Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-11-10
The present Confederate States Tax Lay

years after the expiration OF the preSen. '"'
that is, during the years 1906. loo7 a"'
lS65-thus dragging through three yeai'
the slow relief that taxtion may give. 1otorc'
tho work Of three years into the space OF one
and by prompt and vigorous measure reiieS'
the CURRENCY at once, is demanded BY every
consideration Of. private and public welfare
4 treblipg of the razes-one-third asa loan
and the other two-thirds as tazes-wcu!'
Immediately relieve the currency and bnng
dow prices a. low as the scarcity OF ar'lc' :
would permit. w
In. present tax law has its "l;fe Of tire
years" one of which has nearly passed. Du
ring IL life" it is expected to withdssw, say
six hundred millions Of dollars from crcula,
ton. ...
To withdraw that six hundred millions
promptly and yet without too much disturbing
the exchanges Of the country it will be proper
I, return at least one-third in the shape O.
bonds. The cotton bonds offer Inducements
for investment that will cause them to be re-
tanned by many persons, and thus withheld
from entering again into the currency while
to those persons whose necessities will not
hermit them to keep their means on interest
they will bring remunerating price when
sold. We have taken the sum-six hundred
millions-on mere superstition and not from
any information that the tax law will, in three
wears, Withdraw thatamount. Weregard three
wears as too slow, and would be rid of the evil
as soon as possible and in the most expeditions
manner. The power of taxation is the great
preventive against bankruptcy, for as long as
the currency will pay taxes, and. Congress
keeps the taxes high, the currency has value.
But the currency must eventually be redeemed,
and every dollar not paid in as taxes becomes
a portion Of q public debt, for the payment OF
which taxes must be levied. These taxes, if
nostponed to the future will bear with crush.
ing weight upon the energies Of the people at
a time when all power will be wanted to recu-
perate the wasted and PROSTATE resources Of
the nation. If postponed until peace, until
commerce the demand for exchange values in
foreign markets, they will he found, We fear,
exhaustive and destructive to the productive
energies Of the Confcderacy. BY causing the
currency to retire as taxes during the war,
the debt will be reduced and the taxation
which must follow upon the return of peace
will be greatly lessened.
The one-third returned in the shape of
bonds will prevent any serious disturbance
in the channels Of trade, caused by the sudden
reduction of the currency, while it will add but
comparatively little to the debt of the war
1t will be the part of wisdom to postpone t"
peace times as small debt as possible: to
retire as much of the present currency in the
shape of taxes as possible, during the war.
We have at present many different kinds of
bonds-for instance, the fifteen million loan,
eight per cent, seven per cent, six per cent,
and four per cent bonds, and, perhaps, others.
The fifteen million bonds stand upon adiffer-
ent footing from all others, and being ofacom'
paratiyely small amount, had better remain as
they are. But the consolidation Of all the
others into per cent. cotton bonds would be
desirable. If Congress would so change the
present tax law that every tax under it should
be increased three times in amount, AID re-
quire the Secretary to issue six per cent cot
ton bonds to the tax payer to the amount OF
oue-third of his tax receipt, both the debt and
the currency would be reduced within limits
that the country could easily bear. The plan
is simple and quickly put in operation-its
work would instantly begin, and relief be ielt
within q short time after its passage as law.
To do full and complete justice to all classes
of the people, it would be but proper for the
Congress to authorize the payment IN the p'e-
sent currency,' for impressed articles, OF the d
ference between the impressment price ar d
the market price. Then tax the receiver three
times the amount of present taxation, and al
low him to receive cotton bonds Tor one.third
of his tax receipt.
ANY system of funding which requires tax
81 to be paid in the coupons Of particular class
of bonds, will result in converting the bonds in
to currency. The system of relief must be
ono that will permit ofno substitutes. Hone
thousand millions of six per cent. bonds were
authorized, and one hundred and twenty mil
IONS of taxes levied, onchalfin currency and
onc-half in specie or the coupons of the one
thousand millions bonds-under such sys-
tenn the demand for the bonds would make
them currency, and instead Of reducing the
currency, this scheme would merely increase
it.
We have suffered from substitution in the
army let US avoid its evils in our efforts TOR
financial relief and as we have conscripted
the men let US now conscript the currency
that is destroying our energies.
Compulsory funding is the financial con-
scription that will bring our debt and curren-
oy upon similar footing with the army. The
people have felt the benefits Of corscription;
thew recognize the wisdom and justice OF a
law that requires every man to bear his proper
share in the defence of the country, and by
an easy parity of reasoning the people under"
stand and appreciate the virtue ofcompulsory
funding which demands Of all property its just
narticipstion in tie relief of the finances Of
the country.
If the authorities, the administration and
the Congress will but act promptly and eff
ciently, the people will,sustain them and aid
them. and bear them and our cause triumph-
anly through every evil, whether it comes from
without OF within the Confederacy.
c1rERILLAs AGAIN AT WORK IN KEN