Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-03-28
FINANCIAL AND COMMERCIAL.

0yFIoK OF THE WING, March 20, 1854.
The crisis of the "hard times" is now at
hand and for the next week two the foritude Of the
people will be taxed to the utmost. combination of
causes which It is unnecessary to recapituiae, has
brought us to the verge Of famine The Currency
Act is the instrumentaity by which relief will be SCI
cured o:her means will be necessary to restore that
condition Of plenty which was formerly enjoyed but
the Currency Act" will bring relief although thus far
1t has only aggravated and increased the evil Like
blister applied to the body Of patient 1t has Temporal
ry increased suffering but In the end will prove bene.
fetal and curative. The blister is now drawingl The
currency reached the lowest depth Of depreciation
but 0the course Of week or ten days reaction will
superveue The plethora which has for so long time
afflicted the body polite will then have been removed
by the iniAlible process Of depletion, and healthy
circulating medium will happily take the place Of the
currency which is now being expurgated.
The 'currercy Act" Tin cooperation with the gem
eral tax lAws may not fully realize the expectations Of
its trainers, but it has already accomplished grsare.
Suits l: has caused tho absorption and permanent
withdrawal from circulation Of millions upon millions of
dollars of Treasury notes and the Is! Of April will
tax out Of existence of the amount which re.
mains unfuuded. The difference between the amount
Issued TO lst April and that which will remain Tin new
notes as the currency of the country after that date
will, according TO estimates approximate i've hundred
millions of dolldrs The extinguishment of this vast
of deprecated money" aud the cessation of
further issue of notes Government credi. cannot fail
to have most sautary effect upon the public interests
The opinion that change for the better will follow
this extraordinary depletion OF the currency can only
be entertained by those who are resolved to be in
credulous.
Everybody will admit that the several hundred mil
lions of dollars ertinSshsd by the operation of the
Currency Act" that much In excess of the actual
wants of the country and that whilst this excess was
10 circulation it stimulated speculation and extrava
garce, and, worst Of all excited the fear Of rspudia
tion-eaeh Of these influences contributing to q con-
slant initiation of prices until they have now attained
maximum unheard of in this part Of the world since
the days of continental shinplasters. Surely, II the
chief causes Of this imitation removed the imitation
must cease, and when imitation ceases collapse Is al
most sure to follow. We believe that the reduction Of
the currency to the extent indicated will put end to
the further nA alton Of prices and inaugurae the hoped
for reaction. The comparative scarcity Of money, and
the commencement Of decline In prices, will dscour
age extravagance and rpress speculation. The reduced
amount of currency and the arrest othe rapid growth
of the public debt will establish confidence In the
solvency of the Government-dispel the apprehension
of ultimate reputation. Under these favorable inaa
encss the prices Of all articles must Decline excepting
those the demand for which Is greatly In excess Of the
production supply. Provisions are apparently in this
category bu there is reason to believe that in the new
~
provided the Secretary Of War will take the trouble to
revoke all arbitrary and oppressive restrictions upon
and interference With the sale and transportation of
supplies Of food, enforced BY military officials and i'm
pressing agents in all parts Of this old Commonwealth
The railroad companies too, must abate their excessive
charges and increase their facilities for the Transport