Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-02-05

Mr.. Memminger informs Congress that the addtiona
amount to be raised for the support of the Gov
eminent to the LIST of July next the end of the s
cal year. is 1857 ,929 ,229.
The Richmond Enquirer of the oath ultimo in a review
of this report sudes follows to its principal financial
recommendations:
This important paper embraces subjects of vital inn
portance to every citizen of the Conf deracy affecting
only the financial affairs of the Government but most ma
teray influencing the value Of properly of every kind
Tie three principal features Of the report are to be
found in its recommendations to fx-l limitation upon
the privilege Of funding the not issued prior of De-
cember. 2 war tax. 3. A guarantees by States
10 accomplish this important end, the Secretary
ccmmeIds the following legislation:
a. An act limiting the period for funding the Treasury
notes bearing date prior to LIST Of December 1862
- Authority to issue sufficient amount Of Treasury
notes to pay the appropriations required for the support OF
the Government to 1st Of July next
3d. Authority to issue bonds and stocks sufficient TO
fund the notes already issued entitled to be funded al
eight cent and those hereafter to be funded
per cent
a. call upon the Stat TO guarantee the war debt
upon plan to issue six per cent bonds payable install
nents 10 twenty years upon the plan Of hundred
million loan.
IS modification If the loan act of April 1862 by re-
duel the time to FIVE years within which the Government
may redeem the bonds
"6. A war tax upon property and income
The first effect of such legislation will be to DESTROY
the currency feature Of all Of date prior to lat De-
cember 1867 At one blow the immense that has
flowed for eighteen months from the Treasury and per-
meated through all branches of trade will be struck down
because when the final date Of limitation approaches
the notes will not pass readily from hand to hand The
Secretary has duty weighed every objection and capddy
and orcbly states them, and ably and satisfactorily an
swers them The exgences of the Government and The
condition OF The currency in the opinion of the Secretary
admit OF no other remedy
The war tax is also strongly urged by the Secretary
the second feature 10 his reports by it be proposes 10 raise
at least $4S 100000; and adds that soudes con.idera-
tons of policy would add largely to this as the
Pile OF country bear and ntmates that sixty mil
lions would not at all the treasury The gau-
rany by the Stat also meets the full appreciation of the
Secretary"
The Richmond Wing of January 27th commenting upon
Mr.. Memmirger's financial scheme makes the following
frank acknowledgment of the real condition of affairs in the
Confedrracy:
Mr.. MemminRer forgets that vast change has come
over all the business operations Of the country There
now no coin and no bank paper circulation and no Gre
dit All dealings cash basis We do not know what
precise sum Of bank notes The credit system was eauya
lent to- but suppose il not less than FIVE hundred millions
All this 10 swept away and # Mr. could succeed in re-
ducing the currency TO hundred and fifty millions he
would produce the hardest times known in this coun
try He could then buy cheap bargains which seems to be
the beau ideal OF his fDaDcierng skill y