Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-12-12
The War Tar.

The Tennessee Legislature has this subject under con-
siderasion. Through committee, the Congressional
delegation from the State requested to confer with
the Secretary of the Treasury, and ascertain whether
the States q1os could be discharged by its claim for
moneys advanced to the Confederacy. The delegation
respond that such arrangement. could not be Effected
a. it would defeat the very OBJECT of the Tax, which is
the basis Of the Treasury notes. The Committee there
upon reported BILL which subjon, as the same mat
tr is before Legislature. 1t may be well considered
whether Treasury notes would not be better mode Of
relief II bonds be resorted TO- whether they should
no. have longer term than five years. The saving OF
ten per cent In the collection is very small consdera
tion-even il it could be reAlzsd-whch is doubtful
The true object Is to give the people reet-to save them
from two Of the most hateful Of vsiatoNs 10 year
We have to rely upon credit-to bring po'ery to our
assistance in carrying on this for Independence.
There is no help for it, and there s no Injustice in it,
Posterity Is quite much interested are in the
issue The Only question Is to the best cheapest and
safest mode. Relief in the shape Of currency without
interest II Il can be founded basis that will
mand confidence is that which would be preferable
Bonds bearing interest be exchanged for bank notes.
which may be intrnsicslly worthless would enure to
the benefit only OF bank stockholders aud augment the
the public burdens. Treasury notes Of the State
not b, made available Bank Of issue founded the
produce of the State might possibly be arranged and
constituted as to meet the sIigency. scheme with
such provisions has already been suggested in the
public prints and might not be unworthy Of the
sideratiou Of our Legislators. Pr
The following il the bill before the Tennessee Legisa
ture:
An &C; 70 provide for the payment Of the War Tax.
SECTION l. Be IL enacted b. ths General Assen5iy of
toe Of Tnseis That the State hereby and
agrees pay the War tar 70 be assessed upon the prop
ety &c., Of the people Of the State OF Tennessee in ODE
ence the provisions Of the act OF the Congress Of the
Confederate States Of America, approved August the 10Th
1884, aud entitled IAN act TO authorz. the isue Of
TT, asury notes aud 10 provide tar for their
dempon and for the purpose OF carrying out the pro-
visions Of this act the Governor OF this State is hereby
directed and empowered TO Issue and dispose Of the
Bonds of the STATE OF Tennessee sufficient smoun.
20 pay said iaI foot 10 exceed two millions Of dcllar)
similar in all respects to the Bonds Of the State hereto
fore issued except that fifth Of the said Bonds shall
be PAYABLE year aft their date oneffth too years
after their date three years after their date one
fifth four years after tn r date and fifth five years
after their date, all TO be dated the LIST day OF April
1862 and bear interest at the rate Of eight per
annum payable semi-annually at such point may be
designated in said bonds and said bonds shall DO in de-
nominations OF less than one hundred dollars and not
mora than one thousand dollars TO each Of which shall
b, attached coupons for the interest due thereon.
SIC T. Be 10 further enacted That the faith and cred
Of the State Of Tennessee is hereby pledged for the
payment Of said bonds and the interest on the same and
that for the next years annual tar OF cents
on the one hundred dollars Of properly, to
ton by existing laws, ard fourth OF per
upon the dollar of merchandEs invoice price, whether
bought In out Of the State, aud ten the poll
shall be assessed and collected special tax for the
purpose of paying said bonds aud interest maturity.
SKo s. Be further enacted, That the banks Of this
State are hereby specially authorized to invest their
means in said bonds and said banks purchasing any Of
said bonds shall have the privilege Of chasing bonds
iunds provided that the State shall have the right to
pay said bonds purchased by said banks in their
notes and provided further that all the bonds issued
under the provisions Of this act shall be free from State
county, corporation and other tsxes in the hands Of in
dividuals or corporations
SIC 4. Be IL further enacted, That the Governor Is
authorized and rqlested to issue and negotiate said
Bonds IS soon ~ practicable for the Treasury notes Of
the Confederate States Of America and with such Trea
sury notes to pay the Government Of the Confederate
States on or before the lst day of April 1862, the
amount OF said tar assessed upo1 the property Of
the psope Of the State OF Tennessee less per
thereon provided In 2th Section Of said Of Con-
rrsss, approved August ls.b, 1851, a. aforesaid.
Sac 3. Bsi further enacted That Revenue Collectors
shall be entitled to receive for their services in ooec ing
this special tar only half the commissions and fees
allowed them for collecting the general revenue Of the
Ststs and coupt iea