Dallas herald. [volume] (Dallas, Tex.) 1849-1873, 1865-03-16

notes. Confederate money Is in great de-
mnnd, which Is daily becoming more sirin-
gent, the ultimate effect OF which must be
10 establish some well defined relation be-
tween paper and specie and overrrIle the
combination of brokers 10 put up gold to
speculative figures. Gold sold on Monday
A. Sj, and yesterday the market price was
so uncertain as 10 be nominal.
IL is known that the government has ac-
cumulated AT Richmond within the past
few days, large quantity of gold, and ii
is surmised, to the great terror of the en-
grossers ofspccie, that the government may
throw some of Il on the market, if it has
not already done'so, and put the price at
its own figures
The natural inquiry is, whore does the
government get the gold? Our readers
should bear in mind that n,r Secretary Of
the Treasury is well and most favorably
known throughout Europe as an extensive
merchant and one of the abest and most
successful bankers in America. No house
on this continent has higher reputation
than that Of Frazer Trenholm & Co., of
Charleston. The present Improvement in
our currency is undoubtedly due to the
sound financial measures adopted by Mr..
Trenholm, and among these measures is
that of restricting the issue which is opera
ting So much to the Inconvenience of all,
and ms II serious hardship upon many, and
espccillv our soldiers. But we believe such
restrictions was an absolutely necessary
measure, and one upon which our success
is 50 dependent, that we all ought TO bear
with ceerfulness the hardships it imposes.
A II sI- rrh, ,la \,
This necessary ordeal for restoring our cur
rency to something near a par value, is
that its limited issue shall not be confined
to Il few tayortes for purposes of specula-
ton. We have had some fears that this was
the case, but we have no positive proof oft,
and without such proof, we will not make
the charge. But it is proper that the SOL
diers who are so long being deprived of
their pay, and those OF US who are working
for the government without receiving pay
either for labor or material should closely
watch every attempt that may be made to
speculate at the expense of the country,
and, t" thnt extent defeat the great effort
that is being made to improve our currency.
We know there has been issued in this De-
partment some twenty millions Of tie new
currency. and as but very few Of orr SOL
diers, who should have been the first paid,
almost unavoidable that much of this money
has got into the hands of Spectators. But
this VIC do not positively know, and the
government pays out considerable on con-
tracts to get army supplies, for transporta-
tion, Sc, 50 we can decide nothing on the
subject without knowing to whom these
payments have been made and for what
purpose. But as the amount disbursed must
be limited TO the amount sent this side Of
the Mississippi, and as this amount was
restricted to what Mr.. Trenholm believed
to be absolutely necessary to keep up the
army organization, so there is good reason
10 conclude the money must continue to i'm
prove, even in spite of some few misappli
cations that cannot perhaps be entirely
avo de-.
There is one consolation 10 the soldier
and others who are furnishing supplies and
working for the government without pay,
and that is that when they are paid the !
money will be worth something TO them,
that is, if the restricted issue works ont the |
result designed by it, as we have no doubt
il viii eventually The ordeal is however |
a trying one TO very many. Still the sol
diers pay at the enormous depreciation of
our currency, was so contemptibly small
that it was scarcely felt TO be of any value,
and of course the Withholding of it alto
geathor, was, in that view Of very small
consequence. If eiefore our currency |
shall be improved by this stringent measure,
our soldiers and others will have reason TO
be thankful to Mr.. Trenholm for withhold
ing their pay There is not palmer prop
osition thatcan be made, or one that requires |
less argument to make it appreciated even
by the feeblest understanding, than that
the paying out in government notes 80 to
so dollars to discharge one dollar of debt,
or 80 to so millions az the eduivalent of
only one million, must be ruinous to any |
and the worst of it is, that while
The country is thus running itself to meet
the daily increasing demands ON contin-
ually depreciating currency, the soldier or
creditor is not benefited by such payment,
for the very effort TO make up in amount |
of the issue the amount Of depreciation, only |
causes still further and more rapid depre- |
,iation, so that even before the poor soldier |
,an use the money he gets, il loses a por-
lion of the little value il had when be re-
,eived il. Like the attempt 10 cleanes the |
Augean stable, the more there is issued the |
more has TO be issued. We believe Mr..
Trenholm has adopted the only remeny that
,ould possibly save our currency from be-
coming absolutely worthless.
II, as the paragraph at the head Of this
article asserts, Mr.. Trenholm has secured
gold in our Treasury, this, Of course, affords