, 1875-09-01

depreciation OF tho currency. In November,
1861. tho currency was only worth VI IN noIi. In
May, ls62 Il MAJ 1T GO GENTS. In fovnnipor,
lHG2, A5 to 60 cen.a. In Jnly, ia11. It Ind gnno
down TO 16 centa In November, lH'''
II wAa At cenaA and in May, fHGi, 1t wRa
At conth. From thtt period 10 tho Termination
OF tho War y ttnctuatcd. going F unco TO . c"ttH
and only failing entiroly IL mediurn In tho last
Two 1aonsEs prior to the capttulaEiouH. when
cyory ttle raw that dofoAt was }nevttahlc., An to
ita purchasing value, II WAS far RreatoE than Tho
atnntlard Of gold showed. In tho artt pace
gold was o1tsanrtot. aud comn'ofssty for. which
Tho holder conld ask what price l,e pleased. FIR
example IN 1863 aud 1861 / paid from IL to Flo
per cord for wood emplovod uofhnen at 80
TO ~ nor day; paid Capt. Henry ": Gray of this
city. e2.soo = year ~ my cashier. Tho rsics of
board throughout the county wnN onlv slightly
anl,nrced = good fht tafkns WAS worth ~ in
les3. ~ IN sBfs. aat elo or els in is6a. It was
a. the nhno A8nrca probably IN NJ" York. A.
Of 1864. and bushel OF oystcrs tho hAfno.
It iB = mistake TO suprosa that tho volume of
currency alonn occhstoned tho dsprecIation.
No ono saw it's stfects clearer tl!an l did and
know Tho cAuscs o'oro thoroughly. Tho policy
of tho Government was n iasie without tata-
lton Tho cre's of the country becsme i'm
palred at oice. for hnanciers SAN that tho ays-
tom WAS fatal. Want OF confidence on tho pnrs
OF tho people In iiuat Auccoas became at.ongor
and stronger. D,eaatsr produced inevitable te-
RMltB. The noy.brokerH who collected tho
onrrancy and traded for specie OF sterling had
no regard fur tho iutosost of the people. The5
fixed tho valuo from day To dAy. and It naa
always In tho deecoudtng scaIo. II wan com.
manced long bhfoEe tho Treasury tad small
notes sufficient 10 pay tho troDpB or ts llsiiti-
tleb Tor purchase throughout tho country. Tho
total asB,se IN January, 1aG2 before printed q
note, DID not equal the currency Of lilo boutt
prior TO tho War. and vas nearly all In 100 bulls,
Qnitn usoless for The trAneaction Of b,at,,ess.
lho statement alNslt the - several tItousAnt
young mo.nou OF fsschmond who took shoots vi
ftrkf ri kfS ft.dIr ai.x
over name was wanted. and brought tho stun
back, b . fiction. The bureau mas organized
just az It Is at Washington, and vas uudor bu-
reau officer. Wllon Il mas removed to Columbia,
under charge OF Co. Pope, THO number Of lad!oa
other necesnAry dut1oH. Tho note~nignara noycr
exceeded 100. Tho rcBsop Was very palpablo, ~
30 many no.es OF small denomination were
required. Tue depreciation Of the CIR
locauae Tho total issno neyer reached
$3.50 000. 900. The first damage wns dono by
40 ishno Of 9100 notes, wllIcl, woro no better
than bonda. 20 far ~ performing tho duty Of
circulating medium. When an attempt VAS
mado In 1863 to collect taxes and to regulate tho
currency, 1t UaA too late; confidence waH gono
a. to the eoivcncy Of tho Government, or cur
ability to win tho light.
1t Was an nbuornlal condition of things,-no
tradc, no commerce. with which to c1npfo7 tho
large emissions Of prozDtacs 10 pAy hahud oil a
"Eatificatiou OF poacc,' and thai peace daily
looked moro aud more like one that would fall
on conquered people. Tho ridiculous aasez-
ton that NO were reduced to taxation Of corn.
tobacco, etc., Ia founded on tho law winch taxed
certain arkicloa In kind for tho purpono OF using
them In tho army or exporting thom to buy mu-
nit1onn.
Tho ad7oontcu OF sound currency can find
batter arguments to anHtsin their views thsn to
nse the faliacious deductions from condition
OF af'airs III the South which vaa exceptional.
Whom the Congross OF the United States orders
I'll is loyal tenders to bo taken for all lcbts duo
port from tho gold-gumblers, who use tic me-
ccssitios of tho mercantile claasos to 1loep up
premium, tho day Of resumption viii speedily
follow. And tho gold-hrokera will lose their occn-
patton; and auch ridiculous and Mnfoundei
longor appear in leading journals Of tho country.
DLASTOS DUNCAN.