Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1865-02-02

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-Q'RSDAYaF FEBRUA UARYee,s 1865 8
sums were sold at the latter price, though
tine market, at a late hour had down
/ ward tendency .. pat& s ~ snggg s.g8 j
| {. Several causes have com bined to bring
about this eHect--the strenuous measures
recommended by, Mr.. Trenholm, <secre
tary of the Treasury, to Con gress !; the de-
| cided action OF that body in determining.
| by vote of forty three yeas, to tll:rty-one
mays, to seize all the cotton and tobacco
| In the Confederacy,son Government ac-
count; and the closing OF the port of Will
| mington. ~3 -..ss-sns e..g.s
,. The scheme Of finance now determined
upon and likely to be carried into effect,
l1nay be comprehensively stated thus -
The cotton and tobacco Of the country,
having been made the property Of the
Governm ent, the Secretary of the Treas
ury will proceed under act of Congress,
to borrow specie, giving cotton and tobac-
t co as security. This specie will be speed
lily applied to the, redemption of large
portion Of the Confederate notes now
ahoat at a moderate discount. No more
notes to be issued by the Department; but
the incoming currency to be used for. Gov
ernment expenditure or cancelled The
cotton and tobacco seized will be paid for
in Confederate money at the market rates
(gold being the basis.) at the rate Of dis
count fixed by the Secretary of the Treas
ury In the redemption of the currency
An effort will be made to reinforce the
volume OF the currency to certain
amount, and, if possible, to prevent its
Increase This course of policy, although
not formally entered upon, has neverthe-
less, already been somewhat effective.
The fall Of Fort Fisher, and the sabse-
squent closing of the port Of Wilmington,
though deemed disastrous in military
point OF view, has necessarily dim inished
the value of gold by lessoning the de-
mand. The public are not aware Of the
vast amount of Influence exercised over
the gold market by the operations of the
blockade running at Wilmington. From
twenty thousand to one hundred thousand
to one hundred thousand dollars in gold
were required to meet the weekly demands
of the buyers, and nearly all the gold
drawn from the market flowed out through
this channel. On Monday morning last,
one thousand dollars in gold were sold at
sixty-two and half in Confederate mon
ey for one in specie. Two hours after
came the news of4the fall of Fort Fisher.
Immediately gold = rose to seyeAty one,
and for several days continued to advance
tie combined influence of the |
brokers, till it reached seventy six but
here it stopped, and has since had steady
downward tendency. ~ -
So far then, as the monetary affairs Of |
the Confe9eracy are concerned, our pros
poets are brighter than for many DAYS
past and should our currency continue
to improve under the wholesome treat.
ment now advised and ia contemplation,
our prospectsin other points of view can
not grow worse. e.-l7lch. Dispatch.
THE .REBOUND-REAI TIE
sre& SITUAIION.s aas.@@E #S +
Few people are without some elasticity
still fewer possess the, elasticity Of the
people Of, the Confederate States. They
hardly realize a great misfortune before
their spirits begin to react from the de-
preston occasioned by it. This reaction
is already beginning to show itself here
among our people. They take in the
length and breath 3 Of the catastrophe1
yu Ich hoe oivAn the Y1annfh nt'8 rE1e Ga na 1