The Express.
London, England, 1863-01-29 00:00:00

. 0 •
THURSDAY EVF:RING, JANUARY 29, 1863.

:a4•40

both—it can sleet the conquest of neither, bet k can away
be stopped by the United States. In the eyes of God mad
man they are responsible for its longer continuance. If lise
world will elevate all its energies to stopping the war
will soon relieve the future of all its gloom, restore peace
to the country, and prosperity to both nations.

CONFEDERATE FINANCES.
(From the Richmond Sisgativer, Jan. 9.)
The Confederate States have revived the French
assigoat system as the financial scheme for conducting war,
and its results will prove as dissatrous io this country as in
France. Taxation is the only means of supporting war.
The sooner Congress realises this fact the sooner shall we
see the beginning of the end of the evils which now embar-
rass the government as well am people.
la the present Mate of affairs a direct tax is the only
mode by which taxation can be made available, and never
in the history of the country were its affairs in a better
condition to beer the burdens of taxation. While there is
no commerce to bear its proportionate share of the burden,
yet agriculture, and manufactures, and trade were never so
prosperous ss at present. Every article of domestic produc-
tion now brings prime that will well bear the clippings of
taxation. Wheat, corn, pork, beef, oats, hay, wool, fodder
and straw are selling at prices never before paid in this
country. Cotton when sold brings treble its usual price,
and when not sold is daily advancing in value. Manufac-
tures of every kind, under the impetus of the war, have in-
creased in amount and enhanced in value. Trade has expe-
rienced a like impetus from an abundant currency, until it
has degenerated into shameless speculation and inordinate
extortion.

Taxation can be made the means of compelling 'pecula-
tion and extortion to contribute to the support of the war,
as well as to the relief of the country.
It is the duty of the Congress now about to assemble to
immediately set itself to work, not to talk and perfect a tax
bill that will afford 100 to 150,000,000 millions a year
to the Tresinu7. The principle and details of the bill should
have in view, not the protection of any particular branch of
agriculture, manufacture, pr trade, but only the best and
surest mode of ruling revenue. After the war is over,
legislation can be legitimately turned to the fostering of
particular branches of trade ; but while the fate of all is un-
certain and undecided, the ends and objects of legislatios
should be the defence of all.

In addition to taxation, the Congress will be expected to
devise means of compelling the immense Confederate notes
now in circulation to retire from the channels of trade and
find investment in the bonds of the government. That this
will be a matter of great difficulty is not attempted to be
disguised. While legislation gave no feature of currency
to the notes, it is its duty to prevent this currency feature
from producing evils that threaten the safety of the govern-
ment itself.

No plan that ran be devised for compelling the funding
of Treasury notes will be entirely devoid of some hardships
and apparent injustice. And while the government should,
as far as possible, avoid even the appearance of injustios,
yet the effects of one evil may be so great as to demand its
suppression even at the wet of injustice. The evil of a su-
perabundant Treasury issue must be 'appraised. How shall
this be done' Not by substituting a plat note for a white
one, nor a Duncan note for a Hoyer and Ledwig ; but by
some measure of legislation that will prevent the necessity
of continually issuing Treasury notes to meet government
liabilities.

The Treasury notes promise to pay a certain sum to
bearer six months after the ratifioatioa of peace, and in the
meantime these notes are " receivable in payment of public
does, and fundable in 8 per cent stocks and bonds." These
Treasury " promises to pay" have been made by public sen-
timent • legal tender for private as well u public dues, and
men have been arrested and imprisoned for refusing
to receive these notes. The brand of traitor has been
mod properly fixed on any man who, by declining to
receive these notes, has cast suspicion on the solvency of
the government. No legislation that human isgenuity
could devise, can give the terrible sanction to the currency
of these notes that public sentiment has affixed to them.
This very feature, stamped more legibly upon them than
the foots which seldom adorn sad often mar these notes,
should cause Coegrees so to legislate that there never should
be out of the Treasury at any one time more than a given
amount, to be regulated by the trade demand of the coun-
try. This sum we understand to be 150,000,000 dole.
The public sentiment of the country has made these Trea-
sury notes a legal tender, and, as we can see no obstacle
either of constitutional or financial policy that forbids it,
Congress might authorise the bole of 150,000,000 of notes,
which should be exchanged at the Treasury for the notes
now oat, at the ate of two dollars in bonds and one dollar
in notes for three dollars of the bine now out. If, in addi-
tion to this, Congress should adopt such legislation as would
deprive the notes, now out, of the currency feature, the
150,000,000 of new notes would retire nearly the whole
amount of the Treasury notes now in circulation, and
leave a currency of 150,000,000, which, with the issues of
bank and State Treasury notes, would be more than the
country needs.

The proposition adopted by Alabama and South Carolina
and approved by Virginia, for guaranteeing Confederate
bonds, will enable the government to dispose of its bonds,
and increase its finances up to the amount that may be
needed over and above what taxation may produce.
Taxation is required to give value to the bonds ; there
must be some visible sources of revenue to pay the interest
with, before capitalists or people can be expected to part
with their money for any bonds. The policy of taxation
once adopted, sod State guarantees added, foreign capital-
ists will put their faith in the bonds, which stability of
government always confers, and which cannot be expected
from our new and untried Confederacy, still in the throes
of delivery from the old government. Without taxation
State guarantee will avail nothing.

RUMOURED SURRENDER OF 7,000 CON-
FEDERATES, WITH AMMUNITION.
TWO DAYS LATER.
(zzona's 211LROZAM. )

QUEENSTOWN, JAN. 29.

The steamer City of Washington, from New
York on the 17th of January, has arrived here with
88 passengers and 938,720 dollars in specie.