Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-12-18
Tha Finannial Scheme.

The scheme of the Secretary OF the Treasury Is TO
make loan Of q thousand millions, giving for them
per cent coupon bonds, and to impose tax Of Fer
cent. on all property and Credits including these bonds
one-ha of which tax ia TO be paid in treasury notes.
and the other half in specie or the coupons of these
per cent bonds But the payment Of coupons or
specie for one-haf Of the tax ia not compulsory An
addition of rs per cent at farthes TO that bali Of the
tax in new currency which he propOses-Which ia to
be limited to two hundred millions will he received in
lieu Of specie or coupons On the disposal Of these
bonds depends the success of the main object of the
scheme which the reduction of the present volume OF
the currency. Other provisions Of the scheme looking
strongly towards reputation, give it almost the force
Of compulsory funding Let US regard it as carried
nio effect and examine its requirements. One-hah OF
the tax to be paid in coupons for no one has specie
To meet two and half per cent tax with these cou-
ponsthat is one half of the tax proposed on the pay
ers entire property--Wil require an inVestmen. OF
fory-oae and two thirds per cent Of that property in
these houd From the remainder Of this property the
payer further required to pay tax Of two and hall
per cent in treasury notes upon bis whole property
From The remainder he has also to paya other Confede
rate taxes besides his State county aud corporation a1e;.
We viii suppose that the tSo hundred millions
of new currescy to be issued, the sixty millions OF
treasury notes received from this and half cent
tax and the sale Of the three hundred millions Of bonds
at par which the Secretary proposes to reserve are found
nearly sufficient for the expenditure Of the Government
and that Congress Will go modify the 1.-THE and other
provisions of the tax act which to operate for two
years sed at It's last session, that the sum OF these
last named taxes will be but two aud half per cent In
all This will make all the taxes State and Confederate,
in addition to the coupon tax per cent. on his whole
property, or over ST per cent on the remainder
OF his property not require for the purchase Of coupon
boads. Thus saci taxpayer will be called upon for
over so per cent Of his property to meet the current
expenditure of the government and to retire the pres
ent currency. VIVA. efsct will such TAX have on the
real estate Of the country The tax upon real estate in
England during tho forty years Of nearly continuous
war from ITS to 1918 reduced the number of land
owners from $40 600 10 80 900. The income tax has
since been widely extended to protect the agricultural
interests But this simply leaving money debt to those
who are to come at.r and enjoy the fruits of our in
dependercs for whsh we TO pay only the debt OF
BLOODY 1t leaves debt upOn the country and if "aad
ors to the tax from time to time" go it will pe;rify
the capsl that is our chief dependence for removirg
/
promptly aud bclly to meet it. Avoid the complication
of interest bearing bonds and taking from TIE pcckes
of the people With nice eIactness the precise amour.
of interest which ia the inducement 10 funding. Why
sickle at INTEREST," Fix per can't 10 per cent or 100
per cent they will be proportiOnatey more captivating.
Bat be to imposes tax corresponding in amount to
meet that interest: Tia interest," too must be regarded
equivalent to silver but be that the tax be the
| equivalent. What duped and duping peop'e We are
disposed FAKE Of ourselves. We want to inspire
idence in our finances. We Wast tie advantages OF
sound credit Why resort to suOterluyes9 The ideal
must conform TO the practical 1t must realize its high
est deanition-the very thig nothing more and moth
ing ess Sound credit is tue vital air Of all great fir
cial operations. Properly used and We have abundant
solid values upon which it DO based, it b, made
Of equal servce 10 as if possessed all the mines
of the world 1t can be made excite labor to stmu-
late manufactures to commerce, in spite Of block
ades to successfully seek 1; uppsrl armies
and raise and equip for naves it Can can enable US
to triumph the gross power of mere numbers, and
establish superiority people on the foundation
Of greater intelligence, possessing more solid
resources of wealth. better direced and better
/ regulated industry. Docs the Secretary's scheme
promise such reaIzalions for uss We think not