, 1875-07-28

liy,s, oe directly over tho nh*r, wi,ke during tho
day rct1 aE will In displayed. Ihe nvr teciltnnA-
hcng Carried out Capt wtttcntts fnl!vlu-
ri e1tenae ami ~ they Wilt In If great iln1or1ahett tn
at. s Viii no he eh.rY n alauns Ser.l .apo @ 10
lhs undertaking.
HISTORY OF INFLATI0N.
The syAten1 Emlly fried aud Eonna
wanting.
Cincinnati Commercial, .fafa n.
THE coSrEDEnArE CURRENCY.
Tho 1atoBt conspicuous example OF tho prAc'
tical effects OF the tnilntiun theory OF paying
tlebts aud mailing everybody rich Ia f'lrnlatlcd
in tho history Of tha currency Of tho lato Con-
fcdorsto States. Tho eleven States which went
into tic Rebellion In 1861 weIo determined, hnbt,
tious md rich in material RESOURCES. Ihoy l'e'd
monopoly OF tho cotton ptoducss, nuppIyinE
ono Of tho necessary etaplos Of l!io used f"E INC
elo,hns or tho reon!o of aa,a. ~ eatcs naragg
elnycn Biater.. With besreen 9ooo.ooo AID and
10.W0,000 Of poopla, aud nurnboritig
75t000 Bannrc mi1os OF torritory. Their soil waH
L,o Tllcy lad tlo active sympathy aud material
| aid Of eonle OF thn most .ppwartul OF Foreign
governments, hha measurable deGIco e. oi UNITY
and active co-opesation at homo. Their cAal,coh
OF Buccesa in maintaining tlicir accession aud tn-
! dependence were ut loaAs equa. II not superior:
to tlluso Of tho American colonies. WHO declatod
their separation from Great Britain IN l77G.
| lot, WILL all tnGac advantages. Will t!lb 1fu-
mensa security Of oil ther potseeAions, and tho
accumulation Of sevcsal years Cotton cro1, which
would bo available to meet their obligations
w7.eneser Tho hlockatle Of their ports waa sasel,
ianh Of the Confederate Government
aud tho properly Of tho Confederate
Statcs wont >frutn noar par in 1861 to z ceuts
On tho tlol!ur In 1861. and finally. like tho Com
completely out of hight. Tho plain reason for
thB decline and fall of tho currency OF tho Con-
fedora.o t;satcs Was tNat no adequate provision
| was made for Its redemption.
Tho tlrat omission OF paper authorized by tho
Confederate CougrGse vas an iaBuu Of Iloasury
notes to tho amount OF s., l,00uG00, to run QUO
ycar, aud TO DO not leas than $50 face valuc.
IhtB act waa dated at Montgomery, Ala, AIascl,
| by the National Bank Soto Company of
New York, which afterward got itself Into some
trouble by nttenpti1'g to do business for two
aoyenmTas ;E ahe a onfe with" Tue united
May, 1861 tho Confederate Congress at Mont
gotlery passed another act. authorizing m
Ut Treasury uotcs to tho amount ot S20, ,0U0, ,u90,
to cmbrace isauca MI low NJ s5 III ynuo, aud ro-
| deeinab1o within two yGars after date. Tile.c
| Confederate Treasury notes are comparatively
common. Instead OF tho finely engraved copper
plato work Of tho National Bank Noto Company.
thoy exhibit cheap Telegraph face, unaAliy
rrii.cl on thin whito pnper, aud bearing .hr d.
| wee, ''Two ycnrB after date tho Confederate
StatcB OF America will ray s5 10 heAror. lcll-
uoud. July Is. 1861" Tho notes wero inscribed
| Mt tho bend, 'Fundablo in por cent
Btst"s Of Aae,ca and on tlio lover
portion Of tie note they boro tho lnscr1p-
tion, Receivable IN payment Of all dues except
export dniieB." Tho notes Of tue denomination
Of :1nl> and Of $50 boro muddy and sfcky-looh-
| ing etllgy OF Washington Tie twcntiaa woio
otnanloHtcd with ldeoua looking device of MI
Indian lcaning Oh topacco hosHhcat, aud Bmok-
| ing ripo Of tobacco.
All theao second iasues Of Confederate cur
rency weEo P.inted Or engraved by Southern
houses--the last work TINT uas done BY ANY
Northorn cnGravcr having beep in April, 1871.
Tho American Dank Note Company. as vol NJ
tho National, wero implicated BY letters, discoy-
cred shortly before tho c'oso OF tho War In fl1I-
ing Tho Orderly Of the Southern Confedcracy for
Tho preparation OF loan certificates and bonds
Most OF this Confederate currency printou at
| tho South WIS ibBHct on tho poorest aild thin
ncut paper, aud III worry inferior ntye. Tho
| nuteB wera quickly worn out, and specimens Of
lapdatod condition. toor as they were, how
| ever, they constituted tho priocipni sinows Of
war for iong tislle TO tho Southern arms. At a
later period tho Southern Confederaoy, through
it's active agents, sccceded III importing nll tho
materials for turning out Confederate graybackA,
! including tho htecl stones. papor. inkH, co1ors,
and even pr'ntors> Tho Inter weIc imported
| ftom England.
Basy lending to another. nhicll haa attended
tho fotceG issuo OF boEu8 nouey In alt tho
countries Of the world. followed tho emtsalon u
iffooeonape Gontcuorate currency only
thleo months altet tho last isHue wo hnyo
spokon Of, Or on tho lsth OF August, i5Gl, tho
tho emission Of 1roas,iry notes to lilo enormous
amount Of ono hundred mtl!tooa more. These
were to be OF denominations not less than 80:
Thor condition Of payment WAS changed
doemab'o in two yoaIs,' and tho hundred mill
IONS were 70 run until six months after tho
conclusion Of peace GotWcon tho Confsderate
htatos anu nc United States Of America" This
taFo!cal condition, which made tho redemption
OF this hugo lot OF rag money to depend upon
an event 20 remote and contingent "a the nuc-
cess Of tho Southern rebellion, contributed. per-
hapa to the deRfeclatlon which soon after 90: in.