New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-10-11

treasury notes up to 500 900 the same could
be absorbed and extingnished by. Confederate
bonds TO an equal amount, and bearing get. m
terest, as follows ss Ss
Confederate State Treasury Bonds sed bearing co, ON,
Firss yea .sSsssl Properly say s66d ooo
Less S ss.s lid s 81 si Urea $500
sary Notes at oVoVeoHZ1 wv oo
s.s i. SIS 900 900
Lass Interest paid 100 900
so $4,000
Less paidon Set Gss s
F -..g ,.,.,.....-..s. $500 200
x so.0oo.a0
Less m paid on SIS b792oOa fet a.26.S56a 7ls Goa
- 565- $50
Fifth YearTax on 81, zoe 900 200 at * ~ !
paid on ssS55ss at 5c 8 ss-9a
Surplus the year after paying bonds O6
The estimate of the annual amount to be derived
from the war tax, as above stated, so far from
being an exaggerated one, is likely to fall short Of
the reality, inasmuch as a considerable amount of
property would probably be subject to this tax not
computed in the assessment made by the United
States. For the sake of argument, however, let us
suppose the war tax would produce only half Of
the amount, as above estimated, and even then t
|
promptly the maximum issue of Confederate treas
ury notes can be provided for. This will appear
by the following table: tssfs@ r sf
Gonfederaee States Bonds bealg oct COO coo %
esnFeq States, say ssso,6aS,- s,.,o,, oao o.
on s66 at ic. 0V06O % 7oe COO 90
s9s oooooo %
Second Year-Tax oasss 900, con u N, -,
Less e ~. at Of SIS at 60 90
sS5.llO.ogO "
Iue a d at 5s KS s. $50 90
s77 RS 200 90
Interest 81 it ii pei q SSH a 90
.a.ss. $685. .2l6 %
Interest d ssi; at Set 5Ss7 g 9
ss.. SIS. 9s3.793 s
Interest on SIS IS al Set 474 l6- 10 25 296 54
49, sl5.64s a95 "A
Interest is at s9 ~ ~ = sls
81 .6lo 296 Al
Interest res On 81 57S il At Act 20 20 g q 6a 90
SIS ,543, 606 81
606 scat Pet 2.6iS ass 81 Il Gil 4s
ST., 5s7. 0Q5 90
Tenth Ysa5Tax on 50 0oa oOq go =
Interest on % al act Ie SS O. s2 40
Surplus al hc end 10Th year after redeepu bonds 9 80
There is, perhaps no principle of political econ
omy more freely acknowledged than that which
reprobates the minglng of Government with COM
mercial functions. Hence, the writer has made the
foregoing suggestion with much diffdence, being
well aware that many might view it in the light Of
a paDdOra'S
emerge. In state of.peace there is nothing more
clear than that Government agencies should not
infringe upon commercial ayocations; still, in the
present crisis, when blockade puts an end to all
commerce, it may not be altogether nopportune
to inquire whether the necesstous position in which
our agricultural population are placed would JUS
tify temporarily, or not, departure from the gen.
eral rule, whose soundness, under other circum-
stances, none would controvert.
From the foregoing data it would be strange, in
deed, were the Confederate treasury notes not to
command universal confidence. In the progress of
events they will deserYedly secure this confidence
and the real difficulty will arise from the inability
OF large portion of our people, pending the ex-
listing blockade, to obtain them. A considerable
amount will be required by the different Con-
federate States to serve as circulating medium.
Soldiers and parties holding supplies of the NUM-
tons of war and of merchandise of various kinds
will receive considerable sum; and large
amount may be absorbed by the return of the same
to the Government in the purchase of property
whose property has been confscated at the North.
But how are our factors and planters to be be-
lieYed? In case the blockade be maintained,
crops will be kept at home, preoluding the posi-
bilty of any relief to be derived from the sale of
the same. 1t is of vital Importance, therefore, to
the country that our factors and planters receive
assistance, and if that can be temporarily and
legtimately extended to them by the Government,
pending the blockade, the community directly,
and our banking institutions, Indirectly, would
thus be greatly benefited, and the effects of the
blockade rendered almost mmaterial.
1t has occurred TO the writer that the Confeder-
ate Government might afford great" relief to the
public, either by a purchase of our agricultural
productions or an advance upon the same, payable
in treasury notes, for such an amount as the ext
geneies of the case would require, aad the security
Of the Government permit. The details for carry
ing safely into effect such an arrangement might
be adjusted hereafter and it will simply suffice for
the present to say that the redemption OF the treas
uly notes, which might thus be issued for the ben
eftof the planting interest, would whilst affordng
widespread pecuniary relief and promoting indyi-
dual happiness, be amply provided for by the sale,
in due time, of the valuable agricultural produc.
tons on which they are based. - -.
.l,yg. 1