Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1865-04-12


avoided, in the emergency contemplated. One IS
holding on too closely, and the other Is selling on
at too great reduction. Most persons VIII taAe
the latter course and for unnecessary loss, while
the more shrewd will make fortunes by purchasing
merchandise thus needresSy sacrificed.
Prudent men will operate under such clrcum-
stances with great caution, because they VIII nave
in view the fact that prices must continue 70 de-
cline as the currency is withdrawn, until the
bottom is reached. They will therefore mold as
small stocks as practicable they will not cease
their operations account of prices, but carefully
watch the volume ofthe currency ana govern 'Hen-
selves accordingly.
When the war commenced many very prudent
persons stopped their purchases and laid still wait
ing for ssbetter times" Such have made nothing
during the war, and will ind themselves poorer at
the end than at the beginning OF the contest. 9TH
ers went straight forward, buying and selling, and
have secured fortunes within the last four years.
Business men, who have a valuable trade, should
hold on to il. That they will generally make great
proits for some time to come is not likely, because
we must eventually descend in prices to the nor
nal standard, but in the meantime active men
having future before them would not I've wise to
relinGuish their trade. Nothing is more certain
than the wonderful career of prosperity that awaits
us, if we only secure nationality and permanent
peace; and those who are in position to take part
in the business of the country Will have the best
opportunity ever yet known for wealth. Hence the
importance of passing through the transition from
war to peace in such manner as to be prepared
for the tide of prosperity which awaits US as peo-
ple Our manufactures, especially, must start into
new life an vigor with the termination of the war.
The demand for cotton goods, in particular, will be
UNPRECEDENTED. The markets are comparatively
bare but, what is more strikingly true, the homes
of the people more destitute OF cotton fabrics
than ever before. Everything has been used up
All are waiting for peace, that they may supply
themselves with these goods, of which they have
kaa stO mad IN "A liberal
The demand for home fabrics will be immense
but for foreign merchandise IL will be greatly cir
cumscrbed. This will arise from two cauSes-one
is heavy duty the other, the reduced ability of the
common people to purchase. These are palpabe
facts that must be taken into the account when
considering the future and its promises. But st ill
another inquiry arises. When and how shall we
return TO a sound currency!
That will depend entirely upon the wisdom and
energy OF state men aud public servants
Ii is for them alone to say how soon and in what
way. The matter is in their hands. From at least
supposed necessity they violated the laws of value
by making that to be currency and legal tender
which had no value, only the promise Of it. They
introduced credit into the currency, sand 1t is by
their action alone tn It the false element can be elm
mated and the true standard can be reStored.-
Wnen the war has ceased, war expenditures will
cease but taxation will doubtless be continued and
the revenue made to exceed disbursements,
the government will have the ability 10 take in its
greenbacks and other currency.
Besides this, as soon the credit Of the govern
ment is assured, there will be large, perhaps i'm
mense demand for public stocks and the floating
national indebtedness can thus be rapidly funded.
By these means the volume OF the currency can
be reduced provided the proper steps are taken,
and banks are not allowed to increase their issues.
Congress will hare the power, and ought to have the
disposition, to compel these banks to resume specie
payments and, If that be done, they must greatly
contract their circulation. Thus by gradual pro-
cess we shall return to the true standard without
any violent cOnvusion.
There is one unprecedented fact connected With
the war in which we are engaged il is that iniiyd-
ual Indebtedness is being discharged to wonderful
extent so that when the contest is ended the people
will be ireer from peCuniary obligations than ever
before. This is remarkable phenomenon, and
aute in contrast with the condition of our country
at the close of the revolutionary war; but the
course pursued by the government has brought 1t
about Private has exchanged for public indebted
ness. The nation is involved to an enormous
amount Every State, every county, and every
town has accumulated debt to an extent before I'M
heard of.
This fact must greatly influence the futurc. Taxa
ton will be heavy continuous, and pressing It will
bear with great force the masses OF the people
Their consumption of wealth, and, of course, their
trade, must be restricted. What man pays in
taxes he cannot expend for clothes. Every eYpen-
dture must be curtailed to meet the demands Of the
inevitable tax-gatherer The result will be, that
ordinary consumption will be less. and extraord-
nary consumption more. Those who pay the taxes
must buy less those who receive the public div-
dends will be able to buy more there will be less
low priced, and more hgh-priced goods sold, more
luxures and fewer necessaries, proportiOnately,
than before the war.
The crisis through which we are now passing IS
destined whether fortunately or unfortunately, to
assimiate the nation to European civilization. The
great dett which we shall create will probably never
be paid, or ever repudiaed. The nations Of Europe
do not pay debts, they pay the interest. They caa-
not pay the principal because their current revenues
are required to meet the interest, carry govern
ment, and prepare for war in time OF peace.
Such is our destiny so far as all present appear
ances indicate the future. But with regard to the
currency, that will depend entirely upon what the
people have the intelligence to demand for 1t Is
certain that Congress is always ready to do just
what the people wish, except to reduce their own
nav and privileges.