Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-12-22
TUESDAY, MORNING, DEC. n, 1858.
Isttnr from Wm. Gregg. Esq., on the Currency

osnsalJn' that Is the best we can ouer-uoFernmeh'
ooni. To-day We can take only from those within our
territorial POSSESSIONS But We recover territory we
can take pari pdEsu if anything is let.
Mr. Gregg strikes at the very root OF the eVil-the
Ter loss Of credit in our currency-and proposes, at
one bod stroke, without cIcunlOcution or comphca-
Ion, a measure which he regards as calculated not
ny to rere all redu Idant circulation, but to restore
con6deree in the credit of the country; to reduce
prices 20 as near specie standard be done BY
PAPER currency; to transfer the money de6t OF the war
% those who s come after u7, we paying the blood
ieb and is calamites and trials and TO give to the
Government abundant means, aud secure it the COM
maud of money at will, to prosecute vigorously the
var Blu. We submit, the letter. which sp :aks for ITSELF
. the Judgment of the reader without further common
.J this tine;
KALxIA, Nov. 2sth, 1863
lion. c. G. MENMIEsBR,
Secretary of the Treasury:
Ny DEAR STA: have no doubt you are much annoyed
Win the various suggest made 10 you for restoring
ne currency and credit of tie Confederate Government
ut rotwltls anding will presume upon your patience
d for5earance tast may explain more fu y the plan
yhicn had the honor 10 submit TO your c'nsiosraton
jme time since, and preset few additional thoughts
l. is Necessary 10 the and efficiency Of any
an that it be swpe, and so lain that all may uOdeI-
and il All efforts TO force the currency into bonds by
king will add TO the already widespread distrtIt Of
lanate payment. 1t should be your policy, it is
ioubt your dese to keep the credit Of the Governments
q, intact as possible, and let no man fad oOphole 10
arg douo on.
Tue isulties under which you now abor have orr
na.ed more from the dstrasted credit of the GoverG
lent, than rom the redundancy OF TIE currency. And
do not believe that you would be able dispose OF
lUre than one fourth the one thousand mill worth
q bonds Under the plan recO umende1 By the ate Con-
y,nson of Bankers az Augusta. If that scheme should
% doptsd aud should ta;a apprehend it must there
could Oe remedy. The doNn.al Of credit would be
complete and irreparable.
There are, in my judgment but two ways of escape
u. otthe existing embarTassments; one Is an dd ia
refg money tax on all wealth. sufficient to redeem the
preeut currency and TO provide for the future wants
Il the Government The other is TO effect JhCss OBJ
gcts by credit end by transferring 10 posterity the
aymenl OF the debt that msy thus accrue. The thou
md million loan proposed by the Bankers Conven-
On approaches in hsrdships closely a cash sys-
sm. l. calls on every man Of property raise hiS
are OF cssl il the thousand Millions which is
Eenty times much as the entire banking capital Of
.uutry. That would bear heavily Oh all bu. bankers
aud money leade,., aud simply impossible scheme.
Il YOU we're TO levy tax OF SIX Millions to be paid
1 coin or coupons aud should only halt toe thousand
lllous OF tonds DO taken, Wh'Ie are the THIRTY mi
lions OF coin to come irOmS
You my as well discard once the idea Of forcing
Investments Ia that way, and come to the cOnoluscn
aat the Government has no credit which is the SIMPLE
and naked truth. The only remedy, in my opinioo, is
call on every Of wealth for his cred TO sustain
ne credit of the Government.
There are about four thousand millions Of tax able
properly in the CoLfederacy, and probably thousand
ulions OF money and other capital rot included in tina.
smste. Thirty per cent. on five thousand millions
would produce fifteen hundred millions.
propose that the Government fifteen hundred
nj IONS of new guar ntesd bonds when they are dis
Used OF they with the bonds already issued, will make
ne National debt upwards OF eighteen hundred millions
o acc mpiish that object.
propose that & tax OF so per cent. on every mans
sta,h be levied for which the payey Ghsll receive
even per cent bends Men of large money means
would at oucs pay cash for the bonds. But large
orty OF properly holders would not have the oley
o pay. From such persons would take, in lieu OF
money a simple note drawn at five years after date
without interest," which, when paid should enitle the
lWner to Government bond of equal amount. To
aat note would attach seven per cent. bond of the
sme amount as The note. The note would become az
inca an endorsement of the bond which endorsement
would be considered better secur than State euarau-
es and would qua sutee the holder its payment at the
md Of i've years. These guaIalteed bonds may be
eld by tle Treasurer, and put on the market, from
ime 20 time whenever il would be necessary 10 raise
acney being taken to pace them in the various
markets where the guarantoTs may bs best known. In
mis- way you would have complete control over the
currency Besides that the Government would greatly
.trengthen IT'S credit by the general ds rbutiou aud
ownership Of the bonds thus sencng the oamor about
rep da ion. This scheme would afford, tao, means
by which banks and ether moneyed institutions could pay
ut o. tue guaranteed bonds the large Of Treasury
N,tes when they have, from patriotic motiges taken
rom their debtors. Men, too, who have been madly
set king after Ended nvestm nts would betake them
elves 10 this mode Of investments for the guaranty of
,and.holder is a more derE6le investment than land
aks hat -
% levy an ad vaorem Of two per cent all wealth.
which with a heavy tax on profs and income, would
sec ore the payment Of the interest the national debt
II the scheme of glaraR led bonds be adopted, the
basis ought TO be properly valued at prices which
prevalent in 1860 If il be success ul and feel fully
confident ii will be, if adopted-the fifteen hundred
millions worth Ct bonds will b,ing the Government
money in the gate than the amount the bonds
Men, who have realized large sums OF money by trade
and who can so silly avoid taxation, would be in
duced take uDguarlnted bonds by the mere fact that
per cent interest," in coin is promised, while the guar
anted nds might be regarded as desirable and safe
investment II the latter meet with ready SALE the Gov
eminent nav adopt the scheme Of raising the in
that way for carrying on the war.
Adopt this plan, and everybody would see that he
would be under the necessity OF purchasing the bonds
or lending bis tote to tae Government Il is presumed
that there are moneyed enough to decreaeby pay
;- rash for the bonds, the outstanding volume of cur
souable oound ana tnat ING secretary OF tue TreHsuy
would find no difficulty in keeping down the currency
With the guaranteed boeds in his hands and would be
abls TO control it ad lbItum.
The plan advocate has another advantage, while It
does not deprec t. the bonds already Issued by put
ting another csss-tbas Of specie paying bonds-above
TN, it makes no disttc'io between Confederate
notes bank LIS cOina fatal error the cOlec ion
Of the last TAX bill Confederate currency should be
regarded BY the Government as good az gold or any
other money aud fit be contracted within proper Inn
its will be so considered 10 all business trans actions
unless tn Government in future tax gatherings for the
sake of small n iupTudenty set before the people
the idea that any and every other cuneAcy Is better