The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1861-11-29
a. The CcEfeG-Faze EychrauAr -


cons monster, party SPIRIT had taken such
hold upon the minds of men as to blind them
IA the inevitable consequences of a departure
from the great fundamental principles upon
which popular liberty must lind its security,
l believe 1t was almost universally conceded
oy politicians, and certainly by the late edi-
tor and founder of the Richmond ENQUIRER,
under whose early teachings all my DO Il zeal
opinions were formed that the word and the
purse of nation Of free men should never be
placed in the same hands, These old fash
ioned ideas have been dug up from Ynemory's
treas ure-h house by the financial difficulties in
which the Government of the Southern Con-
tederacY is placed; and whilst some persons
may deem II q presum ption in an humble
planter 10 obtrude mis- thoughts so deep
and intricate 8 questio OF government upon
sages and politicians, yet am, like many
others, far from being satisfied with present
arrangements and future prospects, and beg
place IN your journal for my thoughts,
though crude and undigeSted.
The plan of making and selling the bonds
Of the Confederate States, has other and
stronger objections than the mere difficulty of
finding purchasers. 1t is, in part that il we
could dispose Of one hundred millions OF our
bonds ut an interest OF eight per cent, re-
deemaoie IN ten years we shall be taxed to
raise not less than two hundred millions of
dollars to meet the intSyest and 10 redeem the
priD cipal-thus two dollars musc be raisec
by the people tor one dollar borrowed The
same objection rests upou the scheme Of
loan by the people to the Government; and,
ment into the market as a buyer and seller OF
produce, l ca1not ike il. Then, what is to
be done 10 meet the wants OF The Govern
raent, avoid these objections, aGd not to Cypress
the people IN these times OF blockade aD0
consequent stagn&tiOn and war with heavy
taxation. and with nothing to pay with
Let see. The President stands charg-
ed with the supervision of all the in
terests OF the tonfederacy he is required
to report to Congress the condition of eli
these interests and the demands II every part
OF the public service Congress must pro-
vide ways ana means. BY the Constitution,
Congress may regulate all the commerce al in
terests OF The Confederacy, as well as its cur
rency. Then let Congress, or, rather, will
say, let the Gogse OF Represen tarives, who
are the immediate agents of the people,
taolish an EAcneqner, or sub Treasury, and
appoint all necessary officers, the whole 10 be
distinct from and independent Of the Execu-
tive Department of The Governments, aud
amenable to the House of Representatives
alone, whose duty it shall be, under orders
from the House of Representatives TO make
any amount Of Exchequer bills or Treasury
notes (the latter a little Yaukeeish) tina may
be ordered, and when ordered to the credit OF
the Secretary of the Treasury of the Coutad-
era to States, by the House Of kepresen tativAs
to be paid out on his drafts, aud III such sums
as he may require, by the Cashier or other Off
Ger of the Exchequer, thus: Suppose the Pres
idant In his message requires fifty millions
dollars, he is dependent pom the pleasure OF
the House 10 supply his wants ;sWithout their
consent, he cannot turn u wheel. 1t is with
them 10 furnish the means TO accomplish the
purposes of the Executive, if they shall ap-
prove OF his measures, and place the neces
sary means TO the credit of his Secretary of
the Treasury. The House OF Representa- lives
shall establish agencies of the Exchequer at
every port OF entry for the collection of the
customs, and perfect the whole machinery SO
as to meet all the requirements of Congress
in the collection and disbursement of the
public revenues at every point. The basis
upon which these bills or notes will rest Is
precisely the same as that of the bonds of the
Confederacy, and that is the consent Of the
people to be taxed TO any amount Necessary
to redeem all the obligations of the Govern
ment, approved by their representatives,
Without such consent, our bonds are
worthless; but the advantages TO the
people of this scheme will DO immense.
There will be no necessity TO levy
taxes for the support of the Government dur
ing the war; we shall not be obliged to hunt
up capitalists to buy our notes, but they Will
enter Immediately into general circulation as
a Medium of exchange from one end of the
Confederacy to the other. Especially may we
look for this result IL the Confederate Gov
ernment and that of the States compost z
the Confederaey, will direct all their officers
To receive these notes in payment OF all Gov
eminent dues as they will rise 10 specie value
at once. 1 am perfectly confident that they
will not depTeciate very much from a specie
standard, from the fact that we have q cornhi
nation of produciioas mot granted by Heaven
to any other people on the face Of the earth J
for which the holders Of specie would gladly
part with the precious stnff. Our cotton,
sugar, moiassss, rice, wheat, and tobacco
these go into the basis upon which to rest the
absolute, as well as relative value of these
notes or Bills of the Exchesuer OF the Con-
federate States Of America.
1t Is desirable, and In financial point OF
view OF very great importance, TO have pa
per currency of uniform value and equivalent
70 specie, in every part OF the Confeosraey
This desidsratum cannot be accomplished, /
think, by any local ban king tnstitution.--
Why not, In view OF this i'm portance, so shape
the schems as to accomplish this object
through ali time, FOR IL may b assumed,
without doing vioiencs TO probabilities, that
when onr ports re opened for trade, that he
Influx of specie into the eSehequer, from
duties ON In ports and from other sourcss,
will be amply suAicient for the redemption
OF any bills for which the spscte may be de-
ma dsd. In fact, believe that the supply Of
specie will greatly preponderats In Myor Of
the excheQuer, when compared with any
banking institution Of the country
NARROW EsckpK.-Y. u. Ammon, Esq. !, high
RI of ia ghavy haa