The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1863-11-18

x ~ ~ ns1iT ~ 81 kinsis u CHAN
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- Cusss~ey aaa tAe sewsh carsitsa
uonAa.
A conventlou ofthc representatives OF the
eousA Carolina bAnkA, which 10 said to have
besn fully attended. lately met at Columbia
and adopted number OF measures for the
ams)loAtion Of the currency, which they re-
commend 10 the attention Of the county
and Government. AZ, we believe, We nave
not hitherto published the proceedings OF
.hh convention. some Of whose PROPOSE
tiors We regard - very good, we supply inc
omisalou by the following synopsis:
They propose, Let. A new issue OF coupon
bonds TO the amount Of thousand miiiion
dollars, bearing six per cent interest," tue
coupons to be paid In coin.
I'd. An act laying tax Qf sixty miihohs
annually during the term OF the bonds Tor
(. TIA purpose Of paying the interest on the
whole sum to be raised, and that the tax DC
n.,.. in coin, or the coupons Of said bonds
In lieu tSercof.
"a The aD,ortionment OF the bonds, be-
sore offered for sale, among the States, and
the appointment Of commissioners in each
state. With the specific duty OF making
known TO the Taxpayers In each coslectien
district the necessity Of having these coupon
bonds, with proportionate quantity %
which. for sale, each commissioners shall De
nroyided. The necessity OF having the
honds arises from the circumstance oi the
coupons being received In lieu of coin.
az ~he abolition OF all distinction be-
tween Treasns,, notes Of different issues ana
dates.
The 5th proposition ega.rds the interest,"
ON the stock of the fifteen mili:oh ioah'
which 1t proposes to pay by. checks On ".e
.Treasury, making such checks receivable IN
payment Of the export dnty on cotton in lAe
same manner as the coupons on the bonds
Of the loan In question.
9th. Proposes to abolish the present five
and four per cent. call loans, and to substi-
tute new five per cent. cali loan, for which
all Treasury notes shall he receivable at the
Treasury: =,
r:b. Recognizes the rights Of holders O.
eight Der cent. notes fundable on their lace
and insists that the privileges attached I"
the original six per cents ought to be rein
stated.
sth. Recommends Increased duties on i'm
ports and exports until the END OF the war;
and payment thereof Ii coin, or bills npoh
France or England.
9th. Recommends an issue department, 10
be kept separate from the Treasury Depart
ment. This issue department is TO supply
new issues of Treasury notes In exchange
for the amounts that may remain In issue Of
the present circulation. The new notes are
TO express on their face that they are receiv'
able for all public dues. except such as are
specifically required to be paid IN coin.
The 10Th recommends the issue of large
bills-of 8, 600 aud slO,OOO-for the facility
of transmission and settling balances, &c.
It will be observed that when the ''sixfy
million" tax collectors come around, the
party indebted for taxes can pay them III
coupons ofthe bonds for the loan Of thou'
sand million. The bonds, Of course, Will be
sold for Treasury notes, and these Treasury
notes will be withdrawn from circulation.
When the tax gatherer comes, the tax payer
must 20 to the Commissioner and buy the
bonds, in order that he may thereby obtain
the coupons. This We regard as an excellent
feature In the plan. 1t is sort of compul-
sorry funding which bears more lightly upon
the tar. payer than any we have yet seen pre-.
posed. There are other features, too, which
appear to us worthy of high praise, espe-
cially that which abolishes all distinctions
of Treasury notes of different dates,
and that which recommends separation
between the two functions OF the Treasury
Department. The department Of issue
that department which furnishes the cur
repcy-ought undoubtedly to be kept sep
arate from that which merely transacts the
ordinary business Of the Treasury. Con-
WINGED, as we are, that nothing but resolute
system of taxation can redeem the curren-
cy, we yet look upon the proposals in this
scheme as worthy of all consideration by
Congress-.