Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-08-23
WEDNESDAY MORNING, AUG. 81, lss
r,,o rrra,.urv and Tax Act.

1,he first four sections OF the Act contain its
nolicy. The remaining sections provide for
its execution.
The first section authorises the issue OF
Treasury Notes to the amount Of 800, ooo, ooo,
redeemable six months after peace; and makes
them a legal tender in the payment Of govern
ment taxes and other dues, except the export
tax on cotton.
The second section provides for The issue oil
SlOo, 000, 900 OF Confederate Bonds, payable
in twenty Years. These bonds are to De SOLO
in effect only for specie Of military stores or
foreign bills Of exchange. They bear ) per
cent. interest, and the interest is payable semi
annually.
The third section gives the holders OF Irea-
sury Notes the option Of exchanging said Notes
for Confederate Bonds, whenever the! NAY
choose thus to invest.
The fourth section provides E. War Tax OIL
all persons owning more than S6oo, OF nl'y
cents in the hundred dollars. This tax IL &c"
the purpose of supporting the government and
of providing for paying the principal and IN
terest Of the public debt.
We are but little disposed ut ANY tune TO
dogmatise On SO intricate a question as mat
of the fuances and the act to which ne refer
comes to us commended by the sanction Of tue
delegation in Congress Of every State, and ii
is said also by each member Of every delega'
ton. 1t presents, therefore, the most i'm
posing claims 10 the respect and favor Of the
people. 4 perusal Of its provisions WILL We
are quite sure, confirm this prepossesslon'-
The object of the frs; Two sections, az above
explained, IS to provide our treasury with the
means Of prosecuting the war in which We are
engaged, to that victorious result: upon which
our people have unanimously resolved With
nnalterable vow. Two hundred millions OF
dollars are thus to be raised. The third and
fourth sections provide a further resource for
the demands Of the government, but Their
chief purpose is to maintain the credit OF our
pauer emissions. For these objects, 3 war
ia. is imposed upon the people. Out OF its
proceeds the interest on the Confederate bonds
is to be paid semi,aanually. The credit Of
these bonds being thus established, they be-
become the means OIL immediate support to the
issue Of Treasury notes. So long as the holder
of these notes can exchange them for eight
uer cent. bonds, Oh which the interest is regu-
larly paid, they cannot become q deprecated
currency.
We can ba [ accept It IS etuil.entty wise and
proper thai Congress should have reinforced
that credit which The Confederate Bonds and
Notes would have derived from the public
faith of 1 grea. and rich and prosperous and
honorable people, by the specific provisions
which ne find in this present act. 4 people
who intend TO pay their debts will show it by
their tax bills. If their legislators are afraid
thus to appeal to them, capitalists will bejustly
afraid to trust to them. That filanciering which
manifssts itself only in contriVances for evading
and postponing obligations, is very different
from the straightforward honesty which pro-
vides for meeting them.
And while re may reasonably and ,cobh.
IDENTIFY anticipate that our Treasury notss Will
maintain full credit, in consequence Of the ba-
sis of credit which has been provided, VIC have
no apprehension that our people, even during
the trials which war brings, will be subjected
to any pressure which o patriotic people may
not cheerfully accept. The government which
asks a tax contribution, will also need the pro-
d,ce Of our farms and our factories to feed and
to clothe is armies. The cutting of Of or
accustomed suppliea at the North. will teach
US economy, and BY setting us upon the ezpe-
dents of selfsupply will develop ne@ branch
es of business and industry By which many
whose past e~np!oyments have been disturbed
will be able to win a support, and contribute
to tue general thrift ard independence
The South has within itself all the
means Of employing und Subsisting its
people. There is woTE: for every Inan, and
there will be I market for every judicious
mans work and even the tex which our
Government will collect witt! One hand, it will
dispense with the other as t great customer
to our farmers and artisans.
If any thing were needed to eo'n'ne"l the
action Of Congress to the people and Secure
their appreciation ard applause, il would be
supplied by reference to the financial expe.
rience OF our Revolutionary struggle. 1t IS
matter OF history that the glorious uprising of
our fathers for liberty and independence, was
nearly bataed, under the distresses OF paper de.
probation. Their error was in issuing their
continental money, without providing o means
for securing the payment. Perhaps we should
rather say it was the misfortune Of their con-
dition which drove them uponn policy the evils
of which they lOresaw, but could not escape.
The continental Congress had no power to tax
the people; il could only recommend
it to the States. Our rulers At that time were
also afraid to try the experiment. "-Is tie
contest acas on the subject Of taration, the laying
Of taxes adequate to the exiGencies Of war, even
though il had been practicable, would have been
impolitic," SO they judged, and so they actedi in
1775. [Ramsay's History Of the United States.
Inl7T6 utbe rulers Of America still Thoughtful
premature to urge taxation" although, as the
historian further informs us, ut wus OBJ
yious that if bills of credit were multiplied
beyond q reasonable sun for circulation,
they must necessarily depreciate." In TIT
they began to realize their error. About the
middle Of that year, the paper depreciation
commenced. At its close, 1.-The depreciation
was about two or three to one" In lTTs, 1t
became ''fve or six for one" In l779 1t was
"twenty.seven or eight for one nm l7so, fifty
or sixty for one Afterwards it either did
not circulate at all, or at the rate Of "a hundred
and ffty to one"