Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-12-03

and the convention that Mr. Trenholm was the intel
lectual adumbrstion of Mr.. Memminger, and that the
convention in submitting its programme spake as one
having authority"
We would have thought, that MIR. Memmnger ere
this would have learned that his persuasion, very sin
cerey held when be appointed 10 his present posi-
ton, that Charleston financial administration
sufficient intellectual basis for the administration Of the
Confederate treasury in time like this delQsiOa
We would also have thought that he would have learn
ed by experience that making debt is not The oy dsn
or alternative OF 1ancal administration in a time of
war; that creating current debt 10 issues Of credt to
meet the wants Of the Government, to be absorbed
hereafter in interest paying forms of logger date,
postponed periods of payment not the only sci eme
Of finance.
The government, owing to the newness of its polit
cal condition, having no revenues perm sources
OF receipt the Secretary seemed to think there but
one resourse and that was to create debt that there
was but resource and thai 10 use the currency
OF the banks until it 1austd frightened fl, and
then, 10 default its credits to meet the current
wants of the government, and faod them they 10
creased or accumulated 10 city like Charleston, or
a small State, whose eXigencies few, and wants
were bat the normal demands of a time of peac4 such
administration was practicable and obvious but WREN
the demands on the treasury in wetk tLeb
the de hands South Carolina in year, it followed
that neither the one the other would that
the uHstlnted issue of currency would by plethora in
proportion to the occurring needs Of the government
break government and country both down beyond the
power OF ultimate, much less cOtemporaneCUs resuroc
ton or restitution, through the employment OF an
agency so slow, and liable 10 Instructions in lis
operation as tina OF funding. AS man, instead OF
giving property for the payment OF debt, property
which his creditors are willing to take, will give his
current notes of hand to be taken by Interest bear
ing notes having longer lime to run, until his prop
erty Is absorbed ten times over the Secretary
to have forgotten so far that there is any property in
the country, and only to have thought tna ard
bonds are the governments only resource. He seems
to have holy horror OF taxation taxation proportion
ate to the want, it may be- because taxation is meth
Cd too obvious for place among th4 mysteries Of
hnanca, because ne may have Inherited the old idea
OF political economy that national debt is national
blessing. Certainly lis financial system is the simplest
one imag Unable.
The P'oje of the Augusta convention proposing the
issuance OF 81 900 100000 in six per bonds with
coupons for the interest attached and payable annually
in coin the bonds to be app0rtond among the States
and tax tq1!7aitnt TO the Interest to ba levied
ally ID addition TO The tax to be levied for the support
OF the Government IN lieu Of treasury notes, which are
advised 10 be- dsusel as currency is the climax the
perfection OF the Secretary's idea 1t certainly is an
apology for the failure of past schemes when is pro
posed by one tell s"oop to uLd the whole debt OF the
country and now to dispense with treasury notes BY
resort 10 taxation. Taxation may have been as well
resorted TO 10 the Beginning now and if it be prime
OBJECT OF this scheme sm to depete the currency tie
currency can be as well depleted by annual tax ola
large amount, to bring currency within limits
ano meet expenses, as 1t can by resort to method
d Obligations among the States, with sixty millions
added to the debt by way of interest. We suppose
The gentleman of the convention thought thu, as the
people owed the debt, DIT bit and interest," when paid
VIII De coming to themselves. That may be- but this
QUESTION may also present itself, whether it s ary less
eot because owedto themselves, and whether it is not
ather question of time and payment-e question of
'ayment now or soon, without interest while Confeic-
ate notes are deprecated, years hence when gold
' De required with interest accommodating at the rate
t sixty millions yea.
What destinations to bankers and fnanciera this
,oeme may possess, we think we see, but we con
ess that we do not its advantages to the country
1quai taxation on property By the Government as
vas said by MIR. Gregg, of South Carolina in the con-
tntlon, we think the ony remedy and we think with
I'M that the adopt of the benkers succedaneum car
OF but trust that Congress will have sagacy enough
see the nature of the plan submitted by The conven
on, and will have trmness enough to cast aside Ill
nancla subternges by meeting the evil by appropriate
xation at once.