The Columbia daily phoenix. [volume] (Columbia, S.C.) 1865-1865, 1865-06-03


ances, General Lee was holding his
own there, United Stu. : Treasury
notes, that had fallen 10 80 E',', ed
and forty, rose to one La 81 md
fifty. AT this time, it must be re'Aem
bered that these notes circulated Only
in the North, and within the lines Of
the Federal armies in the South. and,
on every principle Of political economy,
had they been largely in excess there
of the demand for them, they could no
more have risen in value than tho
assiynats of France could have bought
the guineas Of England
Since the surrender Of Lee, and the
downfall Of the Cortederacy, this pro
cess Of appreciation has gone on with
astounding celertv. Every fresh in
dicalion Of returning order III the
South, has given Wall street a joyful
thrill, and when au. entire resumption
OF coasting and Inland trade shall have
opened up the whole Of this country
to the reception of Federal currency,
it is not too much to say that the
equalization OF financial demapd and
supply, will make greenb backs equal to
gold No doubt there are maay who
will boot at this declaration, and point
in derisiou to the bills Of Laws Bank,
and the ossignats Of the Revolution,
to wilde issues aud shinp!aster dol
lars, to Continental money and Con-
federatc notes. To some extent We
can understand this contemptuous in
credulity; for, truth to tell, 1T would be
hard 20 find sadder botch than was
made of our poor Confederate money.
From the hour OF its birth till IN ca
tremis it was tinkervj V ilh an assiduity
that gave great scop- 80 invention, but
left little ground t.r ;..pe. It's nos
trums were legion b.. one idea per
vaded them ail--tI,, o',.ncv was to
be rtpudia:c INTO 81 .s, as san
grado blel Leo mo. i,f'c 5 that they
might ENJOY healt'r.* -. ingenious
scheme failed, but Il, nt;i ncy is !.
theme on which We coaiu to*e TO
dwell. Robbing Pete~ to pay Pa"! is
a stale device, but to rob both and
pay neither is a most rare inspiration
half Captain Macheath and half
Jeremy Didder. Unfortunately our
people never appreciated this style OF
genius. They We're narrcw-miulvd
enough to think no law could disnilv
swindling and no argument justify;
they came thus TO hate aad to fear
paper money, to believe that gold and
silver alone are really representatives
Of value, and tile results of this
opinion, and OF the shttIess, unplin-
cipled hnancierin g that led to its for
nation, are to be seen in the distrust
wherewith greeubacks are regarded.
10 one who does not know our people,
and has not shared with them the ups
and downs Of the war-to a Northern
or English banker, for instance it
would be difficult to convey an idea Of
their unwilingness to Believe that any
paper money whatsoever can maintain
Its face valuation. Legal tender laws
price schedules, penalties for non recep-
tlon, and the whole spawn Of coercive
legislation, would b. Intellectual to
change this estimate, forjust Legislation
has heretofore been associated in the
popular mind with fresh ,inkering ana
further depreciation. An exposition
Of well settled principle and a state
ment Of undeniable facts will alone
work any change for the better In
another par: Of this article we have set
forth those maxims Of finance that
regulate the value Of currency, and !
shall now mention certain facts to show |
that it is not mere newspaper theorizing
to say reenbacks are approximallnS ;.