Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-03-13

meut Of public dues Win tnem az PU' w" " % 80
that If he does fund those issued prior TO lat De-
comber by the lst day Of July the privilege Of funding
will be withdrawn, and thenceforward such notes viii
not be received in payment Of Public duese Thus the
Confederate Government proposes to set the example of
reputation and it win not be strange IL the States and
the people initiate it. Those who exact obedience TO
Law must themselves obey the law, IL they expect to
command respect and confidence. II one issue Of trea
sury notes be practically repudiaed will the people
have confidence in future issues2 If not the evils Of
redundant currency and exorbitant prices will be
greatly aggravated. Those 10 whom the law.making
power has been conhded should scrutinze closely the
reeomOendatiOns Of Secretary whose plans have SO
often failed to produce the desired results.
ii the recommendation Of the Secretary Of the Trea
sury and the Senate Finance Committee should be adopt
ed who will be the sufferers? Unquestionably will be
those least able bear i-those of moderate means,
who will need all the money they can command to pay
Confederate State and county taxes purchase food for
their families provide clothing for their children
other relatives in the army to pay honest debt
There will be hundreds OF thousands Of men and women
holding FIVE, twenty, fifty or an hundred dollars who
cannot apply TO Government agent before the lst July
to have it funded. 1t is absurd expect and unjust to
require it. Tiey not able to make permanent in
vesents in bonds nor will the Government issue bonds
to suit the convenience of those holding small amount
Of notes. The amount required to be funded in the
limited space of four months is so large that capitalists
who may hold the new issues will take advantage of
the necessities Of the poor and shave the old issues
am that it is reported that the old issues
now in demand at premium. It will not be so in every
locality Those who reside in near cities will have
advantage over those residing in the country. Mark
the prediction "Shaving" will be the order of the day
1t may be pertiuently asked, what substitute pro.
pose for the scheme of the Secretary. reply that the
policy recommended by Senator Hnner in his.report,
as to fltsrs issues, would BE unrxOepionate II ii pro-
vded that the Government should the right
redeem the outstanding circulation At maturity in bonds
bearing per cent interest having twenty years to rum
renewable the pleasure Of the Government Let the
old aud new issues be pat the same footing after st
July. This would be modification, hut not abrogs-
ton Of the contract made in reference the old issues
Such change would be ratified by the people, and the
faith Of the Government would suffer detriment-
This being DONE he imposition Of tax, direct ind
rect upon property income, equally aad fairly ad.
used and large enough provide for the certain and
prompt payment of the interest upon the public debt,
will permanently establish confidence in our currency
and other Government securities and check redundancy
and imitation and their concomitant evils.
gradual reduction of the currency is very desirable
but Mr. Memmuger reduce it by legitimate means
to $500 900 O6O and keep it below that point during
the war; he will display ability in the future than
he has in the past Suppose the Treasury note circua
ton could be reduced to l5O,OOOOOO to $780,
600 600 and the left in circulation were to appre
ciae in proportion the reduction would all the
baak notes, now boarded, come to light and suddenly
increase the circulation the full extent of heir Ca
plcity? Such would be the inevitable result 1t is
unwise therefore, to attempt much in the way of
reduction. In the rst place, unjust propos
ed and secondly, The end contemplated would be de,
| feated.
A.jadicOus tax will meet with very little opposition
Public sentiment is prepared for it. All that the peo-
pie ask H. that it shall be equably adjusted and not be
unnecessarily Onerous. II not wheGhsrpsspe
y or income or BOTH be taxed; but a tax upon gross
income" would operate very unequalIy IL often hap.
pens that the gross receipts large, and the net In
cone very little and sometimes nothing. Thesewho.
deal in stocks bonds and other securities do small
expense but it is otherwise with the producer or manu-
acturer. Moreover, tax upon "eross income" peril
neatly raises the question, what is income? Certshly
not gross sales II that we're So it 10 per cent
would exceed reasonable profit in many iustances Il
would amount to stAuan. 10 the exaction Of psees
more exorbitant than are now current and ali admit
! nothing is now sold Too io,r.
After the removal of the blockade, a large revenue
may be derived from imports AMI exports An export
tax Of per pound upon the crop wonld
amount to $2O,O000O0 annually If necessary TO the
preservation Of the credit OF the Government and TO
the redemption of itS promises made pursuant to coz
situtional authority, S5)0O0OOO can be raised by ex-
port duties aone-enough to pay the interest on 81
600 900 COO at average rate OF i've per Hence
we have more fear from unwise legislation than FROM
the question Of ability pay the public debt 1t can
not be paid in twenty-five years" The liquidation of
much of it must be left to posterity. The taxpaying
capacity Of the country quarter of century hence,
will be immense. The recuperative POWERS Of our in
FAINT Government or of the States composing the Con-
federacy are great. Let the Government enact wise
laws, administer them justly avoid sudden transitions
in its financial policy, usurp power, leave the ener
ges Of the people unletered aad the result will be all
that the most sanguine patriot has predicted or could
desire. 81
Ia another communication will submit some obec-s
lions to the assumption of the debt by the States
and also notice the extraordinary proposition of Senato
Phelan to condemn u the public all the COTTON a
the COufedeacy-a pr0po ition tue Govern.
fthe Confederate Sile- into great Qoaaotssfl
aud ,pscu'qtor by the exercise of power not oay MI
constitutional but utterly subyersye OF liberty. and So
tai to the purposes of the r"s a. I1,,,y
---,ruary, 1868.
"PURITANISN ~ p0TITIcs~