Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-12-17

then the tax may be paid exclusively in Treasury notes
Inc nve per cent tax is not TO be laid before July 1864
Du, 10 order 70 induce the rebel public to promptly invest
IN the loan 1t proposed to exempt the loan from tar for
one year from the let Of January, 1864
MI Memminger then argues upon fhe constitutonality
OF the al vaorem tax upon lands and slaves there being
clause In the rebel Constitution which provides that no
direct capaOn tax shall be laid unless in confomitv
with enumeration which, by previous clause is directed
to be actually made within three years. prevents the I'm
position OF any upon lands and negroes until that emu
meration shall be made"
Now the lands and negroes constitute three ourths OF
the values If you cant tax them there nothing ese 10
tnat H. by presence Of the enemy an enumeration be-
came impossible then the tax be laid by the other
rule OF uniformity declared by the Constitution which
becomes subject to limitation as soon az the power to
make an enumeration can be had"
Inc advantages OF this scheme then set forth at
length and The necessity for its immediate adoption painted
la tne strongest coors Even thus: Unfortunately the
consequences of failure perious to the public well
fare hat nothing can be left at risk"
The scheme proposed ughters the present rebel cur
reDcy Unfortunately. The Treasury notes now in cir
cuation have provision which states that thew are re-
cAivable for public dues. This scheme ignores that
entirely They be used for nothing but in
this ioan and after the st If April next. not for that
Mr. Memminger gets that trouble by asserting in
substance, that the Confederacy bankrupt that tn
proportion ia the best il offer; that if it offered TO
redeem its notes in gold would be justified 10 hold
log beyond the advertised me and in tho worst possible
view H is only an offer by debtor to pay down bis debt
In the best securities he has, to postpone the actual
payment until better times and such offer has
been deemed inconsistent with justice or honesty.
Mr.. MemmiDger then gives ut length his reasons why
the proposition should at be adopted unless the
action proposed something similar il immediately
taken, the value OF the notes will be exinguished" He
says:
The Government finds itself unable to comply with
the letter its engagement 1t endeav0rs then to COM
ply with its spirit IL tenders the creditor payment of its
debt before it Is due in security of greater value It
gives him time to accept the payment and if be should
prefer to retain the obligation it allows the alternative
upon the simple condition that be shall iorepo the priv
ege OF demanding honest debtor distress bound to
1T recognizes payment until after the It does exactly
what its debt offers the best security for payment in
its power, and asks for time This plain terms s the
proposal of the Government; and if were the case Of
an individual his creditors would meet and az body
would accept his Offer"
Unless relief afforded by the prompt adoption of this
PLAN the consequences thus depicted in the Secretary
own language:
The continuance Of the notes a circulating medium
to their present extent involves the ruo of public and
private credit and will deprive the Government of the
means OF defending the lives and property of it's citizens
II the currency remains in its present expanded state no
measure OF relief be made effecfusi Prices must
advance and the of the Government to pay these
prices must daily lose efficiency. Taxes become utless
by reason OF The depreciation of the money The army can
neither DC paid clothed fed munitions ,oar
can no longer be supplied the officers Of the Government
cannot De supported, AND THE COUNTRY MUST sUccUMB.