Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-11-20
G'J,bu:suo 1Eaqu1iu,
T1rgs3AY MORNING, NOV. 10, 1s6 9
w TYLER Il ALLEGRE

THURSDAY MORNING, NOV. 10, lS6 .
Aca-7cc: knowledge of the history Of Ccnss
;l,ra:e :inanci,l laws, We think, will modify
greatly tie opiaion Of the public as to where
wos~r!y rests the heavy responsibility for our
p.e.ez; financial embarrassments. We pro-
r.a:, ,ra:e the legislation of Congress upon
lis .a5ca and lay before our readers facts
aai !4vs which vii! place, we think, upon the
Ca.-t.s tse responsibility for al the evils
ME. which nc coun:ry is now laboring.-
?a.;a. " he Acts ard Resolutions CT the
Frs: Se>.i,n Of the Provisional Congress OF
he Confederate States, held at Montgomery,
Aa!ma. : W. iiad that the Congress inaugu-
.s:ai The SHANGHAI schemes, with resolution,
'a!;ts; February S;h, 1851" accepting the
ic.-aa>.a.ion Of ive hundred thousand dol,
Ia; m:ie 'y the General Assembly Of tie
SAFE ." Alabama" That, on February
4>:h. 81" was approved" can act to raisa
u2Gay G5r ;hc support Of the government, and
q p-gric f,r the defence of the Confederate
Sl:e: Of AMERICA" commonly called the
"ff; cen million loan" That. on "March 9th
IS" w:s approved" can act to authorize
;ae Issue d treasury notes, and to prescribe
tIa punishment Cor forging the same, and for
forging certificates of stock, bonds or cou>
p2as" By this law, the President was aau,
thorizad to cause treasury notes to be issned
|syis such sum or sums as the exigencies;sf the
Fspublc service may require, butnotto exeeea,at
s1y orc time, one million of dollars, and OF
isnSninatiors not less than fifty dollars for any
tu:h notes to be prepared, signed and issued
Tia: OF March II, 1861" was adapted"
. resolution accepting certain funds rendered
otl@ Confederate States by the State of Lou
silaa,' bang ",he sums Of 1886, ,261 .46, In
hal: g \. J. Gairos, State Depository, and
ka'wn as;he bullion fund and Sl+7,5lg.Gl,
le.ng TIC balance received by said State De-
r2':tl,y from customs since 3lst January
la':.' Aud So ended tic first session Of the
Provisional Congress.
ca "Aay Ii, 1851" was approved can
q So -! .t.it'iIu u liit SUu Noh
sV:a.rilcl ~ the act o. February oSsh, lSG1,
i7wh'h the banks which have suspended
;ie;i2 payment, not Of necessity, but as a
nsasa:e Of Hnhi;: policy" were made derosi-
ie;les Of sad loan and their notes taken in
:ay!g-a; If said loan.
Iva: 0" 'Nard6, lSGl," was approved San
&, 1,,-I. .,.sy ,ha of
S;T notcs, &c, which act authorized the issue
lily millions in bonds, payable twenty
;ear' a:e" date and bearing eight per cent.
Interest, ans! b; the 9Th section of this act it
vas enacted:
I2', iir the purpose Of raising ten mlicns
" "d'i as within. the present calendar year. and
GpfhT"':"g for the ultimate redemption of the
aeo' h"r"'n authorized to be contracted, the Sec
'''7ry fthe Treasury is hereby directed to COLI
&c: i"rrmai!on in regard to the valne OF propsr-
?'the revenue system. and The amouns collected,
'1THg the last fiscal year. in each ofthe COnsad-
" vac States, and to report the same to Congress
MIS- n"1t session. so rs to enable it to lay fair
i''' AMI Convenient system of Internal taxation.
y. %'e purpose ofsecuring the interest and prln-
:'p "t the debt hereby authorized TO be created
III ,ucA n1,:iner as may fully discharge the oLli-
:si"n herein contracted by the pledge Of the
NE 'i the Confederate States to pay the prnci-
pa anu interest of the said debt when due. :"
Herein will be seen the first step taken to-
Yards raising money; and this is but a mere
inquiry. And this closed the financial meas
ties Of the second session Of tho Provisional
Gncrsss.
Tic third session Of the Provisional Con-
iFss met in Richmond, and les great 6uan>
cal scheme was san act to authorize the
i'>us of treasury notes, and to provide war
'I !or their redemption"
Tie States stepped in between the people
'1i tie war tax. assumed the payment !;
sAi without collecting it from the people,
Which would have been raising the money,
ls: eat their own paper, thereby increasing
's* Fciaalancy, and multiplying the evil.
ii" i,ur;h session OF the Provisional Con-
E's:s passed two supplemental aats-one ap.
"!7sd Dec H. and the other Dec. 24; but
a:iihcrm!&ins any cfFjrt to "raisc" money.
ia@ Permanent government Of the Con!ede-
''s s;-;cs was inausurased Feb. %, 1862,
aai IN '-\prii >, 1862" "an act to enable the
'.''ss a'sunios :he payment of their quota
- Tie var tex. 20 pay the same into the trea-
>.'!. VAS "aiopsed," the mischevous effects
y "a'c' we have already alluded to.
u April Is, lSG2," ian act to provide
.1'''eF for the support Of the govern
'.Sn' M was 'a'lop!cl, (which authorized, Gin
"4t'ooa oihe amounts heretofore authorized,
De issued treasury rotes, certificates OF
a a.SHs an bonds, not to exceed in the agsre-
s''e NE sum of two hundred and fifteen mil
,'A dollars, Of which fifty millions shall be
s.. "e'sasy notes, to. be issued without re-
'eFTe,' &C., &c.
q H. M April Ii, 1862" au act authorising
q ~ issue of treasury notes" of the denomina-
Z : VI one aid two dollars" Oh "April q,