Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1863-12-15

THE SCHEME OF THE SECRETARY OF
THE TREASURY FOR THE RELIEF OF
THE FINANCES OF THE GOVERNMENT
AND THE IMPROVEMENT OF THE CON
FEDERATE CURRENCY.
The following is the scheme suggested by Mr..
Memminger, in his report to Congress, for the
relief of the Government finances and the im
provement of the Confederate currency:
1. That Congress forthwith authorize loan
of $ ,OO0, ,0O0, 900 in six per cent. bonds, the
principal payable in twenty years, the interest
semi annually to be extended hereafter, from
time to time, so as to consolidate the whole pub
lie debt.
g. That the Secretary of the Treasury be au-
thorized to sell at par as many of the said bonds
as will DE sufficient to take up the outstanding
currency and to pay the appropriations made by
Congress.
| 8. That deposits of Treasury notes on account
of the said loan may be received at the Treasury
or any of its repositories, or by Commissioners
to be appointed said deposits to be in sums of
one hundred dollars, or in sums of which one
hundred is perfect diyisor.
4. Certificates shall be issued for such dep6s-
its, which shall entItle the holder to bonds for
the amount, with interest from the date of de-
! posit. If the deposit be made in the month of
exempt from the tax of per cent. for the pres
ent year, hereinafter mentioned /; if made in the
month of February, they shall be exempt from
one-balf of the tax and if made in the month OF
March, they shall be exempt from one fourth of
the said tax. Officers, soldiers and seamen, in
service, shall be entitled to exemption from the
whole tax for sums paid at any time before April
| 1st, 1864.
| S. A tax of 5 per cent. shall be imposed on
all property and credits (other than the new is
sue of notes hereinafter mentioned) which may
be held on the lst of July, ole half in Treasury
notes and one half in coin, or la the coupons OF
the bonds issued for the loan.
6. In case the coupons should advance In the
market to a premium exceeding rs per cent. any
! taxpayer shall be permitted to pay his tax in
treasury notes of the new issue, with 70 per
cent. added.
/ 7. Within six months new and improved is
| sue shall be made of two hundred millions OF
1 Treasury notes, in substitution for that amount
of old issues and all the old issues shall be can
celled, and the faith of the Government is pledg-
ed not to increase said issues.
8. Notice shall be given to holders of treasury
notes, (other than the said two hundred mihlons)
requiring them to present. their notes at the
Treasury, or at some of the deposit ories, on or
before the 1st day of April next, and receive
/ payment thereof in bonds of the said consoiida-
ted loan, or in default thereof the notes not SO
brought in shall cease to be current or recelva-
4 Bile at the Treasury for dues, but shall remain
evidences of debt payable by the Confederate
States according to their tenor.
9. In the States beyond the Mississippi the
time mentioned in the last clause shall be extend
ed until the 1st day of July.
10. Six months more snail be allowed all hold
ers of Treasury notes to come IN and register ano
verify their notes as demands against the Treas
ury, and exchange the same for a. certificate Of
IGebt; or if they prefer 10 keep the notes the
- rl-elI
after which the said notes shall be negotiable
only by special assignment, and all notes not sc
Registered within the same time shall be barred
from any further claim on the Government.
/ IL. Any holder of bond Of the Confederate
States may convert the same into one OF the
bonds under this loan; the per cent. bonds at
pat, and the others at proportionate rate; and
the loan shall be extended SO to- absorb al
4 bonds which may be offered in exchange.
I 12. The interest coupons of this loan shall DC
held equivalent to specie in all future dealings
of the Government, and shall be accepted II
payment of any tax hereafter made payable in
coin. 1N ~ NI
i 49, The feith of the Government is pledged
to make adequate provision for the payment OF
the principal and interest of the said loan by the
continuance of the tax mentioned in Article D.
until census shall be taken, after which like
lproyision shall be made by direct taxes or BY
duties ON imports and exports.
l. IA The notes OF 0onOmlnatlOnS unueT @o sh@ii
mot be affecteu by the provisions of this scheme
THE D1EFERENcE.-On Tursday, in the House
of Representatives, while Mr.. Foote was SPEAK
ing on the relative measure of success which nae
crowned the arms of the army of N ortheru Vir
ginia aad the army of the West, quite scene
was enacted which created some lite excitemen
and more merriment Mr.. Foote, in the warmth
LOT his manner raised his eyes and voice to thu
: gallery, and enquired in stentorian tone
Iss What's the reason of all this difference of tn
relative success of our arms in the East and il
the West" and epaused for a reply The re
! ply came from the gallery in double-quick time
, a soldier rising ana giving the explanation
! .sBecause tine soldiers of General Lee love him
: and those Of General Bragg hate him! -
Some one cried, ssPot him out, and anothe
said d,ss Let him be; he's soldier" and order wa
9 restored.
2 1t was that soldiers first maiden speech
= Congress, that claimed undivided attentio
while it Iasted.--[ Richmond Examiner.