Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1864-03-09

cent. the amount thereafter remaining in
circulation wiifbuy as much as the whole
amount will purchase now! But this in
creased purchasing power Of the currency
will, probably, not be made available until
the old notes are converted into the new
issue. As soon as the latter make their
appearance there will be general disposi-
tion to reject the old notes, on account of
the inconvenience of calculating the differ
ence in value between them and the new
ones. The effect of this rejection will be
the rapid displacement of the old notes,
and the substitution for them of q new'and
uniform currency not exceeding in volume
one third, of the amount nowin circulation! !!
Itis impossible that this reduction, or any
approach to it, can take place without a
material decline in prices. Money will be
scarce, and the new issue will be in de-
mand, not only because it will have more
spurchasing power" than the present cur
rency, but for the additional reason that
holders will have an opportunity of funding
them in registered sac per cent. bonds, "the
principal and interest whereof shall be free
from tsxation." (See the 9th and 7th Sec
tons of the "Currency Act"
Since the publication Of the "Currency
ACT" prices have gradually gone up ''like
q rocket" but we shall be surprised if they
do not come down again tshke the stick. ;"
In our opinion, the high prices of provis-
ions, etc., ruling last week, were establish
ed by the foreshadowing influence of the
action Of Congress on the currency, and by
the meagreness of supplies, induced by the
perYading conviction among farmers that
the currency was depreciating SO rapidly
that it would soon prove to be worthless
Speculation, of course, had its influence in
putting up prices. But we are now approach
ing the culminating point, and no further
advance need be anticipated, unless the
scarcity of articles offered for sale continues,
or buyers foolishly make run upon sellers
to get rid of their treasury notes at any sac
rifce. Ifthey are wise, they will, in our
opinion, buy nothing more than they may
! actually need at present prices, but viii
keep their notes (sdch as they do not fund
to pay taxes with, until after the 1st April,
and exchange them, at the discount, for the
new issue.
We do not believe scarcity of domestic
productions, heretofore prevailing, will con.
tinue, or that the seller of any commodity
will be compelled to put up prices to repress
the demand therefor, unless it be for some
imported article declared contraband by
recent aot of Congress.
A uery large amount of taxes will have
, to be paid this year, and tax payers, instead
Of speculating in or buying unneeded arti-
cles, which are almost certain to decline in
the course of'six or eight weeks, will avail
themselves promptly and freely of the fund.-
ing privilege given by the lst section of the
Currency Act" The incentives to fund
are too strong to be overlooked or disregar-
ded. The tax payers win save thirty.three
and one.third per cent. in the payment of
their taxes, and will, moreover, save the
tax for the present year, on the amount
they may invest in the four per cents. One
of the most experienced fnanciers of this
city has given it as his opinion, that the
four per cent. bonds authorized by the
"Currency Act" will constitute the most
desirable security in the market.
Farmers who have taxes to pay will un-
doubtedly take advantage of the funding
privilege, and unless they already have a
sufhcieucy of Treasury notes for this pur-
pose, will sell such proportion of their sur
plus stock or produce as will enable them
torealize the desired amount for investment
in four per cent. bonds. Thousands of the
most intelligent agriculturists will perceive
that it will be to their interest to send to
market, before 1st April, supplies hereto
fore withheld, in order that they may OBJ.
tain the extraordinary prices now prevail
ing, and carry the proceeds until after the
lst April, when they may convert them into
the new issue at the rate of So of the old
for 50 of the new. The 50 will be intrin-
sically worth more than S4 or SIS of the
present currency. =.
1t is quite possible that in the conflict of
interest between buyers and sellers, prices
may continue 'high' for s longer time than
we anticipate; but we are certain a new
and better state of things will dawn upon
us in April. Prices will then surely begin
to fall. The people will be more cheerful,
under increased confidence in the solvency
of the Government. Spectators will be
deferred from prosecuting their unholy pur.
suit of gain, as they never buy in ''falling
market" One thing more will be needed,
however, to give an impulse to the "good
time coming"-that is, decided victory
overthe enemy. We are sanguine in the
belief that this great blessing will be vouch.
safed to us by the God of Battles, if our
people will at once abandon the idolatrous
worship of Mammon, and devote themselves
in becoming spirit to the worship-of the
Almighty God.-Ricfmond Wing.
A HEAVY ROBBERY ON THE BoRDER.-
Lewis Hymau, formerly successful jewel
ler on Main street, between Thirteenth and
Fourteenth streets, but who sold out his
property recently with the intention of lea
Nv, tba ,onntr, ral1 omono thiovo, q four