Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-02-21
THE FINANCIAL TROUBLES OF
The NORTH.


.En ODS'sSo., Frosss fke Canada F1sess.
From the Toronto tCauadaJ Leaderl
The financial difficulties of the Federal gov
errEnent are not likely TO be lessened by the bit
teI warfare which is going on between the advo-
Gates of papeT-teBder scheme, and these who
are opposed to it. The ROrld and the Tribune
rank among the latter, while the Times and the
| Herald throw in their influence with the former.
| Mr Raymond, the editor Of the Tunes and
! speaker of the New York Legislature, delivered
an able speech before that body few dsys since,
| in favor of the bill now before Congress, to au-
| thoriSe the immediate issue Of SI50,O00 900 of
| government paper money The Legislature,
however, did not agree with the speaker, but
passed the following resolution by the very de
eisive vote of 79 to2S:
'' ResotDed (if the Senate concur), That this
LegiSlstuTe regards as Indispensable to the main
tenance OF sound financial system, that the
following measures, in substance, should be
adopted by the Congress of the United States
Il. That a direct tax should be levied and
| nPportioned a. once among the several States
according TO the provisions of the Federal Con
stitution, the net proceeds of which, derived
from the loyal States, shall be sufficient to de-
| ray the interest of the entire Indebtedness of
the national government; and that the amount
/ OF tax thus sppoTtioned to the loyal States and
paid by them, shall be set apart and pledged to
the payment Of such interest
"2. That sinking fund for the reimburse
ment of the principal Of the public debt be
created, set apart, and pledged to that purpose
| 81 That the amount TO be derived from the
direetta1 eff S20,000, 600 levied and apportioned
| among the States, pursuant to the act of Con-
gress, approved August ), 1861, together with
| the dEties on imports, be employed to defray the
current expense Of government.
a. That the direct tax be apportioned among
the several States, as before proposed. for the
purpose of paying the national debt, be made a
permanent tax, to insureithe prompt payment Of
such interest; and that It should be increased
from year to year by a new apportiOnment, to be
made under tbe direction of the Secretary Of the
| Treasury, whenever the increase Of the national
debt, duly authorized by law shall make such
| apportionnent necessary.
Resotsed, That the eople Of the State Of New
York will pay, by direct taxation, their Just pro-
portion Of the amount required to satisfy the
interest Of the entire debt contracted By the
| Federal government, and to be appoTtioned
among the loyal States according to article /,
section 2 Of the Constitution Of the. United
States.
RcsOloed, That the State Of New York will
eheerfuy cooperate with her sister loyal States,
| and with the Federal government, in a willing
| submission TO all burdens necessary to be incur
red and borne, by adopting the financial policy
here indicated, believing that it viii command
the confidence of all persons having money to
4 lend, and that with such system Of finance the
| government viii be able TO obtain all the fiscal
means needed for the vigorous prosecution Of
the present war and under its operation, it is
! the Judgment Of this Legislature that the Fed
eral government could never be subjected, under
any exgency, TO any probable rate of interest," or
| depreciation in the value Of its stocks, so dam
aging to its credit and so injurious to the people
| as the obtaining Of funds BY the emission Of
| government paper, to be made a legal tender
between debtor and creditor, or by the creation OF
stock without specific security for the prompt
payment of interest aud ultimate redemption OF
| principal"
The Importance of this resolution will be IN
1 derst0od. when IL is considered that the Empire
State will, on account OF its size and wealth,
have to bear about ope-6fth of the entire burthen
of the war. The scheme Is at once rational and
hOnesti but the great difficulty viii be to obtain
| the assent Of all the other States. 4 national
government should not be az the mercy of
number Of separate States to supply its financial
necessities.
The issue Of irredeem1ble paper money, made
legal tender, is not sdvocAted BY those who
! -sFp urging The scheme on Congress-, as meas
1 urs of fiscal wisdom and prudence The pres
1 Is
| plea for its passage. Those opposed 70 the
scheme urge that even under present ciTeum-
stances, treasury notes payable 81 short dates
aud bearing ample renumerating rate Of in
tsTest, would take tha government over its pres
ent strait and relieve it from al pressing wants
until such time as the means necessary to the
| prosecution Of the war, would be raised by tax
alton They urge, moreover that the issue Of
| $50 O0U,e0O Of paper currency will open the
door to another deluge Of irredeemable paper,
unequaled since the history Of the French reyo-
luton. These existing national securities, they
declare, viii depTeciate ten, twenty and pOssl-
bly, thirty per cent, if the bill before Congress
should pass i:to law the whole currency will
be debased, and people Of small means impov
erished And we know no reason why the
worst of these predictions should not be fulfill
ell. During the first French rsYolgton tue
value Of assignsts fell much below this Beau
marchsias sister tells what she got for four
thousand francs, which is about equal to $500