Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-11-04

tlon ana oonhoeraton OIL Cd VINO oeelre currency ap-
proxmADg to specie In ts purchasing or m rket value
and who think 1t right and wish that the obligations Of
the G,vsrnment should be measured BY the real value
receives In exchange therefor far it Is praOt-
BILE,
/ CURRENCY.
l. new currency, limited in amount to two hun
dred millions of dollars, to be issued under pledge
that Uther further issue Of currency shall be made
by the Government during the war, save far Il
may he necessary TO reissue the present currency In
pa ,ments boLds contracts already ous;snd ng
1.-The notes to DO payable In eW1 Whsat fosr or eot-
ton, at their specie Vails during The Var, aud the
restoration peace rs cou; aud 70 be yAble for
ali dusS 70 the Government and fqndAbls In per
bonds at par.
Ofsr 70 the holders Of the present currency to e1
change the proposed currency for it. at the rate of one
d,dr for i've, 70 retire the currency now In circulation.
/ WAYS AND MANS.
3. Appropriate tho currency not required for 70.
trg old on the bass of exchange proposed to the
expenses Of the Government authoiz, receipts TO be
given for supplies needed by the GJvernmsnt with
obligation TO etWn Tao supplies With interest in kind
on IAS TeStordtiOn Of peIce; continue the ushpg tax
ana levy tax 70 paid in the proposed currency for
probable bal noe Tired by the Treasury Tor the
year. which s is supposed will not Exceed one hun
drsd aud IF millions Of dollars. For any deficiency
IN the Treasury orcer sale of five per cent. bonds,
ahd secure their payment BY pedgng dulles on exports
II
T. Restrict the future of bonds 10 those bearing
Ave per cn interest," and make the interest payable In
notes OF proposed new issue OF currency during the
var and after the restoration Of peace In ooin Plsdge
duly on ths future exports OF Ihe country, ior tue
"a ment of bonds heI eater issued and make them
payable t1en,y years, from the lst dy Of January,
1865 Author - the conversion of the honda seaoy
outstanding at hs pleasure Of tbs hodsrs into bonds
OF the oposed now esus, ~ SONS tq iIsbe scale o.
exchange; securing TO the holders OF the old bonds
III - kNuI
ues paid By them for the old bond and provide that
ntefes, on the old bonds while sali Outstanding be
paid in the present currency as heretofore.
NorH Ia proposing the foregoing scheme, II Is be.
ievsd ths. the obligation and ability of the Govern
mont TO meet any csmsud for agricultural pies,
watch would be made BY the holders Of the proposed
currerc y will ct once give the notes the purchasing
power Lr exchangsebe specie value Of hose staples In
market. Thus ten dollar note would buy whatev.r
could bs obtained in exchange for ten dollars worth OF
corn, wheat, -four or Gotten, at specis va.us.
The purchasing or market value thus attaching ~
the notes compared With that Of the present currency
bepr largely 10 e4csss OF Eve to one, the interest OF
eve holder Of the present oureE cy would point to the
exchange of h for the proposed currency a. indicated
| in the second section Of the tc5eme proposed.
At the duced prices Of supplies under the proposed
currency In connection with the he and the amount
of supplies whiel IL is believed producers would furnish
and receive in exchange therefor the obligation of The
Government TO return wi interest 10 kind it Is thought
that the az Of one hundred and fifty millions Of dollars
suggestedAnd that portion OF the proposed currency
not required for retiring the old, would prove suit
csnt supply for the freasur, for the ensuing year,
without resorting to sale OF bonds.
The section contempates the permanent debt oil
the Government bear but ave per can't, Interest," sHg
Qess what IL believed 70 be the best means OF securing
Its payment; and proposes equitable IlGn for the
conversion OF the bonds now sanding into tse i've
per cent bonds without loss TO the holIer Of hing
on the real or spe 10 values be invested in the old oond
leaving the conversion entirely voluntary with the hod
ar and the interest the old bOnds if he prefer to
retain item, be paid him, ss now, in the present
currency This eection lie not nects ariy embraced in
scheme for currsr o., but is appended to complete
the plan of finance and because IL s bal eyed that The
prese Is the best time BON tor tbs Government end
TIE holders of the old bonds 10 perfect The pan Of
conversion of bonds suggested.
The proposed currency, 30 far as corn, wheat and
A,nr ara concerned If estabished would at once DO
away With one Of the chief evils under which tie
oountry has been and yet is labodDg that Of having
Two prices for the main necssssries OF Life, one for the
Government and another for the people-Aud placs the
prices of all other agricultural and manu- acturi0g pro-
duoons of the country at the relative value they bear
70 corn wheat -four and cotton, represented a. specie
prices BY the noks
The whole PlAn 30 far ss the proposed currency Is
involved could be put In efficient operation without the
EN- ljyment of additional officer or agent save at
few points, whore would be necessary to provide for
large demands on the notes. Post commissaries and
quartermasters scattered they are ali over the coun
Try could DO authorized to meet the demand on the
notes made In limited quantities by the people for con-
sumption and In O very Hale xhlo the people folding
the faith Of the Cove nment kept In prompt pay
ment Of the notes. would relieve the oommlssaries and
quarermasters BY selling 10 each other aud receiving
tie notes ct pr for specie prices. |
II In the power of the Government to Issue and SUI
tain the currency suggested and Is due by the Gov.
etnmen to the people, who havs 30 long aud 90 pa
teny suffered uuder The pA o.ion Of the existnR
tenn OF fDanee that tie best currency the Governme Mt
can sle should bs furnished them; and the question ia
eravely tnHmtted whether there DO ANYTHING ese of
general txchAngeabe value, save our agricultural sta.
pea which the Government can control aud WELD in |
sufficient quan les 10 furnish basis of convertible pa
per currency for the country.
The details of legislation necessary to carry olt the
rcheme need not be suggested, possibly that 1t
may be well say that the Government chou reserve
the option to itself to pay either article named in the
notes. with limitation 10 favor Of the holder OF
msli1g demandon them for his own his family con-
sumption. The scheme Is submitted by the writer un-
der nceFe convc ion Of its feasibility and lie avaa-
blty for relieving the naI cal faculties In which we
are involved 10Th individuals and q nation, so far
ss they are remediable He solcits for it foil AID fair
examination desiring lift posess not the mfrt be cnn
ceives attaching TO It, 10 learn the fact II better can
be deyised-one giving assurance If IlscDg In the
HANDS OF the peopea valuable circulating medium,
aud Of enabling the Government 20 compass lis wants
with lees indebtedness-no will accept it more
read ly or rdre cheerluly than himself The only OBJ
iecl In proposing 10 Is the PUBLIC Coon.
COLUMBIA, s. o., Oct 26, 1864.
EUROPEAN INTELLIGENCE.
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