Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1863-11-25
Tic Rank Convention. at Augusta.

tetnoon Ill tuesday the lSfh. a
of eighteen .u.u. ted IA rephrt enib)dying
substantially the plan of the South Carol mn
hanks. published in our last iss,:e. Mr.. VIM.
: q eepe. OF South Carolina. proposed nmend-
ments which were lost. Mr.. Torbrtt, Of Ten
nassee. from the minority of the COMMITTEES,
offered q substitute, which was likewise | st.
Mrc. j. G. Holmes presented some resolutions,
which failed to be sustained. The Commit
tees's report was then taken up by sections
and adapted. The following is the report, to
which we direct the especial attention Of oar
readers
Wherea:, experience has demonstrated that
the dues to be collected by the Government
and for which Treasury notes are made rc-
.crivable, are Inadequate to absorb asui1cient
amouak.o of the notes, 10 prevent tho evils .ofar
excessive paper currency, and it is deerued IS
sential to the interests of the people and Of the
Government, that measures be adopted by the
Government to redeem or fund the. entire
amount of the said issues, or so much thereof,
as ahall REFUGE the sun OF the currency to
two hundred millions or less. For TIE accom-
plishn,eut of this object the following inca
sures are recommended to The country and
the Government by this Convention:
l.. That u new issue vi Coupon Bonds be
made To the amount oi one Demonstrations
Of dollars. The bonds bearing six per &C mt.
ihtcresl-the coupons payable annually in
cuiu aud that, in future, 70. meet tue wants
of the Confederate Government, the p6lioy-oi
issuing Treasury notes he, Abandoned, as fur
as practicable, and a tax sufficient for all the
requirements be adopted as The true policy to
sastain the credit Of the Confederacy.
2. That an Act be passed leyying a tax Of
sixty millions u .dollars, To be collected annu
ally during the whole period of the said loan,
lur The payment Of tue interest on the above
bonds, aud that the good filth of5he Govern.
m.nt be pledged foratLe Continuance ot such
lax until the maturity of the said loan /; anu
that tue said tax shall be- paid in coin, add
that the coupons Of the above bonds De re.
ceived in tue payment of this tax in lieu oil
ooin.
3. That before the bonds shall be offered
for sale in any other maur,er. or at q price
shove par, they Shall first be appurtioned
aulullg the States OF tue Confederaey, 'apd that
u Commissioners shall DO appoint-dfor each
State to mako known to the tax payers in
cash collection district the necessity Of provid;
ing themselves with 4 sufficient amount OF
bonds To pay this specific tax, and who shall
sell ut par, to the tax payers In each d,str,ct,
the amuunt of bonds required 10 provide cou-
D )ns for the payment of their taxes and that
all bonds heretofore issued by the Govern
ment and Treasury notes of all issues be re
.ceiyel in payment for the said bonds; and
that the said payments shall 'be required IN
convenient instalments to suit the clrcum-
stances of persons of moderate means but
the privilege Of payiuy in full at any time
shall be accorded to- all.
4. That all existing distinctions between
Treasury aotrs of different Issues and dates,
b, abolished.
5. That the interest on the stock Of the
Gf;eon millions loan be paid by checks on the
Treasury, and that the said checks be receiv-
ed in payment OF the export duty on c"tton in
the same manner as the coupons on tho bonds
of the same loan.
g.. That a FIVE per cent. call loan. be estab-
lished similar to.the frst or original call loan,
and that al Treasury notes be received at the
Treasury therefor, aud hat the present Ave
per cent. aud four per cent. call loans be-
abolished.
/. That the right Of the holder of Treasury
notes, which upon thsir lace are ubGaDie III
eight per cent. stock, ought to be recognized.
and ar eight per cent. at short period pro
vided for that purpose, and also that all the
privileges attached to the original six per
cent. cali loau DC restored to the holders OF
all outstanding certificates Of that loan.
s. That an increased duty be levied on ali
;n,uorts aud exports during the CONTINUANCE
Of the war, aud that the same be collected in
coin or approved bills on England or France,
or in the interest on the fifteen million loan;
0. That an Issue Department oe created
by the Governmeut~ani kept separate from
tie Treasury Department, whose duty it shall
be 10 supply a new issue Of Treasury notes
in exchange for the amount that may remain
in circulation tf the present issue and that
the new issues shall express .ou the lace Of
the bills that the same are receivable III pay
mcnt Of all public dues, except such as are
specifically required to be paid in coin.
10. That there should DO an Issue Of bills
of ii large denomination, via; S309, Sl,ooo,
Sj,OOCrand $40. 0O0-snificient to fac'ii'sie
the TRANSMISSION Of 'unds and the settlement
of balances.