Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-06-08
COMMERCIAL.
rho Confedezafe Excheqaer.-.rreasnrv
Notes
From the Charleston csarisr, Juasl.

n
Fr,m The Charleston Cszrisr, yuuel
M annointment under Confederate susDicea and
authority has been more worthily and generally
approved or has given more unqualified satizfac>
tion than the call of our distinguished fellow citizen
C. G. Menminger, to the Treasury portfolio. His
qualifications for that important and responsible
post had been thoroughly tested ana approved oy
long and active career in charge OF the Legislative
finances Of the STATE, and by a dligent study and
mastery of all the details and conditions ana ele>
ments of financial practice and adjustment OF taxes
and disbursements. The impress OF his master
mind in this department is plainly marked on tne
legislation of the State he served so faithfully and
efficiently and nothing but the common opinion and
belief that be the right for the Confederate
Treasury, could have induced South Carolina, with
out regret consent to the transfer Of his services
70 the Confederate Treasury.
An additional proof of Mr. Memminger's efficiency
and vigilant competence in his arduous Office has
TRANSFERRED since his removal from Montgomery. on
the way to Richmond. He visited this city, his
home, for a few days, and while here submitted to
our Banks proposition which win supply cur
rency SO much needed throughout the Confederate
States He proposes to issue Treasury notes of all
the usual denominations OF Bank notes. to be funda-
Bile whenever desired in per cent bonds. the bonds
to be reconverted into Treasury notes whenever
desired. As the Treasury notes are receivable for
all dues of the Government bessdesr and will be
available TO pay the direct tax which Congress is to
lay they viii afford sound and available currency
everywhere.
We learn that the Banks have responded to the
plan by opening credit to the Government in adj
vanced TO be discharged by the notes when issued,
and we hope soon to see this new currency among
US. 1t would add to the speedy circulation of it
among our people, and to the credit of the Govern
ment, if the Convention of Banks, about TO meet at
atlanta, would determine to receive and pay out
these Treasury Notes as currency, and, as it will
require six weeks or two months TO prepare them,
it would be wise and patriotic movement of the
Convention to offer the Government the of their
credit in the meantime in the manner proposed by
the Charleston Banks. The Government could dis
charge the credit either by return of the bank
notes. or payment in Treasury Notes. as may be
deemed best.
From the Savannah Republican, June s.
A proposition from Mr.. Secretary Memminger,
with an account of its acceptance by the Charleston
Banks, will be found elsewhere, copied from the
Courier of Saturday. The effect Is simply to place
the Treasury Notes of the Confederate States on
the same footing with billy of solvent Banks, and
hence to adopt them as part of the recognized and
accepted currency of the country. Indeed, they
will have an advantage which the local Banks do
not possess in many instances tO-wit: free circu
lation at par value throughout the ConfedeTaey
In view of this fact, should the example of the
Charleston Banks be followed generally-and we
have no doubt it will be-there is no reason why
every planter in the South should not be willing
pledge his entire CROP under the provisions pro-
posed by the agents of the Government. 1t is sim
ply an agreement to receive in payment for it
bankable funds, which is ali he ever claimed de-
sired.
Since writing the above, we have learned that at
a meeting of the Bank authorities Of Savannah; the
following resolution was adopted with but single
dissenting voice. On further reflection 10 doubt
the vote will be unanimous:
Resored, That the Banks of this city will receive
in payment and deposit the treasury notes which
may be issued by authority of the Confederate
States Of America.
We have been informed that like arrangement
has been made by all the Banks in Augusta.