Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1864-08-31

while the schedule of prices adopted by the |
Commissioners of this State does not approximate
in its rates the former schedule of the Virginia
Commissioners, it is to be hoped that satisfactory
reasons may be found for reduction. VI. rM.
I can add nothing to the views expressed the
Honorable Secretary, and will only remark that,
concurring fully in the importance to the country
Of reducing Is low d practicable all prices, COM
mend the letter to the careful and favorable con-
sideration Of every citizen.
TREASURY DEPARTMENT, O. S. A,)
Richmond, Aug: 8, 1854 !
To His Eseslleney, Governor Bonham: -,
DEAR SR:-Yeur very kind and encouraging
letter of the 80th uftimo was received yesterday
If it shall prove to be my happy fortune through
the Divine blessing to contribute in any degree to
the welfare Of my country, shall be more than
compensated for all the labors and anxetes to which
have been appointed Expressions Of confidence
and good will on the part Of my felow-citzens, such
Is you have been good enough to convey to me,
are most grateful and encouraging. regard the
Treasury Of the Confederate States rs most pecu-
larly the Treasury Of the people, and there is moth
ing in the power Of man that would so soon restore
it to condition of ease and prosperity as the uni
verssl and generous support of our people. THERE'S
nothing in its present circumstances to inspire
iidence An all pervadng cause Of embarrassment
and distress, has been the character of our iegisa
ton. However periodically intended, is hot to
be denied that the measures adopted by Congress
for the reform of the currency, had the unhappy
effect of inspiring the public mind with feelings OF
fear and dstrust as to the course that would ult-
mately be pursued in relation to that part Of the
public debt that is represented by the Treasury
Notes Apprehensions of ultimate reputation
crept like All all pevading poison into the minds CT
the people, and greatly circumscribed and diminish
ed the purchasing power of the notes.
There were many distinguished and patriotic men
in Congress who earnestly believed that the great
if not the SOLE evil Of the currency was to be found
in its redundancy alone. And reasoning from this
premise, they inferred that corresponding rednc-
ton of this large volume of the purchasing medium,
would produce an immediate reduction in the price
of all saleable commodities Others entertained
different opinion, and. believing that the purchss.
ing power and value of these notes had q critical
and sensitive dependence upon the confidence and
good will of those who were called upon to exchange
their substance for them, insisted that reduction
Of the quantity, by any measure that disturbed the
confidence of the people in the good faith OF the
government would lead to universal distrust and
still greater depreciation.
The majority was, unhapply; found to be the first
opinion, and it must now be universally admitted,
think, that the policy that prevailed was CHROME.
Gus, and the consequences precisely such as bad
been predicted by those who opposed it. The I'M
mense reduction effected by the tax Of 3a} per cent
levied upon currency, and by the process Of CON-
pulsory funding, produced very little effect upon
the prices of commodities. Everybody regarded,
with distrus, new issue Of notes Of the same
character the last and resting for their support as
circulating medium upon the Same pledges which
had ended in disappointment before.
That this is the true difficulty we have to encoun
Der, l think every candid person must allow, and
cannot refrain from INDUCING the hope that new
ton The patriotism Of Congress is not to be call
Cd in question: nor we at liberty to doubt their
willingness to renounce any policy that may be
proven by experience to be erroneous and mschiev-
GUS Our people, at the same time should not be
silent and in this respect the patriotic citizens Of
the great and suffering Commonwealth Of Virginia
have set noble example.
On my arrival in Richmond found that the Com
missoners of prices had fixed the schedule rates for
wheat and corn at $50 and $24 per bushel respec
lively, for the months Of August and September
The feeling of disappointment and alarm with which
was inspired by this circumstance, you can easily.
imagine The painful feeling was, however, soon
changed for one Of renewed confidence and hope by
the farmers of Virginia. Public meetings were held
in the agricultural counties and resolutions adopted
boldly avowing. the lmpossibity Of maintaining the
u
leople to pay such prices for supplies and patriot
cally insisting upon reduction of the standard
stes, and their establishment upon basis suffi-
iently low to inspire confidence in the currency.
he result was that the Commissioners reassen.
led and reduced the schedule price to SIT for
| 'heat for the month of August and IS for Septem-
er. wiser and more patriotic course was never
ursued by any people and | would respectfully
ppeal to you as the Chief Magistrate Of our gal.
mt and patriotic State to suggest and encourage
,milar meetings and resolutions the part of our
I wn people. have an abiding confidence that q
snera and we'll established belief in the intention
f Congress- under no circumstances Of temptation
trial, to shrink from the observance Of the mos'
gid good faith in the money dealings Of the gov
rnment will enable US to overcome oil our 6nan
al difficulties. That such is their real intention
cannot doubt; but. this determination should b
ncouraged and supported by the public declsra
| ons of our people. expressive Of their own reso
te will to foster the credit Of the government by
ae establishment of low prices, and BY the patriotic
npport of its Treasury. Whatever differences o
pinion may hsve existed in the past ror whatever
,ay now be buried in q common gave. We ar
lakng q new start in our fnaude, and Hnde
circumstances by no means unfav0able or dis
,ursging.
4, The expenditures of the Government are of tw
asses-those incurred abroad, and those incurred
+ home. In respect OF the nrst mere mas hithe RI
zen but little embarrassment, nor is there an
ason to expect greater difficulty in the future Z
tut foreign supplies will probabl0inbe procure
ithout making any addition to the pdblc debt
he malice of foes having raised the price of CO,
j. n to GOD. per pound in European markets, Will
F. 10 depreciation Of our currency enables US at tn
.me time to buy it at home at less actually tina
l. 1t is plainly seen that it can be no difficult tas
| draw from our enemies, and from the complacen
,ectators Of this atrocious war, the means Of sup
lying ell our foreign wants: This would leave u
is considered that all that is asked of our people
nd all that the Government is called upon to PAL
~ n, is simply their surplus productions and thei
| rv;ces in TRANSFORMATION and mechanical and othe