Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-12-23

aud who therefore declined to part Eltn ha' is greA
depreciation they lst while the spectators retained
their blood stained gains But the worst efcs OF this
reputation is that the example Of bad faith has fallen
with double force upon us their children in struggle
for the same blessing for which our fathers fought
Confederate money has deprecated far more rapidly
tSan otherwise would because the people rscolected
the fte of Continental money. Truly, the fathers
have eaten sour grapes lShd the chidrens teeth are
set on edge"
As to the scheme of the bankers convention, and the
scheme pr scented in the lac report Of the Secretary OF
the Treasury VIII oh in many of its features, is dent
cal the alcond article of Hon. A. H. d. Stuart so e0ec-
tually et o,ei the fatal defects contained in them,
that we will leave them where he has.
Next We will take the an Of Hon. A. H. II. Stuart.
He propose first tax all property to an amount su
hcient to retire all Of the notes in circulation except
efficiency for the parposes Of exchange, and TO give
bonds to the payers CT this tax for the amount so paid
We think this Plan will work cure Of cur Ills if mod
fed in one or Two very important particulars
frat we think il would be better to lay this tax abb
solctsly as means of retiring the surplus currency,
and give no bosd, at all What will be the efsct Of
these bonds If the interest is Iuncluly pIdf 1t must
De pA0 ~ all pg Oh PiNPN'V
labor Of the people.
Then each man will have to pay certain amount TO
the Government, and will receive that amount back,
less the expense Of collecting and again discussing tito
hin, as interest on his boads Then had he not, ia.
better have paid the fat ion 10 pay for
our past financial folly, at one dasht
1t may be urged that is necessary for these bonds
to be issued 10 enable persons who have property but
no MONEY to pay hista1. To this reply that could
not have that effect for there would be five six buo
dred millions of bonds issued and forced the people
all Of oace and therefore bonds would be plenty, while
money would be and demand and therefore the
bonds would sell for little nothing.
Another o.! ction to the plan Of Hon. H. Stuart is,
that be prOtO to continue portion of the Confederate
notes in circulation money. We humbly suggest that
toe promises to pay of revolutionary Government are
not suitable medium Of exchange measure of values,
from the fact that it is trying by the abament of the
sword the vary question whether it to have an exist
enoe at all or aud at this question ia involved in
doubt is proved by the very fact that the nation which
Is Wagng war against the revolutionary Government
expects 10 destroy This element Of doubt is decreased
in our clse by the fact o. the reputation, by fore
fathers OF similar currency. Therefore, if the
issues Of Confederate money not excessive it does
not possess the elements necessary TO stable medium
Of exchange.
Our financial condition, under the stimulus Of ire
deemable paper money Is like the condition of the
drunkard and belisve that in like manner, taper
ing a remedies will do good, but will merely lead to
even worse state when it will be much harder re-
store the normal condition Of things.
We, therefore, are in favor of laying a tax luf.
cen. at once to take GU. of circulation every dollar of
the banks chartered by the States their proper function
OF furnishing and regulating tho currency.
After that We are in favor Of war tax, payable
partly in money and partly in kind. sufficient to carry
on the war; and of thuI carrying it case basis
acknowledging thltwe have credit and deserve none
until we have fought the to a successful tcrmna
lion.
1t will be asked, Can the people stand such taxi
We answer, they can, aud will proceed to prove it.
We acknowledge that # will produce suffering and in
ac urjustly, bu. believe it will occasion
less tusrng and far less injustice than the imitation
hiss cauled-lar less than delay, which is equivalent
reputation, and less than palliative measures,
which would "scotch the snake, not kill him."
s about the proportion that the currency bears to the
whole property of nation ia other words, that enc
dollar in money for every hundred dollars of property,
is suicen. to make the exchanges. They further agree
that if currency increases above that standard, the
prices of property advance in effect, the currency
d, pecates Until that proportion is restored. In COM
mercis communities rather more than per cent of
the total property is in currency, agricultural cOmmu
mites rather less, bu that is the average This be
proved by statistics if cOntroverted, but for want Of
space we will assume it to be true.
Tried by this tlndad the total property Of tha Con.
federacy would be from sixty to seventy thousand mil
Ions il estimated in Confederate money, or probably
Eve thousand millions in specie or its equivalent
Let Congress then levy tsI which we will Suppose
to be ten per cent all property, at its peace vaus
oD to be eraned by the books of State Assessors
aud Commissioners of the Revenue for the year 1861
Where its value cannot be ascsrtaned ia this way, let
it be assessed by dinterested eeholders of the vcn
age at what would have been its value tefore the war
On all excess of property held by any person over
the amount held by them before the war; let the be
double cay twenty per cent Persons living in sections
Of country which have been permanently occupied by
the enemy, (nos merely visited by raid who will
make oath la their property has been damaged to tho
amount of ten per cent of its intrinsic value by the
enemy, should be exempted from paying this tax.
We have supposed ten per cent to be the amount Of
the tax required absorb nearly all of tie Confederate
money sAcs. Congress should ascertain the amount
after get Ing all the statistical information which is at
tsinabls on the subject.
To prevent its bearing too hard upon those who have
property aad money, the taI should be made paya
BILE either in Confederate notes produce at the prices
now fixed by the Commissioners under the mpressment
lava II he had neither money produce, on his
makirg oath to thai fact, ne should make lien upon
his property for the amount, which be should De allow.