Washington telegraph., 1864-06-15
NO. 1G.
TCOminIlnRcate1.


ces Of all species Of property. especially the
neeessaries Of life, and corrupts pubic morals
Therefore 10 reduce the prices OF com nodiries,
we must reduce the quantity of currency that
j.. OF money king investment principally in
supplies Of food ani raimeut
The amount of currency In circulation ~ not
Of itself an evil. except 50 far as il affects the
prices Or commodities. Supply ani demand ~
the natural cause OF a fuctuati9n iu price--a
redundant ur restricted currency l. the arhh-
cal cause The natural cause mnst exist even
were our currency exclusively gold AMI silver
Of articles Of necessity not produce ~ om
country, The supply must in tine " war em-
barge o. blockade necessarily be saft, "hiie
the demand is great; tthat IL unrhni-n-aiA'. ~
our necessitiesl hence the Legitimate OF natural
rise in price No one would sIy In such state
Of things that goll and silver had fallen o.
lerfeciaIeI, bat they would say com inolrties
had risen or appreciated But I'll nicn's Pook-
cts with paper money, not bearing interest.
not legal tender, of the ultimate security OF
which OF eonVertiblIty into coin. they are not
confident aud they will Immediately begin 10
speculate. Some may not like % keep the mo Iey
aad prefer TO have commodities. and others
because whatever their opinion ~ ~ ultimate
security, It is not making eay flI.g while lying
idle in their pockets Money cannot alorr "
remain unimploycd; ii Il 30 lUterest it Is
ADl npI'iETs are hAArH-i brNAA'N Ah
costs neither effort nor tronble 70 invest II
Is not pretended hereby 10 convey the idra
that there may not be other causes inducing
investments ami specnlatioHs, but il l. Intended
70 show that the cause operating on most per
sons ~ fae ifsyc Ct pratt. and where one man
invests our existing c6rressy from ia Il motive.
the new holder does the same from the sAtne
motives, and so On Gutii the same dollar = re-
invested hundreds " tiaa=. Thus a re lnrrflant
currency continues to initiate prices infinitely
This u ihe artificial price. aud ia mast be AL
mitted on all hanls that the redundancy pro
duccs il. degTeciaiIyn, ", Ia other Wc ~ A.
probation Of prices Thee lus-s AMI effects
:" nalrable 10 am iunt t. traIam+ The
remedy. then, il 20 re luce II. Bni h"" TO re-
drce II Is the question wliirh 50 lar has proven
Gpiilan Knot 70 legislation. t.ltlrs 'n1'ess
by IT. late act population in the fOfrI ~ tAAA
iionl h.ve, AirxlhleI-li like. severed t.
We cannot pay at this time-lunhns ny
bonds proves loo slnw and undue cr in9r innate
taxation (like an Irish Equity, improving
man out OF his estate u repn'iiAtIvn- Tue
only remedy sufficiently feasible 10 my Inlni
j. such an absorption of the currency a NIL
withdraw a large proportion from commerce.
nt least temporarily | see no waf - WHICH
this can he done except Dy directing nc"
issue Of Treasury Notes, bearing such 4 rate
OF interest as will induce pe pie to "thitn~
them from commerce and hold them rath.i
than engage in uncertain speculation. IL Wa
want proof. let US ask what has become II the
7 2G-i0J interest Treasury Notes? p'es any
body See any of them passing from hani ~
hand that i, usel as currency Nd onrs
except possibly on rare occasi0ns when = inhn
\ Is bound TO part with one ncccsSHy
Where are they gones Where the goll al
silver are gone They are hoarlel, aud the
greater the rate of interest in the greater de
l gree would they tie h-arlei-abscrbed-M
drawn from commerce. Thus, N some al
proxiInate degree. would the price of coinmo-
,lities falf-tIrere would be less money afiaif-
men would be, in n great degree, satisfied with
the interest There would he less speculation.
less appreciation OF prIces. and more patrIo
! ism in The community ON a narrow view m
| the subject. soma wouli Immediately cry ont
thAt the government could MT al|rI e. Pay
interest, but, u a statesman's eye, 10 cost j.
/ % great to preserve public Morals and keep
up the patriotic spirit "f the peo lie
Ii can. however. be demonstrated That NJ
plan. in addition to sttlinlns So great Ieril-
eratun, would actually BE- an advantage AMI
| Ir fit to the Treasury What DO' Is II 4 tho
Government pays 30-10D " interest when
| she worI gain in her purchases most probably
70 T. 50 ia the sure fsll uf prices consequent
upon the absorption OF of thc c-islng de
/ preciatei currency.
viii illustrate my position in the following
manncr:-Surpo-e the Secretary "a the IrrI
sury were authorized 20 issue Treasury Notes
bearing nm interest uf 7.3o-, ~ an amount
equal 60 half tie existing non Interest brsring
Treasury Notes, to DC sold At auction at ire-
| lucnt stated periods, ia sums 20 suit purehaf-
| ers. AT a miHimnr per contage Of not les than
| - per cent, exciuPtinz them from any taxa
lion, whether for principle interest, Con
| fedcrate state, and payable in the existing
currency. This wonld absorb ) 8ths tsay
sIhs IN rriucirl', aud l-Stn IN premium Ut
the existing currency. aud the new issue wouid
| 20 almost Immediately of commerce, 10 tile
same manner az the other issue of interest
bcaIiag notes have gone TIE Act ct Con
grc-s might declare tkat the capital Of tie new
issue should not be redec:natIs until (Somej
| years alter the war, bat the interest payable
! anuuiny on st January after date Of I-sn nee.
aud that Government would have the right M
| fund them after "A certain nesnber Of years, ia
I bonds hearing Ike interest. liz f1et any
other safeguards might be put "a hs Her ot
| Canyrf=s. suthcr zing reduction n raie n ~
Icrest tiIer they shall have beca issued sly
fDrD ave year
| propose Treasury AMI Interest bearing
Notes. rather than Bonds. because the formr't
/ while daily fruciIfyiug, are yet 50 much money
4 with interest alielD At hand ~ H. usai uh
some emergency, which mo-i people Arliehehd
l without any trouble Ca Inconvenience li tiio
prcsrar state or thing, 80 iHtrresi IRE
snry Natr Ought IN bc good A. an lnirrf-'
/ bearing y pnd oT . or 10 per cent fhc fr a
\ sury Note ii always really a n money. ahti
| fruitful growing money. Whereas, to neEo-
tiate bond Won mast fil1 cur who wants
| This Troublesome. gives pIbliciiy 10 Oh, >
private affairs. AMI inE~ives expense Al thr
! negotiation must br through the Intervention
/ IN nlnst cases of broker. The sihs vi the
\ Dli currency remaining would in aii likeIhODG
hc cnnuah ior a.i iir wsyts ol tbs people; and
| pnt It 70 any man Ut txperience whether ~
Hpt m liis knowledge that the prise of comnio-
'iiiies would r. once fall, were oar currency
reIaue'i, W t%tat fer the noncc amounts a.
the same thing indced) oct OF commerce NJ
opinion as 20 near approximation oi fhe rate
or the fall can he hazsrled, but every one
must admit it would 70 immeasurlbiy beyond
the rate of interest.
This or some analogous measure would have
preserved our national honor, nOw tarnshed
by the ltte Currency Act Can not this stain
yet be washed out by passing bIil such
would meet the principle herein -et fcrlhs anl
before the Act goes into effect west If the Mis-
sissippi. but allowing those east VI the Mlssis
sippi the right to buy the new Interest bearing
Treasury Notes with tirrir per cent bonds
Il tkey were yet old Currency, and the new
issue OF tsiI Notes In 20 hack 60 the rate pi