The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1864-04-21
FINANCES.


Speculation is rampant When the
first rude shock OF war came ana passed
business became stagnant, new enter
prises we're abandoned and old ones cir
.cumscribed, and doubt and despondcn'
cy seized the business community; but,
by degrees men became Injured TO e&'
citement, Govern nsnt initiated as was
thought, adequate financial measures to
meet the new aud extraordinary situa'
tion, and gradually confidence was so
far restored as to insure q resusciIaton
ofcomparativo business prosperity. The
demands Of this gigantic war, stimulated
tho inventive genius of the country In
whatever pertainsd TO the art Of war,
and directly employed multituIes of ar
tisans and laborers, and at the same time
the withdrawal OF so many hundreds oil
thousands OF the active and robust pop
ulation from the ordinary pursuits OF lille
and Transforming them from producers
into consumers, tended both directly to
enhance the price Of labor by diminish
ing competition, and indirectly to in
crease the price of living, by diminish
lug the aggregate reproductions. That
prices should have advanced to a GER
tain extent, is, therefore, attributable to
the necessities incident to the war; but,
these necessities nave NOT IN our judge
ment carried prices to the present dan
gerous advance. Congress early became
impressed with the necessity of an inter-
nal revenue bill, and framed one, preml'
sing asst thought, adequate revenue TO
sustain the credit OF the country; but,
its success could only he determined by
experiment. has proved sadly made
oualc TO the wants Of the country, and is
now undergoing radical changes. The
war found US not only with an empty
treasury, but actually in debt 100000
600. Having no available means to
meet the unexpected and augmented de-
mands for money, the Secretary OF the
Treasury, FIRST had recourse to the
banks oil tke great cities New York,
Boston, and Philadelphia. He borrow
ed thence funds for current expendi-
lures, till the meeting of Congress
4th OF July, 1861. Congress on the
18th OF July, authorized the issue of
$50, 100000, in demand notes; but the
war assuming after the Bull Bun dsas'
ter, enlarged dimensions, Congress on
the 25th of February, ls62, passed a
bill authorizing the issue Of $50, 0oo,-
1000 in United States notes, receivable
for all debts public and private except
interest on public debt and duties on
imports; and at the same time in order
10 retire the demand notes previously is,
sued, permitted their receipt at par for
custom duties. These Demand neteS
Enough increased afterwards by Slo,.
100000, have been all collected through
,tbe various custom houses, and destroy
ed, and the United States Notes have
.supplauted them Silver early disap.
pesred as circulating medium, ami the
strait thence Of the business community,
was relieved only by the issue of $780,
100000 in. frgotioaal currency. Vorl'
Gus short bonds are authorized as a
temporary relief, and GnaIly the $50
bonds are thrown upon the market and
meet with unexpected suceess-s5lo,.
900, 900 Of these securities are disposed
Of at par, and ato now, selling at from
IL to Is per cent, premium. Though
Congress had authorized the sale Of new
bonds, deuominated l0-4o's drawing
per cent. interest, yet, unfortunately for
the country, they were not rcOdyto be of
fered to the public, andfn the meantime,
interest bearing Treasury notes we're
discussed TO the amount Of $50, 600, 900,
which, while not intended or expected
90 circulate in business, yet, by rcleas
ing an oquul amount Of United States
nole5 renuitol 70 10 I.oll By llo bankg