Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-12-18
MIR, MEMMINGER,s REPORT.

.
MR.. MEMMINGER'S REPORT.
We have already laid before our readers
this important public document. The mani:
fest public desire to see the views and opin-
tions of the Secretary Of the Treasury caused
| US to spread the report.in full before our
readers, and enable them to read it and Judge
! of its recommendations for themselves Our
| readers can but observe the similarity Of the
scheme proposed by the Secretary with that
offered by the Augusta Bank Convention !;
and yet the two schemes are; by no means, ez-
act and coincident in their principles and de-
| nils. ;We have already discussed the Bank
Convention scheme pointing out the argu-
ments advanced by its friends, and the objec-
tions urged by its enemies.
The Bank Convention scheme and that Of
Mr., Memminger, both advocate tho 1000
! millions coupon, but with the important DIFF
ference as to what the coupons shall be paid
in--the Bank Convention scheme making the
coupons payable annually in coin," while
Mr. Memminger omits the specie feature of
the coupons. Both schemes advocate that
"the policy of issuing treasury notes be aban-
dcned," and both urge q ''tax" to meet the
expenditures of the Government.
The Bank Convention scheme fayors. o ''tax
Of sixty millions, to be collected annually
during the whole period of the loan, for the
payment of the interest of the bonds" and
Mr.. Memningcr asks for tax of five per
cent. on all property, which he considers will
raise 100 millions, one half of which is paya-
Bile in Confederate treasury notes and the
other half in the coupons Of the bonds or spe,
Gle. The Bank Convention scheme provides
no remedy against these bonds being bought
up and held at e1orbitant rates. Mr.. Mem
minger, by emitting the specie features. from
the coupons, removes in part the speculative
inducement to purchase the bond order to
hold them for their specie, aud he also pro.
vides against an advance in market to pre-
MUM exceeding twsnty-h five per cent" by
permitting the tax payer, when tho bonds
reach such premium, to pay his tax in t-o4oa
ry notes with the twenty five per cent. added,
to the amount of the tax. And 30 on, in
many other important particulars, the Secre-
tary has varied and improved The scheme Of
the Bank Convention.
The Report and scheme of the Secretary is
before our readers, and the inquiry from
every one is, VIII it answer? An inquiry by
no means easy to answer afirmatiYely or me-
gatively. But it is the best considered and
rloss elaborate scheme yet presented, and'is
| urged by the Secretary with strong and forc-
BILE reasons. 1t is an earnest effort on the
part of Mr.. Memminger to relieve the coun.
try from these evils, to inilict which he has
been made the instrument by circumstances
over which ne had no control, and which no
| other man could have obviated or removed.
We hope that Congress will give this scheme
close scrutiny and examination, weighing
we'll all the reasons urged for it by the Secre-
tary, as we'll as all objections that have been
or may be advanced against it, We know
that Mr.: Memminger will rejoice if any gem,
tleman will devise better, and that he will
devote his labors to the execution Of any
scheme approved by the Congress. We have
already expressed our most favorable views of
the Bank Convention Scheme; and, improved
as it has been by the Secretary of the Trea>
sury, ue hope it will answer his expectations.
At the same time, we are not welded to any
particular views. If the synopsis of Mr.. Rus.
sell, of Virginia, can be developed into q plan
comprehensive enough to meet the exigencies
of the countrY-and we rather like some of its
summary provisions-we hope that the men,
Der from tho Wheeling District will devote his
talents and abilities, eminent and distin-
guished as he is for sound discretion, good
judgment, and legal attainmcnts, to this i'm
portant subject.
We cannot but think that the apparent
harshness of severe compulsory finding, is
both the wisest economy and the surest
remedy; and that, in the end, it will be at
tended with greater benefits, less hardshfps
and speedier and more practical good than
any system, however we'll it may disguise its
compulsion,. and cover up, in Fictitious ma
chinery, the effort to avoid the pledge that
the notes shall be receivable in payment Of
public dues"