Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-03-02
FINANCIAL AND COMMERCIAL.
orrIc. Q, rnE wnIa, Mnch ls !

3 Oyscx oy THE VINO, March lie 1884.
The enormous prices Of merchandise OF
every description which haze prevaI,din tho Coifsd-s
crate States for months past aitrbu lie to
mary causes. 1t The ,xcessive and constantly in
creasiDg redundancy Of the currency; 3D. The itsuf
ficiency Of transportation. The fl ct of the super
abundant currency was 10 oda ART flo s;acity.
Spectators bought up and withheld from market i'm.
msnse quantities Of merchandise Taeif prof s" being
assured by the constant depreci. ion of the currency,
the number OF spectators increased Until It embraced
nearly the Whole home popuatioa-al preying upon
ench other Successful speculation and the pcssessi0n
BY msny persons of ten to fifty times the amount Ct
money" they had ever held before begot habits Of
traya gance the indulgence Of which causeda further
drain upon stocks and supplies already inadequate from
the artificial scarcity mentioned, and from the deficient
means Of transportation So prices steadily advarced,
and every advance reproduced the causes Of further
advance. Ia the meantime Treasury notes became 90
abundant that apprehension Of ultimate Reputation
psrsaded The couttry ard PRODUCERS Who had any sur
plus of provisions, either withheld them from market
or parted with them prices previously unhsard Of in
this part o. the world The combined eject Of these
yarioas Influences upon the Richmond market s seen
10 day in the almost ter exhaustion Of sto. Ks Of pro-
Visions aud the quent prevalence Of unprecedented
p:ices-ira .tng tn. prices Of all other commodities.
II is consolation 10 know that this state Of things
can las. but short time longer The eliminating point
has already been reached and the reaction though is
may be Glow at first, will nevertheless be certain. II
the redundancy of the currency was IL MAN, print
of high prces the depletion OF the currency must
surely produce the counter Effects ieiucton Of prices.
lis depict on has already commenced and will progress
rapidly as the LIST of April approaches
L. has been shoxn by estimates aud deductions In
another departs Of tho Wig that through the ore
ration Of ding, tIatcn, and other Causes the cu:-
ncy will he acuealy reduced in four weeks from this
time upwards of Ss hundred millions Of dollars, from
| the max mum amount issued. We say practically re
duced" because the "Ouirsncy Act" allows extern
Il of lime for funding, in the country west of the
Mississippi but the effect this side will be as IL 10
such extension had bseu granted.
The withdrawal from circulation of five hundred mil
lions of dollars will leave about s2600o0000 sfost-
1t Is not possible that the ex gushment Of this Inn
menss amoun of currency b, If cted without pro-
ducipg great decline in p.ic's Toe conviction that
tie decline will take pl &c will suppress speculation
which can only thrive when p ices are asce-dng IL
ceases when prices falling. The scarcity OF money
and &c saton of speculation will pu erd to extrava-
gauce TIE mer, suspension of the demand for arti-
Giles Of merchandise which speculation, Investment
and t1rayagancs havs heretofore stimulated, will It
itself have marked feet upon prices. The tide hav.
ing turned those who havo boarded articles on specus-
ton or because it tho "best use they could make
of their money" will be smart ough 10 put their
boarded stocks on the maj ket whilst high prices prevail
expecting 10 replace them lower rates, at some future
/ time ~.
View the subj CO. may, We can come to no Other
concu-on than that heavy decline in the prices OF all
articles not absolutely prospec lively scarce, is new
table. We are row passing through the most trying
psriod OF the year, when provisions are always more
difficult to obtain than at any other season Ere long,
su pies of shsd aud other fish will make Up for the de-
,ency OF nea', and, before the lapse OF many WeeAe
early vegetables nil be fired for cal. in the ra'heta
at prices which will bring them within reach Of large
e'ass Of buyers.
If the currency, instead Of being reduced to $780,,
900 600 as CO mated is only reduced to 900 OOc,
we will then he carried back financially, 10 the cond-
ton in which we stood the lst of January 1861
Accord To the report Of the cretary oil the Trea
sury dated 10th January, 49, the general currenc)
in circulation on the Hstt day Of that monh was $780,
l49 6s2 For reasons which have not space t. men.
ton in this article re do not think that pcas generally
will f. to quite a. low range OF price, that wbeh
prevailed fourteen monhssg,. but may interest the
reader and rhsps eerye good purpose, 10 present
comparison OF tie prices of lsding articles then cur
rent with those now quoted 10 this market We sub
Join tba. comparison in the following table