Year: 1863

IN tie absence abeyance c other topics


newspapers throughout the }un.ry are discussing tn
question of the currency


All agree that the amount of Confederate money in cir


cuiao1 largely in advance of the requirements the


Country, and that the immense prices due th
| fact.


The question then How il the first instance shall


We toP the Issue of Treasury notes and secondly low


shall call in sufficient proportion of those already is


ued TO establish something of balance between supply
| and demand?


No mere temporary will accomplish these OBJ
jects No will give to currency


that does rot eectuay provide against any alton.
II BY any voluntary funding the present surp could be
retired and by taxation the necessity for further
coud be obViatod, the difficulties in the way would be
mainly overcome.


Bat far have been Judge experience has
shown that 1t will not do to rely upon voluntary funding
and this for the that ary given moment the
largest operators in produce will naturally be opposed to
any such movement since contraction of the
must necessarily reduce the money value Of invest
ments, and jerpardize their epcculations; AID the
smaller ones, and the people in general al
though handling apparently large sums really little
or nothing to fund, uadar existing prices requires
immense nominal to their econom-
al requirements.


1t is evident then that any mode cfectua must be
compulsory and be in the taxation or of


forced 10 N, both; say by eVying much up
all ascertainable Values be paid Confederate cur
reDcy; ard by making further of so much up
on ell such Values to be paid the manner which
stock may be issued bearing such interest may be
fixed Thus the tax might prevent the further isaue OF
notes. while the forced loan would have the effect of rer
ing sufficient portion Of outstanding currency to brig
circulation within due and reasonable bounds The
tax ought 10 he permanent measure-the forced loan
would in It's nature be temporary measure.


We think have sketched nearly all the valuable fea.
lures cf the that have seen proposed The
practical difficulty, appears would arise ont of the
phrase d" asCertanGble Vaues.' How soon
such values be ascerained By what they be
measued How should fraud and evasion be de.
tected and prevented


These matters CT detail, for Legislative coEsdera
ton What strikes certain in principle however is
sh balance between the volume currency and the
this will have real permanent value unless provision
made to keep that balance established by dispensing with
rendering unnecessary any further of treasury
notes.


We also aesome that measure accomplish these
results that is not compulsory its character the shape
of tax forced loan or both and that any should
be calculated to continue long the necessity tor
continues, ard that should it not be deemed excellent
possible TO levy from year year. should the war con-
nue for years. tax sufficient meet all its reuuiremeas
then that any deficit should be up by loans or other
wise not requiring permitting additional issue of
currency.
No doubt the Bankers Convention soon to meet at Saw
annah, will give the country the advantage expert
ence and financial knowledge One thing certain. No
mere paiaVes will doDothipg that does actually re.
tire the notes and guard against their issue.