I'll be hard to get. Something 10 sell d.,
come forth, in order to buy it. Heavy ku
then rising up will demand to be settled n.
q then money will rule the market, and III
market must submit in price, out of its
Ssity for money. ,
hndence establish ed-and it follows be
q possibility, that demand and supply viii, 4
81 prices, disrobed of the intervening in :
70 OF Imitation and redundancy 1t took ion
ngiish House Of Commons very long f.r,
CT OF years to comprehend how deprecia- xv,
T currency alone, was produced by re- ~
;rresnsc,;vs 81 -. ~. - ~ the.