Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1865-04-20
from the New frh Herald.
RE pIEAN CIAI, YUTUDR,


| The future OF ibs money market and Tho course Of
u ces engaging the attention OF both the liz ,nCis
and commercial comm ,nty. When tls war broke out
the circulation e the bsGs N the loyal ststes was
about hundred and forty milions tn which 'may be
added milT amount Ia specie. The papor c.rcua-
ton in the whole country ho sever oay about two
hundred millions and tie 5pe,a bell BY the banks nne-
81 pllOns. This amount OF money IS n?N moe tDAn
liped 10 pIpe- and /. is constantly undergoing IN
sleSse by Iatoua bank issues. active speculative
N,Ct has bee tbs res ut or as ilhG; On and The NJ
cent decline Of gold an consequently OF prce genTsl
", is calculated 10 muGe ~ CudtOa ~ me tutJre so
OnE AZ The pubic eXp.ul tu @ oOn.suo 10 arSey eXce
tue revenue, which tIey likely 50 ID for very oig
tine 70 urne Tue prosertf or atessi the aP
rearance OF such which the -ouniry las erioy thus
Tar n The paper money era has not eeen due 20 "gti
to but speculative influences. F&ifr money has sop
Piled the fuel for driving the machinery OF trade more
rapidly than natural; hut the ma hinery Vii ut'
mate sunsr accordingly just a sbOrsr Who by the
oil muants may re lder himself capable oil extra
rons for ouger ne than be would be without them
eer eXha uston hen his forced tack over The 6rgu'
that applies to the indy dual appies equally to the
aston. aud cannot exceed our strength now without
pay ny the penalty hereafter These have be some pro-
mi supporters however OF faacy thas 81 neon
ye,tjbe III encv gu cken, iHdus1y and = th ie0re
tioua good. The present Secretary OF the Treasury
appears TO think judging by hs letter CONSERVATORY
Of California FOR ihern5 = sp-cis payments athouel
his in gra address 20 hs subordnses ne seemed 10
in line top srds hard cash ba is. Hume ia hs Essay
ca Money favored this theory but "a order 10 carp
cut an inconyertitls cuT'en y would reCu re tn
a, tnp "a urs tendency Of such icy - towards
elre ,aon VII ch would finally, 4 peuCye-et n lJLg
exon fl i,al 10 worth n in price, by pa.
rerm acy dsprtc 81 il d:!uIge; &Nd OF The incony-r
d eury rIan John Stuart s very DO oer,y says
Is calculates ad ng the noe world Persstlng for
ever in the belief that mo;c Gees OF paper are mo
che, AMI ~ or liscOy ring "a Il With all heit per
bey cannot buy m0-c OF anyth NJ shan thsy could Se
foe At the periods which 80 no mi.aks for times OF
prDsocriv. and Wh ca simply tmee OF spe 1laliOn
he pecu aor not think they were gro wiag rich ie
cause the high prices would last bat because they would
not la and be whoever co ,Inei realize ale
y did las: would find him eli after The oil, in pls
isson Of greater number If pounds or dollars without
heir having become o. less value
So long however, the national deot continues 20
increase the gOyerum mt wi under the present ystem
Of par loans find selt unable to pursue cOurse Of cur
rency contraction for easy money market ne5es
"a ~ 10 immediate and temporary financial success.
The reco therefore must lie aVeTtsd till the Treasury
no longer in need OF large supplies OF borrowed
money Even the seventbrty loan tends towards iu-
a8ton as in many cases those Of the lller denOmna
ions are paid and received as morey a0d hat the gov
eminent las sanctioned this arse by its example the
follow ing note sufficiently testies 10 was written in
-psponse 10 ststsment made by nam6er OF Cincinnati
merchants representing that tue quariermas;er there
vas un be TO pay the vouchers presentei /, him
GEO F. DAVE ESQ Presid mt Cha nses Of Commer'e
The Secretary Of the Treasury "a exert!ng himself 70
provide funds 70 meet the claims on the Qulrermdsie
Depsrtn-u and is paying those Wiling 70 receive gov
erameut bonds. l am MT sw &c Of ANY otter messure
tiatc can b, taken to discharge government iodebtd
nos Z. H.. SrAEros,
Wa.hington April 8 1855. Secretary OF War.
The only conclusion t1st can therefore b, drawn re.
srectpr the future Of Oh money market is that 1t gill
be op Of great ease which will hsVo ths eject OF slim
olst1 circulation and OF sustaining, il not enhancing
r M ior every description Of prop5r.y We enter
ing upon he second phase Of paper money systt n
aud new spe ,u)ati'e peslod.