Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1865-04-29
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sderng the scope and character Of the existing egsla
ton the subject of paper issues The amount Of the
legal tenders and national and state bank paper c0rstu
tng the currency, is stated be nine hundred millions
over The legal tenders ncuding the interest bearing
embrace six hundred and fifty mi lions Of this az
eregate sum- and the idea is put forth that the secre
tary of the Treasury will not authorize any increase OF
the amount of such issues but, the contrary stead
y endea or TO reduce il. Such policy Of course would
tend 10 keep down the premium gold or more correct
~ speaking, prevent modify the depreciation o. pape
money. In the time, however the augmentation OF
the national bank currency goes on az the rate CT IRON
two millions and half TO three millions and half per
week Up TO the first Of april instant its total INT
hundred and eleven mil ions. six hundred and
Thirty ur thousand partial but only paItla, set
off 10 this will be found present in the vi Ldawal o.
the issues OF the State banks they adot the new sys
TEN. But the aggregate Of both national ard state
bank issues must under the existing law after tie Isl
of July 1866, be limited 10 three hundred mi lions. This
IS estimated at quite SUFFICIENT circulating medium.
added to the stock of precious metals and steady gold
production for the business and eX Eanges OF the coun
try when il shall have returned 10 condition OF peace,
or anything lie tie normal state OF Affairs There
would 10 IbtieSs, however he expanded field iOt
the employment of capital in the country than ever be
fore with the finally terminated and the expenses
of government be large hereafter in compar
son with what they formerly were.
Il IS calculated that by the time the limit Of three hun
bred nj lions for the aggregate bank circul'tion be-
comes effective, the State banks generally will either
wind up or be organized the national b sis, and
potent provision 10 the accomplishment OF that end Is
the imposition of ten per centum tax o. cir cncula
ton TO take effect af er the LIST July 1866. Thus the
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establishment OF peace, not only all local banks and
their currency. but the government paper currency,
which il to be calculated may then be funded or
ultimately Withdrawn and cancelled ms OF course al
! on the basis Of peace.
According statement recently made, the inferno
revenue for the year ending the S0h of June 1861 Will
be two hur dr,d millions but under the system OF
internal taxation which went into operation on the ist
April il is estimated that IL will amount 70 at least three
! hundred millions. The estimate is further made that
this sum- added to the revenue from customs and the sub
scripons the series OF the seven thlrtes VIII give
10 the government seven hundred millions within the ea
This Is the snpposon that only one hall the SIX nun
dred million loan be taken. Should all be negotatedthe
amount which the government would receive during the
wear would be one thousand millions. IL is TO be hopeo
that no such may be necessary but 10 Whatever
extent borrowing has TO be done the nearer the currency
in the meantime comes TO the gold standard the more
nearly will the borrowed stand as epresentatl7e
of gold values anc TO the advantage OF the government
and people generally. II is held in some quarters tnat
Il is only by sdherng 70 the policy from this time forth
of steadily reducing the legal tender issues by setting
aside one fourth Of the internal revenue ece p
therefor as fast as received, that tie actual golt
standard can be speedily reached-eyen when peace
! shall have come
The Treasury statement lately put forth shows Crane
total of public debt the 3st March OF sR3S593o VI
tie interest charge on which Sl02 s36 55l including
S64 OI663l in gold and s38 Sl9,S9O in currency. Op
the aggregate Indebtedness this interest charge d. hz
rate of 4 80 per cent per annam. There was SHOW
ing of any reduction of the vast volume 81 currency
The opinions of the Secretary, however are IN avor o.
such gradual reduction, indicated n M 70. 'au!
published letter.