Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1864-01-05
ppoDUcTIoN VERSUS CURRENCY.


tho solution of the problem which is lnVoiVeu
init escapes our grasp as an ign'S Ia''s"s'-
The truth is, that the present question Is NOT
merely question Of currency" 1t IS gen
eral crisis, and an unavoidable one. We
will not enlarge upon that subject, but refer
4, The letter of Brig'r General Henry a.
Wise, which, few weeks ago, made its ap-
n,arancc in our columns. lie calls the atten-
ton Of the reader to thnt fact, because the cri'
sis was bound to come, owing to our absolute
dependency upon Yankee manufactures ior
all the products Of arts.
The present condition Of cur currency IL,
therefore, but pne symptom Of the crisis anu
not the whole of it. Even with respect to
prices, we will find that the character. Of the
currency alone is not the only thing that ac'
counts for or makes up the prices of COMM
dities. There are two other and more imp"r
tant elements, whose agency is always felt on
the market, and which must BE taken into
consideration, namely:
Production: since gold itself cannot buy
products unless they are brcmsh: into exist
,cnce by the producer;
Ind Transportation: since products are >
!na ralne. unless they nre brought to the pro
per markets ly the merchant.
Then comes currency" or circulating me-
diuln, which facilitates exchanges, ilnparts
activity and life to tie retail trade, and in
creases the consumption of articles, thereby
increasing also their production and transpoi
tatou.
Here, then. arises the question What Is
the proper share OF our production and trans
po:t..;iou, such as they are, in the present
condition of Cur currency, such rs it is? for
it is out Of those three elements that the sup
,ly aud the demand make up the price of
;!.ings.
That price thus fixed il always true, unless
speculation" which is represented by the
merchant and trader assumes more than its
proper share Of influence, and, by monopo-
lying one or more of the three elements above
specified. alt,rs the true price Of things to It's
own advantage and the general prejudice.
Here, then, comes the query: Ascertain
the share Of speculation in the present crisis
1t is evident that the true remedy for the
crisis will DO such that its bene6cent influences
viii affect production. transportation and cur
rercv or their general improvement: it is
also evident that any given remedy will be
only efficient in proportion rs it affects one or
more Of those elements. We must, however,
guard ourselves against disappointment and
not indulge in exaggerated expectations
The remedy, the good effect ofwhich will be the
most quickly felt by the community, will also
Re such that the effect will the most quickly
rass awav--.a sudden, ti'tnsitery and aoce;tfu,
,cl;ef such rs might be derived from the i'm
nrovsm.nt of the condition of our currency
oIons. On the other hand, the slower mea-
snrsa. which will ameliorate the condition Of
our pr duction aud transportation, will DO the
safest and surcst, and their good effects will
increase with time.
Among all the schemes which have come to
our knowledge, we find but one which points
IL
ton, that is. to the main question itself, the
ve.y substyntum upon which reststhe super
structure, both of transportation and curren-
CIV. This direct hint was made by Brigadier
Cen. Henry A. Wise, in his letter already al
lu]ei IL.
Lot us now look to our production and trans
n,rtatiuu respectively, for then the question
Of currency will soon explain itself.
With respect to production, we find that the
meaning of that word is almost entirely
restricted, as far as our national production
is concerned, to agricultural production"
,ch;lst. If we turn our attention to the word
consumption, We cannot but he aware that its
meaning is unrestricted, and that we are gen.
cral consumers both of the products Of "asri>
culture" and Of the products Of "arts;" that
!. 70 say, consumers Of what We produce and
Of wln.t Sc do not produce. 1t was 80 in times
or peace, Us it is now in times Of war, with
tlds difference, however: that in times of peace
our demand for consumption Of the products
Of carts" was supplied, with open ports, by
the YANKEES themselves and by European
,r,Jc. whilst, since the beginning Of this war,
M, ,upplv Of the same denomination Of pro.
ducts has been made progressively more and
more scanty, from the effects Of the Yankee
blockade. In the scanty supply of our mar
kets in those products of arts of various sorts,
which the people of the Confederate States
CONSUME. but do mot produce, we recognize
the starting point O: the Currency question
AM, troubles, The prices, Of course, began
IL rise SLOWLY at first, but next spasmodically
and .t ic;ant strides, as soon as the prospect Of
q short war vanished and stern, long, event
fail war looned up in it's grand proportions,
which nerved the true MEN for the struggle,
hut proved the terror of the unpatriotic specu-
lotor: here extortion began, and accordingly
the currency was "lepreciated."
The rise in the price Of the products oe arts
,,.s mt tho only evil : rise in the price Of our
own products the products Of agriculture
f,,lovsd closely. At first it WAS but right
fr. trade SEEK, ito own layel, and the farmer
adjusted bis prices to those Of the storekeeper.
rho price of blockade goods formed the stand
ard for the price of those very goods which
III. blockade cannot give us AMI cannon take
from us.
The inpatient reader will remark: this
,,ay No true, nav, il true, but could that be
bs,ned? We answer, yes itrculd be helped;
:, anne, no le;pei. Oar money market is, as
Mali =. AL our markets, in state OF anarchy );
tina. anarchy is the great evil Of the day
Same call it depreciation" others, "irta-
Alan, of our currency-sll true denominations,