Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-12-17

thirteen States nhabitsd by many million. Of
people whose krthrght of freedom dearer to them than
ers bad created sn aversion to s raising
by other than by duties on imports and
rent peace expenditure while the means for conducting
could be raised almest exclusively by the use OF
The as action of the provisional Congress there
fore }n1ned to passing Law and Of
mil ions of dollars by loan with pledge of small
the Debt 'O''0
At it's eond session was declared to exist between
the Confederacy and the United States and provision
msde fer the Of weuty millions of dollars ia treasury
The revised and preparatory measures taken to
en-ble the Congress to levy internal taxation at t
thu states Virginia. North Carolina, Tennessee, and Ar
having joined the Conederacy, the Congress aa
onrned t. meet in the city of Richmond In the following
Prior to t6e assembling of your predecessors in Rich
Pesdsn OF United States had developed in his mes
The purpofe ITO make the contest shart and dec
ope and had ca Congress for 400 600 men and
four huadred millions of collars The Congress had ex
ceeded the Executive recommendation and bad authorized
CREST the uar land and naval forces of the United
states The necessity thrs arss became urgent that
large the proportions of the contest with which
were Threatened Knowing that the str ugge. instead of
only end when the United States should awaken
from heir dsusion of conquest, permanent system was
required fully adap ed to the great exgences before
a1he plan vse by Congress at that time bs ed
the theory of issuing treasury notes at the plea
Of which was to be pay a6e in CON- and correctly
assumed that any tendency to depreciation that might
from sue of the currency would be checked by
exercise of tha holders right fund the notes
at liberal nteres payable in Specie This system depen
the interest in specie aud means wse hsrefoe pro
Vded tina, il the lsw authorizing the
an Internal tax termed war tax Levied the proceeds
Of which, tgeher with the revenue from imports
deemed sufficient tor the object designed This scheme
qQred Tor its operation that commerce with forean
should not be suspended. 1t not to be anticpa
Ted tina such Suspension would be permitted other wise than
by effective bockade and was absurd to suppose
that blockade sufficient really to prevent access" to
our en- ire coast could pc maintained.
c@mbed to aid eur enemies by the sanction OF an illegal
prohibition their commerce to the receipt into
he Treasury OF ech suhclsnt to pay the interest the
houos and thus mansin the Treasury notes at
cqa in spce: So long the in crest continued
be thu paid with he ct coin preexisns in
couy experience sustained the expectons those who
devised the system Thus the first of the following De
ctm1e coin had only reached premium of about twenty
per cert although had already become apparent that the
's m He'net S wn
thai the necessary resut must be the exhaustion OF
was selling at one doler and thirty cents per bushe
exceeding therefore, its average price ia times of
liar moderate thus indicating that was
cess OF and that the rate of premium specie
its exhaustion without TT possibility of renewing the
ply:
in justice to them, ard it exhibits the condition of the
at the date when the permanent so7ernnent
organized
In the meantime the pusr aversion internal taxation
by the general had Influenced TIE legislation
Carolina, Mississippi Texas, tie taxes actually
collected from the people, The quotas dsvolvng upon the
treasury notes, and the public debt Of the country
thus actually increased instead OF being diminished by
tbs ia alton imposed by Congress.
Neither at the first session the present Con-
gess we're means provided by taxation for manta the
ther sales of bonds and issues treasury rotes. Al
though repeated Efforts were made to frame pgoper sys
hoa did net exs. Tor your and Which orsa
ted gas1 ia devisng any scheme of taxa
Confederate States consist of and slaves Tbs
of taxation vested In Congress the
it's opeation) restricted by any other condition
than that "a duties mposts and excuses should be uni
Constitution sanctoning the principle that
alton aud representation ought to rest the same
shall BE- snoss R
several States according to their respective mum.
vboIo number Of free persons including those bound
to service for term OF years. and excluding indians not
1t was further ordered that should be made
within three years after the first meeting of the Congress-
uoess to the census or enumeration herein
before directed to be taken.'
plain that under these provisions capation and d.
taxes must be levied in proportion to the when
made. 1t lie so plain that the duty imposed Con
provide for making prior to the 22d Feb
ruary 1865 1t may further be stated that according to
the received construction of the Constitution Of the
States "a construction acqu esced in for upwards
years) lands and slaVea direct taxes the
conclusion ccessery be that in repeating with
notification in Constitution. this language Of the
Constitution of 1887 convention intended to attach to
the meaning which had been sanctioned by long and
Interrupted scqalesceuce.
So Dg the med to be prob bitY.of being shle
AIRY out these provisions OF the Constitution in their
thors thAe obvious difficulty ia framing stem
taxation. law which should exempt the burthe
thirds of Il property Of thecountry would be as IN
the Of the remaining third would be in
adequate to meet the requirements Of the public service
The urgency Of the need such however, that after
very great embarrassment and than three
labor, succeeded in framing law of the
Path April 1853 by which you sought to reach far as
capital ed in real estate and slaves and by of
an and kind the produce OF the soil
eli By licenses business occupations and
SONS sufficient for wants of the
country But very lags proportion of these resources
ud only be made available at the close present
the OF the eDsuiog year, white
ergening exgencies permitted delay In this state of
AFFAIRS s1pernduced almost unavodaby by the of
the 10 which are engaged, the issues Of treasury
have been increased uAt The currency circulation
amounts than hundred millions of dollars or
Sc told the amount equred By the business
OF the country.
need enlarge upon the evil of this condition
things. They unfortunately but apparent. In
addition TO the d2 ulty presented to the
the government, and the efficient conduct of the
the NEST deplorable Of eli its results ID undoubtedly
corfupt lntlence the morals Of the people, The
Large of treasury notes has ia
uray led desire for investment and with constant.
increasing volume Of currency there has bsen equally
cons SIT iDcre sing OF price in all objects of
amy of profit, spirit speculation has lhus be
UsteIed which has debasiDQ dueuce and such