Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-11-12
From the Richmond ENQUIRER

From the Richmond Enquirer
The present Confederate States Tax Law says the
he OF the act shall be tor "twO years after the exp
ration of the present year that IT, during the years
1853, 1864 and 1965-thus dragging through three
years the slow relief that taxation may give. 10 force
the work of three years into the space OF one and By
prompt and vigorous measure relieve the currency a,
ence. as demanded by every consideration of private
and public welfare.
trebhng Of the taxas-one, third hs loan, and the
other twothirds taxes-would Immediately relieve
the currency and bring down prices as low Us the
city OF articles would permit.
The present tax law has its "fe OF three years." one
OF which has nearly passed. During its "e" it is
pected to withdraw, say six hundred millions of dollars
from circulation.
To withdraw that six hundred millions promptly ard
yet without too much disturbing the exchanges Of the
country 1t will be proper to return at least third in
the shape OF bonds The cotton bonds offer nducemt
for investment that will them to be retained by
many persons, and thus withhold from entering again
into the currency while to those persons whose necess
ties will not permit them to keep their means on inter-
est they will bring remuneratng price when Sold
We have taken the sum-eix hundred miions-on
mere supposition and not from any Information that
the tax law will In three years withdraw that amount.
We regard three years as too SLOW and would De rid OF
the evil possible and in the expeditions
manner. The power Of taxation is the gr at preventive
against bankruptcy, for long the currency will
pay taxes and Congress keeps the taxes high the
reIcy has value. But the currency must eventually
be REDEEMED and every dollar not paid in as taxes be-
comes portion Of public debt, for the payment OF
which taxes must be levid. These taxes, if postponed
to the future will bear with crushing weight upon the
energies of the people at time when all power VIII be
wanttd to recuperae the wasted and PROSTATE
of the nation. If postponed until peace until open
ed ports have brought again upon our commerce the
demand for exchange values in foreign markets. they
will be found, we fear, exhaustive and destructive to
the productive energies of the Confederacy. By caus
ing The currency to retire taxes during the the
debt will be reduced and the taxation which must fol-
low upon the return OF peace will be greatly essened
The onethrd retired in the shape OF bonds will pre-
vent 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 bit Of the
war; 1t will be the part of wisdom to postpone to
peace times as small debt as possible to retire as
much of the present currency in the shape of taxes
possible, during the
We have at present many different kinds of bonds
for instance the fifteen mion loan, eight per cent six
per cent and four per cent bonds and perhaps, 9TH
The fifteen million bonds stand upon a different
footing from all Others and being of comparatively
small amount, had better remain as they But the
consolidation OF all the Others per cent. cotton
bonds would be desirable. II Congress would change
the present tax law that every under it should be
increased three times IN amout and require the Secre
tary to Issue Six per cent cotton bonds the payer
to the amount of onehrd of bis 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 instant
y begin, and relief be felt within short time after its
passage as q 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 an the present
rency for impressed articles OF the dfercuce between
the impressmen and price and the market pr e. Then
tax the receiver three times the amount of present tax
alton, and allow him to receive cotton bonds for
third Of his tax rece pit
Any system of funding which requires taxes to be
paid in the coupons of particular OF A.nds, will
result in converting the bonds into currency The sys
stitutes. # one thousand millions of six PR cent
bonds were authorized, and one hundred and twenty
millions OF taxes levied onehaif in currency and
half in specie or the coupons OF tie thousand mil
lions bonds-under such system the demand for the
bonds would make them currency, and instead Of re-
ducing the currency, this scheme would merely n-
crease it.
We have suffered from substitution in the army let
us avoid its evils in efforts for financial reie-and
as have conscrpted the men let Us now conscript
the currency that is destroying energies.
Compulsory funding is the financial couscription that
will bring debt and currency upon Similar footing
with the army. The people have felt the benefits of
CONSUMPTION they recognize the wisdom and justice OF
law that requires every to bear his proper share
of the defence OF country aud by easy parity OF
reasoning the people understand and appreciate the
virtue Of compulsory finding which demands OF all
property its just participation in the relief Of the hcon-
ces of the country.
If the authorities the administration and the Con
gress will but act promptly and efficiently, the people
will sustain them and aid them, and bear them and
trumphanty through every evil, whether it comes
from without or within the Coneder9cy.
DR RICK Frs ESCAPE THROUGH ALLIE.