Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-11-11
THE CJI2RENGY

Schemes for mending the currency are as plentl-
full as black berries. None of them seem to com
mand universal assent, although all of them are
worthy Of consideration The one reported to the
House of Delegates by Mr.. Buford proposes to raise
$500 600 BY joint subscription Of the States and
of individuals and corporations, the debt to be fund
3D. and not subject to taxation. This is objected
to on the score of its creating in our midst species
of privileged property the holders of which must of
necessity, become privileged persons. This, it is
alleged is contrary to the spirit of our institutions,
and is calculated to excite the hatred 81 our people
and by consequence to bring on the risk of sepudi-
alton. Another objection to i. is insisted on, viz:
that it requires the assent of all the States which it
is not likely to get or to get at so late p Rod as
to render it of value afr. Marshall, Of Faquier,
has scheme before the Senate, the features Of
which we do not understand we'll enough for an ex-
plsnation. A writer in the Enquirer, who halls
from Georgia. proposes forced loan. We ourselves
have long since proposed Confederate loan based
upon the principle of the National Loan in France;
but it seems to have met with little attention. We
very much fear, from what we have seen and heard
within the last few weeks, that any plan to be sue
ceseful must be compulsory.
In the Wing, of yesterday, Mr.. Alexander H. II
Stuart comes forward with plan Of his own. He
supposes the whole property of the Confederacy,
within the reach of Confederate taxation, to be
worth 81 800 100000, specie valuation, or about
$4,000, 600, 600 in Confederate currency. He pro.
poses to lay an assessment upon this property Of
twelve per cent, specie valuation This would yield
S54O DOoo9o Of this six per cent. or $50 600 900,
is to be considered tax, and the other ten per
cent, $3.50 000, 600, is to be considered loan,
aud funded. The loan will extinguish enough Of
the currency to leave $500, 000, 900, all we have
need Of in circulation while the surplus Of $50, 0O0
coo will be left for other purposes All these plans
concur in insisting upon the absolute necessity Of
stopping the issue of Treasury notes. That is re.
,garded as absolutely indispensable by everybody.
There is plan better than any of these were
we blessed with Congress that had the nerve to
pass IT. 1t is to lay TAX which shall bring into
the treasury at once e,oug money to retire all the
treasury notes now atoas, or aaoat at the time Of
the passage, with the exception of only so much as
is necessary for the business of the cOuntry-tha
is according to the estimate of Mr.. MenmiHge
about $3.50 900, 900. When this money shall have
been brought in, let It he destroyed and not funded
The system Of funding is radical defect in every
plan yet proposed-our own among t'''a-and wa
only adopted. We persuaded, because Congress
men were afraid to levy the necessary taxes. 1t en-
bancas mere than anything else the dStruSt in Con
federate securities which begins to be prevalent
We do not believe that debt accumulated i'll THIS
way will ever be rcDudiated but Of capital are
r.userbialy the most tmd of all Gods creatures,
! they not only have their doubts but communicate
them to others Besides, sh'sfd like to see the
Confaderacy start upon tie s-s:t career, to which
undoubtedly it is destnei untramnleled in any re-
snect Whatever A tax Of three per cent. on the
value Of tn, property of the Coniederacy, estimated
in our currency at 800 900 0OO OO0 will yield 5000
ooU, 600. This is more than enough to retire all
that we wish to retire (about S450000,0OW and
leave 5000, 100000 in circulation. As the presen,
condition Of the currency arose from the !gnoble
fears Of Congress-ther fears for their popularity
they could make atonement for their former sins il
no manner so appropriate and at the same tire 81
eectual. The disease is alarming but it IS far from
being beyond reach of remedy. and no man will de
nv that this is the remedy. We are confident thai
members mistake the characters Of their constitu
ents. They prefer tax for the purpose OF redeem
ing the currency to burdens laid en- Tor paying tn,
interest on huge national debt-Richmond Dis
patch.