previous next

Action of the Banks.

We are glad to see that the Banks of Lynchburg and Petersburg have determined to receive on deposit and pay out all the notes of the Confederate Government, whether issued before or since the 1st of December, 1862. The Banks here took the contrary course of cooperating with the Government in the very questionable (mild term!) measure of interdicting a part of its own issues. The expedient is about to produce an amount of inconvenience to the public that the Banks in Lynchburg and Petersburg thought too serious to be allowed, so far as they are concerned; and they did right not to be a party to it. Not only will the effect of the measure be seriously to incommode the public, but very probably to impair the value of the Confederate money still further in public estimation. The money put under the ban is in all the country — in the hands of the people — in the hands of men who have no money to lay up in bonds, and who have no more respect for one of the eight per cent. promissory notes than for one which promises nothing but its own amount. They are faithful to the Government and kind to its currency. They seek to purchase something in Richmond and their money is refused.--They are not wise like the Treasury Department. They cannot see why a note promising eight per cent. should be worth less than a note which promises no per cent.! They at once conclude that the distinction is outrageous, (if for no better reason, because they lose by it;) that one is no better than the other, and that all are to be doubted.

It is well that some of the Banks decline to assist in the degradation of a part of that currency issued to the people to meet the obligations of the Government, and the differences in the value of which the people never knew, see no reason for, and ought not to be made the losers by.

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

An XML version of this text is available for download, with the additional restriction that you offer Perseus any modifications you make. Perseus provides credit for all accepted changes, storing new additions in a versioning system.

hide Places (automatically extracted)

View a map of the most frequently mentioned places in this document.

hide Dates (automatically extracted)
Sort dates alphabetically, as they appear on the page, by frequency
Click on a date to search for it in this document.
December 1st, 1862 AD (1)
hide Display Preferences
Greek Display:
Arabic Display:
View by Default:
Browse Bar: