Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-02-28

From the Savannah Republican,
The paramount importance of this question.
| It is hoped, wiz be g sufficient apology for
| second intrusion upon your columns Upon the
solution Of this question depends the happiness
and prosperity # not the very existence, Of our
infant republic. Therefore I beg your indul-
geuce, and bespeak the favorable consideration
Of your readers
The public debs IS over $3.50 OOO, 600. The
actual circulation Of treasury notes up to the
lss Of December last was more than 1920 000.-
| Geo. not including interest bearing notes Add
TO this ab0ut so 100000 State paper which is
probably the sum OF State bonds, bank notes
and other securities in circulatiOn) and we have
S3lO,O5O,0OG of paper in circulation The new
issues authorised 5y acs of Congress win swell
She amount to $500 600 600 BY the 1st of
August
The amount IN circulation before the war.
intending q fair proportion Of gold aud silver.
was 800 probably less. This eiTca-
lati0n was sufficient for the wants Of commerce
aud trada among the People Il woHld be fair
to add hfty per cent 10 this sum to counterbal-
ance the increased vaine Of commodities on
account . scarcity. which viii give us 8 eircu
lating medium Of $3.50 600, 600. This is ample
for all the wants of the people, IF So there il
q redundancy of three hundred and fftg millions
Of dollars How can this surplus paper be
absorbed thereby appreciating the currency
This Is question Of vital importance ques-
ton involving, IS [ beliers, the very existence
of cur government Secretary MemminEer. in
his able report, suggested three modes Of reliev-
ing the currency of It's redundancy, and curing
an evil which opPresses the people and threat
ems the peace and p5rmsneney Of the govern
ment. H5 pr0pose es "that after the lapse Of
reasonable time tie issues Of treasury notes
bearing date prior TO the lst December. 1852.
Shall cease to be currency" II Congress
sh2uld pass such law, every outstanding
treasury note bearing date prior 70 the 1st Ds-
cembsr last, viii. before the expiration of the
time limited, be vested in Confederate bonds.
thus absorbing about S600,000 600 Of treasury
notes, and in consequences reducing every mer-
chantabe commodity, every article of prime ne
cessity IS well as every luxury, to ous-third iis
present price. The poor maa, the mechanic
and every class OF labQrer whose income is not
enhsneed b5 the inflated condition of the cur
reneg, could buy for one dollar what be now
pays three dollars for. None bat the extor-
TONER and Spectator would suffer from this
sudden reduction; ard even he would not
suffer less ia the value but in the volume Of the
money he Is amassing. II is to be sincerely
hoped that the present Congress will ia their
wisdom, adopt this wise suggestion Of the able
Secretary Of the Treasury They viii adopt it
4 the press and the people urge them to do it.
Delay is dangerous.
These notes thus casing 70 Be currency if
not funded in government bonds, will, as sisted
very soon cause the absorption Of the surplus
issues and the holders win enjoy a rich harvest
in the way Of interest To meet this it is nee.
essaFy 90 raise sum by taxation sufficient to
pay the entire interest. Mr. MemmiHger says
"S1ch tax is the cornerstone Of the whole (
fabric. Without it, the scheme has no founda- |
ton, and can secure neither public cocddsnee /
nor success Public conhdence is absolutely 4
necessary to The success Of any scheme, and 1
particularly schema which has for its aim the /
greatest interest of the peopls-an interest /
which is the cornerstone Of their power and /
grestness--a well regulated currency
lis second plan is taxation He proposes to /
lay lax upon property and gruss income The 1
assessed value Of real estate aud personal prom
erty in The slsvsholding States, in 1860 was /
50 b5oO5,y0l The same census shows thar I
our wealth aad resources are uubounded-ade /
quate to the greatest wants Of the country /
and more taan ufhsient to support war for 4
long time But degrees. Let US resums the !
currency question
By the census of 1860 Il is seen that the as /
sassed value Of real aud personal estate il the 1
slave States vas nearly Eve snd half billions
of dollars. Take from this sum the property in
those Southern Sta5es now occupied by tbe ems
ny, and 1t viii leave a taxable property in tho
eleven siavo States of four billions of dollars
1t may Be safely estimated that this property,
under our financial system. has increased fifty
per cent. in value This cannot be Zoo high an
estimate. Every business mans daily expert
ence forces this conviction upon him. We have
thea real and personal estate amounting In value
TO six billions of dollars. A tax of Eve per cent
upon property alone viii raise tbs sum of three
hundred million dollars. A tax Of one per rent.
VIII realize sum Of sixty million dollars.
These figures show bow easily all the evils Of
an inflated currency can be cured. Add to this
sum tax Of -an per cent upon gross income,
whiea viii be about torsY millions dollars. and
we have fund sufficient 20 absorb sll tbs sur
plus psPfT cErepcJ Bus it IS objected that
We should no lay heavy .sx-that ths pe5pIs
a. g, IN Y
@ notanaersisnd sAs temper q the people. and
greatly aHdala'a ida patriotic spirit which sui
mstes them The wonder is thaf they have
borne with paienes the miseFias Inflicted BY
oloased eulIsney Put the question in this
shape;
what sensible man would refuse 70 psy Eve
dollars toT every hundred be possesses, TO
make The remaining ninety I've worth three han
dfed dollars This IS the real enhancement 10
the consumer. The eztortioner would not be