Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-11-26
FHgCOSsTITTTION-STATE RLchTS.
RICHMOND WHIG.
THURSDAY MORNING, nov. %, 1858.


Convention Of mixers in Gt0rgia. We apPrehend
that the objections pointed out, and others that VIII
suggest themselves the reader, must be considered
fatal TO the scheme The ipslequacy Of circulation to
Are Absorption OF the entire thousand million loan-he
opportunity afforded capitalists to ergrOs5 an undue
STARE oS stock she interest which il to be payable in
gold-and the reputation Of the pledge, appearing on
the aoe Of the notes now in circulation that they will
he received for all Government dues (Of course nepd-
rg ts1cs except export duties, constitute Objses ms
TO the scheme that selm insupersblo. o.her objec-
items are suggested but these, ucless they can be OBJ
waited are suHi ,ient to condemn tie Prct But the
reader will determi. for himself:
FINANCIAL RELIEF-THE PLAN OF TIE SOUTH
CAROLINA BANKERS REVIEWED.
| To the Editor Of the Wing
This plan of restoring the currency and finances to
sound aud heathul condition was intro ;nced to The
public ri strong commendatOry notices by the pres.
have read with the Garnet hop, that would find
in /; satisfactory sou ion of oar pecuuary difficulties,
bat am sorry 10 be obliged to say, that think its
adoption would tend to aggravate rather than relieve
| then.
Ihave no remrKs to make on tie subordinate iea-
tu-es which relate to the call loan the fufment OF TIE
Government pledge in regard TO the eight per cent
Treasury notes which still nma;n unfunded, ia but
DO desire to direct public attention to the more por
tant propositions embodied in the rcheme and briefly
10 examine their practical operation.
The propositions TO which l refer are the 70 low
ing:
"That rev loan of coupon bonds be made, to the
amount of one thousand millions Of dol ars the bonds
oearsg six per cent nteressthe coupons payable an
ullly IN cor.
Ttas an &C be passed laying tax Of sixty millions
Of dollars, 10 be collected annually, during the whole
period Of sad OsD for the payment of the interest en-
the Above bonds that the said lax shall be paid in
coin and that the coupons OF the above bonds De
ce.ved in the payment OF this tax in lieu of coin."
The THRU proposition provides for raIeible distr-
button OF theee bonds among me Sise', so tSt the
people OF each Safe shall have al opportunity Ct buy
nF, at par Sufficient amount TO enable Them to settle
their taxes EiJh the coupons.
The gis. of the scheme is in the first and second pre-
positions above quoted
The most pressing evil under which We labor, is
deprecated cuueDcy This Depreciation has been pro
dueed, mai ~, by Oyer-issue. We have three or
tour times many no:eI iHcrculaton as necessary
Tor the business OF the country and hence, they have
f,leu in yslne There is in other words, too great
disparity between them and gold, which IS the recog-
nzed standard OF value throughout the world.
The theory Of the plan under consideration is, that if
ootds 10 tue amount OF one thousand millions be issued
bearing interest OF SIX per ceR' payable IL CON-
the people vii buy them up With treasury notes, go as
~ secure sufficient amount OF coupons 10 pay their
share of the tax OF sky Millions Wlich is payable
lny in coin in coupons Of these PARTICULAR bonds.
Ia ,hs way it is presumed tho treasury notej will be
speedily absorbed. The plan contains provision for
cancsllng any Of the boses and would; apparently,
leave It discretionary with tia Secretary OF Thy Trea-
~ to reissue them as soon - he gh5 have occasion
- AaaIb h, ND p a
them,) ana thus toe country might again be flooded
with deprecialed currency The hsy have been a
csual onlssOn, bg5 strikes as strange, hat in
eiab scheme formally presented 70 hj country b.
convention OF professional hnanc!ers, such an Omis-
sion sh9ud have occurred
But passing that by let examine tie plan in other
aspects.
Ths Government "a to bOrsO one thousand millions,
aud pledge Itself pay tbs interest annually in coin.
Tuis involves tNO prOpOstOns-lst the borr0Eing OF
900 millions in currency, aad %, tns payment Of h'
interest IN coin.
Let us consider them in their proper order. The cs-
nated amount Of The trGasUry notes in circulation
Is "a ms, was six hundred millions. II We add fifty
millions the ISSUE likely 10 be made tsOre lst
% cember, haze the p,o0Sole aggregate OF notes
ia circulation, at that date six hundred snd fifty mil
ons.
How, then, are the eco millions Of bonds to be
bought and paid tort l. is GEAR III, $50 millions of
E,asury notes will not suffice Aud II you add ali the
uk Issues extended 10 the limits authorized by their
clarters and all the county issues aud all ths corpo g.
ton Issues the aggregate will still tall short of the de-
sired amount Aud what is the country to do in the
meantime tor currency? How is business to be car
ried ons how are contracts to be met, the neces
ssries OF life obtained!
Hss tiers ever SO crude and il.digested scheme
pu forth TO tie coustry by an assembly of grave and
,eligent gentlemeni Toe simple queries above pre-
pounded Illustrate the inprac;icabiity of the whole
plan.
Let US Eow consider the second branch Of the propo-
son ahich contemFates the payment o. the interest
OuOhis 900 million loan in coin.
VIII any y be kind enough to tell me where the
Goge rBm6It annually 10 get sixty million in coin
rather tLinE r. MemRLgsr would give handsome
premium 70 y gentleman who would afford Linn the
desired information Has the Government that amour
OF CON- or has it property That will bring it? If be
aus cred the people 10 DO taxed raise it. the L.
auiry a. CEee sIises where the people to get il :
The people have neither coin nor anything that VII
oiing coinS And if they had Cotton and other cash
articles that wUud bring it. they have not the means
Of eestr them to ulArkeI TO eff sct the exchange
But it may be said the people will DO so to pay
heir taxes IN coupons and thus DO relieved from The
runcus a1sct,on Of coin. This ID all very web far
as is goes bus If the people pay no coin to Government
COW can Gov srnment pay com 20 the bond-hoders
There "a the rub The whole scheme is Obviously foun
ed oa the idea that each taxpayer will make nice
o,leuA.on and ascertain exactly how much OF III
sxtv million tax be would have 20 pay, and take just
enough Of the thousand million loin 10 enable him to
nav Ss tax with his cOupons and thus the whole affair
Tonld he sham. Ii would nomDaly be coin trans
actor when really not CEN OF coin woud pass be-
tWee the parties But suppose some people were
tl out the money 10 buy the necessary quantity OF
bo ods and that certain opulent bankers and brokers
ere 70 buy an proportion, What then ~Toen the
nan itaout money would have TO furnish the coin or
INV from the rich banker broker coupons enoughto
nav bs tax. These coupons would be in demand. They
would be equal to gold, and the impecunOus man n,
~onId have 10 pay the price of gold for them THIS
would be very good thing for the rich baker and
broLer but very bad thing for the distressed ta1pay
y. Gala Is now worth sixteen in notes for one.
S,s.vsn ONLY knows what it would be worth to the
u esent demand you ada demand for sixty millions ger
annum morel 81. ,.,.,