Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-06-15
The Currency aHs Prices.
From the Richmond EEanipsr.I


The trenchsnt measures Of the Last Congress have
failed yet, to restore the currency health. The
lacks ths purchasing power which belongs 70
sound circulation. The Of Il put forth very
small Neither army nor people have yet received it In
payment Of ths public obligations due them II IL
hardly sxtrsvsgant to say tha there ID much specie
In the Confedsrsey a new issue in circulation The
new be found only i1 the towns and around
the seat Of government; It has not appeared in the
interior Far from there being aretundancy oft Ahost
T. Is exceedingly scarce and diieut 10 procure. Yet
notwithstanding i,s srcy the great demand for t,
and the trouble Of obtaining it, prices remain vsrJ
nigh Prices have undoubtedly fallen 10 many l0cslE
ties but the decline is not generals il ia oUy partial
Ths chief causs Of this continued want Of purchasing
power In the currency, IN despite Of its feArcty
may be easily stated. Tbs failure Of the Treasury De-
pArtmsut put forth the notes Ia ts 10 replace
the Old, has continued ths latter In circulation and
priess are still regulated by the old currency. all
through the interior Of the Confdersey, where the
not yet appeared, transactions are conducted
with the old tS0thrds LIS value The effect Of this
sste things upon the popular mind must be obvious
Tue people dealing before the recent legislation
took effect, in currency deprecated BY It's rsduC-
S.c, TbeV are now dealing in the sane discredited
currency still further deprecated by legal enactmsnts
1t is impossible under the eirSumstances, but that
pricsH 40 FAR they depend upon the dealings Of the
people Of the interior instead Of falling, must rze
IL the old currency could have been dispensed with after
the first OF April, tbs pa6e would not have touched
But the new currency rot ready-lt is not yet
ready; and the public forced into the alternative
immensely dstastefu 70 them, Of continuing re
cid Prices continuing 10 be measured by the sams
meter remained substantially the seals UDtl
the old issue goes completely out Of prices
be reformed. The mere prospect Of new currency
will lot afees them, They take their rate from the
uoney actually used In the popular dealings, azd it Is
unreasonable and idle expect them in the absence
any other money adjust themselves by another
standard. The Treasury Department has inflicted
great los upon Government and people by Withholding
the new currency. Except, possibly, at = few points,
Government hiss ceased to make any payments at ALL
and this circumstances brings very additional dis
ereaN
A. -, N. raw cprsev Ia nnt forth into ,irrulatiop
and drives the old out Of the community, it viii
speedily do prses viii adjust themselves to the
standard Of value; and not before The sooner The
new currency is given general circulation the better
Il will be for the government and the people Il Is
dseredsb to Government tha its issues saouid
be such thst fractional calculation must be made OF
worth in paying for the smallest purchases Il
h2rdiy be excused that currency which waa taxed
heavily the Of driving il out Of sxistenes,
must Of necessity be continued in by the people,
against their inclination for the want of another prom
iaed thsm BY Government