Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1863-11-07

We nope the government Will EeCoHSluSE
its determination and not thrust upon US
worse than that which the9Ocusta inflicted
upon Egypt
THE REBEL CURRENCY.
Prem the Columbia, 8. O., CarOEntan.
The depreciation of the currency has
been caused in a great degree by its ex-
cess over the wants of the people. The
blockade of our ports caused demand for
coin and exchange, to import merchan'
disc, and as the premium on coin and ex-
change advanced so in proportion the
prices of goods imported advanced, and as
imported merchandise advanced in price
al! home articles-the necessaries of life
advanced. To remedy
the first evil will check the latter!
The resources of the confederacy are a
guarantee to the security of its debts, and
The principal and interest will be as safe
after we have accomplished our indcpen-
dence as the consolidated debt of Great
Britain after ten years. war. We have so
far carried on the war mainly from our own
resources, and can continue to do so until
our independence has been achieved. 1t
is useless at this time to discuss what
should have been done, but what is now to
be done to remedy the evil and give conf
deuce to our people. The endebtedness of
the government, according to statement
put forth lately by the Treasury Depart
ment, is, in round numbers, $s4O, 900 900.
OF this amount is funded 1887, 900, 900
leaving $453, 900, 900 as the present circu.
latiou. To withdraw a large proportion of
this sum and meet the wants of the gov
eminent the fiscal year is the question:
No coercive policy will answer. The peo.
pie must have confidence in the heads of
the government, as they have in the final
success of the war. Taxation properly
applied will carry US through.
Let Congress at once be called together,
aud create a loan of 900 900, at six
per cent, making an annual interest of
$50, 900, 900, payable in coin. To secure
the interest on this loan let them make
tax to produce $3.50, 900, 900, one half
$50, 900, OO0-to be paid in coin or in cou-
pous or interest certificates of stock of the
above loan. Let the loan be subscribed
and paid for in any of the bonds, stock,
or Treasury paper that has heretofore been
issued. The result will be, in the main,
that those who have to pay the tax will
invest in the loan TO a sum that the inter
est will pay moiety OF their tax, or will
have to purchase the coupons or intsre0t
certificates of stock to pay their tax there
by making the loan q good investment for
capitalists, aud the debt will be equitably
distributed. The plan appears practical
BILE, and we believe will work well, and
the loan be taken. If SO, how will the in-
debtedness of the government stand on the
LIST July, 1864?
Present debt, as last re-
ported.....- $S4O, 900, 600
Say will be required by jan
uary l, ls64................. 100000, 900
Aud by July l, lS64......... 400,O0O,OO0
TOtal.......,. ....,.."....,..$l, s2O, 900, 900
Deduct from this sum the
amount received from tax
es to jan, 1864, say. l20,O00,OO0
BaIauce......... ...............S1, 500 900 900
The amount now funded. 3s7,oOo,oO0
Total. ACKNOWLEDGEMENTS ,11s 900, 600
If the loan as proposed above is taken
81 ,0OO, 600, O0O-it will leave $ll3 ,O0O,-
OO0bfor currency.
We are glad to see this question eugag.
ing the minds OF some of our ablest men,
and if my suggestions are worth anything
they can be worked out.
THE CURRENCY REMEDY.
Mr.. Secretary Memminger begins to
"catch at straws" He asks Mr.. Vim. Gregg
for the remedy against our financial trou.
bles. How Mr.. Lyons, too, is working
at this problem, and SO is Senator Wigfall
aud others. Indeed, the whole sinking
country demands a remedy. The soldier
and his wife, the rich man and his wife,
''eVerybody and his wife," want ia rene.
dy." There was preventative. The gov.
eminent did not avail itself oft. 1t threw
away $500 100000 of sterling exchange
when it refused to take the cotton 10 the
country at the opening of the war. Now
the disease is inlamatory, and we must
have "a remedy.
There is remedy, orsthere ia not. Ifl
there is one let us by all means apply it,
and speedily. II there is none let us know
it, and adopt new policy.
think there is an adequate remedy, and
that it does not consist in funding or in
remedy, and I'll tell Mr.. Memminger and
Congress what it is, and ask no thanks
for it ~
FIrsc-Let Congress prohibit, by the
death penalty if necessary, the blockade
trade, except in few indispensable arli-
cIes.
SeeOnd-Let no trade in gold or green.
backs be tolerated. Cut the throat of
commerce and kuock gold in the head.
THird-Let tax beTlaId and collected at
once, which will retire to the treasury
one fourth of the treasury notes In circu.
lation.
Fourth-Lst the government take prompt
steps to possess itself of all the cotton aud
tobacco in the country and export it on it's
own account, and bring into the treasury
its foreign value in gold. With this gold
let the government pay the private soldier
and the interest on its bonds.
If this, or something like this, should be
done, the worst evils of deprecated cur.
rency are at hand, and the only remedy
will be Wholesale tax upon the money
itself. Such tax as will at once recall
it to the treasury. Rather than be with
out remedy, Congress would do well TO
require the whole.