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The Daily Dispatch: June 11, 1863., [Electronic resource], Confederate currency and credit. (search)
in three months more they are declared not fundable at any rate. The summary degradation of a currency such as this is a sample of the operation of the plan. That it will occasion loss to "innocent" holders, and throw profit into the hands of speculators, is certain; that it will impair somewhat the credit of the general currency of the Government, by disturbing public confidence, may be feared. The system, however, is to be extended to subsequent issues. The notes issued since the 6th April and hereafter to be issued, are to be allowed to be funded within a year from the date of their emission, at six per cent.; after the end of that year they are only fundable at four per cent. Now, if there is a want of disposition to fund these notes, is the funding to be stimulated by a refusal of the banks to take them on deposit, (as in the case of the eight per cents.,) and thus practically to make them uncurrent? The Government having set out with the promise of eight per cent., and