Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-12-28
CONFEDERATE STATES CONGRESS-
THIRD SESHoy OF FIRST CONGRESS-
SENATE.
DIYERRID PROCEEDINGS.

lhAhN oAAoNAN1 W EAAfSA NNNNN'SNS'
SENATE.
DIYERRID PRoCEEDIxsS
On the 2Sd inst, MIR. OLDHAM, Of Texas, submitted
resolution setting forth pan OF fnaI ciAl relief
Before the resolution referred the Committee Of
Finance he addressed the Senate the tutjsct en-
braced in bis resolution. TIE following is outline OF
Lila remarks:
Mr.. OLDHAM said he disagreed from every scheme
Of financial relief khch had come under his observR-
tiou except that presented by the Senator from Ten
nessee, (Mr. HESrI,) and especially did he disagree
with that proposed by the Secretary of the Treasuy
The plans offered by the Senator from Tennessee and
himself, are founded upon the principle of taxation
all Others upon that OF funding. In mis- opinion, the
evil ex sting is impaired pubic cred. occasioned by
a redundant issue of Treasury uotes. want OF con-
hdence 10 success in the war Ia which are en-
gagged or doubt OF the ability of the Government TO
eventually redeem its obligations had contributed but
in a slight degree TO impair the public credit.
Mr.. u proceeded 10 SHOW how the issue Of Treasury
notes had exceeded the business wants of tie
ry resulting In average depreciation oil our currency
10 the ratio of fourteen TO one compared vita the
ation hereby ensendered, and other causes to which
he referred a. length, had contributed to this
depreciation. Among the causes thus enumerated
tse system OF funding the Treasury notes without ade
quate provision for the payment OF the interest on the
bonds.
Mr. O. expressed the belief that brokers and specu.
ators have from motives OF self interest contributed
more TO the depreciation Of the value of Treasury
than the whole smoun funded has tended to appreciate
theis value These pires. who have been sucking
out th3 very he-bood of the county, thrusting
before Congress thousand schemes OF finance the dis
pguishng feature OF each being a system OF iuud-
ing in Understanding bonds, exempt from taxation.
With these men and their schemes he had sympathy
Having pointed out the causes that had led 20 our
de anged financial condition Mr. OLDHAM proceeded TO
10 81 ANfty arFaI.
igainst its future recurrence. The plan submitted by
Secretary OF the Treasury proposed TO act upon the
currency directly, and appreciate it by compulsory
funding in six per cent bonds 1t Starts upon the
fundamental that the subject TO be directly af
feced is the currency and incidentally operating upon
the credit of the Government whereas tie measures 10
DC adop.ed should be aimed at the restoration of the
credit of the Government, and incidentally to the i'm
provement OF the currency. Trea u;y notes are not
money but evidences Of promises TO pay
in consideration OF meney borrowed, of supplies pur
chased amount to the same thing BY consent be-
tween individuals hey may become currency, bus
tn do not become 80 by virtue o. any power OF Con-
GEES Toe power of Congress Is over The credit of tie
Government and SHOULD be exercised with direct refer
eDce 10 TIA. ect incidentally operating upon the
rency.
The Secretsrys scheme instead of restoring and su
tanning the credto theIGOverument would weaken AID
impsir and eventually destroy it. lie does NOS rrOpo
70 pay one dollar Of the principal of already
NOUS debt prevent ts rapid future gr.Wh EXCEPT
by u system Of taxation beyond both the ability alO
Willingness OF tie people to pay. A stern determine
ton TO pay debts evinced oy he levy and collection
OF $500, 000,0 900 OF deprecated currency in
shape OF ~ he vas ly more thcelt in .e-estab
hs ing the public cred sorOg he currency TO
healthy than tie fuadiDg OF 900 900 900
per cent bonds.
taxation p opposed by the Secretary OF the Treasury.
No system has been devised lie remarked which
pefec y uGiioTm and just IN It's burthens upon ali the
people. In tims of peace an Gd VdtoretH ax would,
perhaps approach IS near 10 un orml.y as aLy other
bat in the prtsen condition of country such
woull be the unequal and unjust tia could posi-
Dy be devised. Thousands upon thousands OF most
patriotic ci in the army leaving their property
nome not only unproducye but going to for want
ate ntion. Another class IS at ONE noby perform
ipg the part Of unse6sh PATRIOTS deVotn g their means
AID energies to the support army In the field aud
the cause Of country Another Glars is comp 3sed
of Spectators and eItotiOner, who have been It'll
are yng upon the very vtas Of their country and
undertaking. its credit ana WHO have increased their
fortunes q hundred or thousand fold. Would it be
right or IS. levy ad Valorem equally upon al
the pr pery of thee classes OF persons and especially
when4he most unworthy class are TO be the benehca-
ries?
Mr. O. mex. undertook to show, that The people cannot
pay he taxes mpated by the SeCreta.y uud toe
circumstances proposed The taxJ are 70 be levied and
collected in total disregard of TIE law OF supply and de-
mand 1t is proposed to reduce the supply do En to
the ordinary business standard, aud then enlarge the
demand lar beyond the ca sacEy oil the circulation TO
meet it, II would result ia nothing but panic andbank
ruptcy.
l. closing his review of Mr.. Memminger's scheme,
Mr. OLDHAM said III, funding system has operated like
the hot water dfaughts Of B. SangradO to his patien
which proouced weakness, pres ration, ard finally
DEATH The worse the pllient became, the more hot
water was admins cred to him. We have fu-ded and
fund until We are near a collapse The treatment
must be changed or the pitient vii. die: ft..I
Mr.. o. nexE pro seeded to clue date the plan Of fnan.
cal Tef embodied in bis resolution the main feature
OF whch is the levy of such ajax as uill ngush
large portion If our debthe contributions be levied
upon each Individual according TO bis ability 10 pay un
der exs lag circumstances and with gard tothe bene
fits be would realize from their imposition When the
currency OF country exceeds the proper limit Of
par vau every dollar Of increase only swe5 the vol
une wi bout increasing the aggregate value. There
FORE If two hundred millions is the IA: value limit the
8 Z hundred millions which have In circulation
Is worth Just that amount Of value and more-that
IL the six hundred millions would pay thantWo
hund ed millions would pay. Then, it the holders Of all
our treasury notes make contribution of two
thirds OF the amount held by them respectively i. would
reduce the circulation 50 two hundred Millions which
would still be worth much the six bundled mil
lions are now worth Mr. o. said his scheme proposed
tex Of fifty per cent upon all Outstanding treasury
notes. the lst january next known as general
Ttnsy" This would p,oduee $2S4 Sl6 600. Tee re-
mAinder he had shown would % worth as much az
the whole He also proposed interess bearing
notes Of twenty five per cent, which would yield $40
70S $50 and tax upon the funded debt OF SCI SOL 7O3
should be laid upop every other interest graded
as circumstances shall warrant. This would yield about