Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-12-17

The Sehem. of Secretary Of the Treasury foi
tn. Relief of the Finances of 'ks G"vss"ment and
the improvement Of the Confederate Currency,
The following is the scheme suggested by Mr. Mem
mneer in his report to Congress- for the relief Of the
Government finances and the improvement of the Con
federate currency which, Notwithstanding the crowded
condition of our columns we present to our readers.
Rich. Dispatch. =.
SCHEME PROPOSED.
l. That Congress forthwith authorize loan CT 81 !,
600 600 in six per cent. bonds the principal pay
able in twenty years the interest semannualy; to be
extended hereafter from time to tme as to consol
date the whole public debt.
2 That the Secretary of the Treasury be authorized
to sell at par many OF the said bonds as VIII be sui
cent to take up the outstanding currency and to pay
the annropriatons made by Congress.
3 That deposits of Treasury notes on account Of the
said loan may be received at the Treasury or any Of
its depOsicries, by Commissioners to be appointed
said deposits to be in OF one hundred dollars or
in sums OF which hundred is a perfect diVlsor.
f. Certificates shall be s7ud for snch deposits, which
shall enttIe the holder to bonds for the amount with
interest from the date of deposit. If the deposit be
made in the month of January, the bonds Issued for
same shall be exempt from the tax of per cent for
the present year, hereinafter mentioned if made in the
month Of February, tley shall be exempt from one-
half OF the tax; and if made in the month of March,
they shall be exempt from onefouTth OF the SAID tax
Officers, soldiers and seamen, 10 service, STALL be en
tied to exemption from the whole tax for paid at
any time before Apri ls 1854
8 A tax offve per cent shall be imposed all prop
erty and credits other than the new issue OF notes
hereinafter melioned) which may be held the st Of
April next, TO be paid the 1s of July halt in
Treasury notes and one half 10 coin in the coupons
of the bonds issued for the loan.
In case the coupons should advance in the market
to premium exceeding % per cent, any tax payer
shall be permitted 10 pay his in treasury notes OF
the new issue with % per cent added.
7. Within six months new and improved issue
shall be mace Of two hundred millions of treasury notes
in substitution Tor that amount Of old issues, and all
the Old issues shall be cancelled, ana the faith OF the
Government is peged not to increase said is3ue3.
8. Notice shall be given to holders OF treasury notes
(Other than the said two hundred uionsl requiring
them to their notes at the Treasury at some
of the deposori2s, On before the Ist day Of April
next and receive payment thereof in bonds OF said
s0dated loan, in default thereof the notes not so
brought in shall to be current recoverable at the
Treasury for dues but shall remain eveidence OF debt
payable by the Confederate States according TO their
tenor.
g. In the States beyond the Mississippi the time
mentioned in the last clause sh be extended until the
lst day Of July.
TO- Six rloatbs more shall be allowed all holders Of
Treasury notes to come in and register and verify their
notes demands against the Treasury, and exchange
the same for q certificate Of debt if they prefer to
keep the notes the of Tie holder shall be endorsed
thereon, alter which said notes shall be negotiable only
by special assignment aud all notes not registered
within the time shall be barred from any further
claim on the government.
IL. Any holder OF bond OF the Confederate States
may the same into Of the bonds under this
loan the per cent bonds at par acd the others OF
proportionate rae and the loan shall be extended
to absorb all bonds which may be offered in exchange
r. The interest coupons Of this loan stall be held
equivalent to specie in all future dealings CT the Gov
eminent and shall be accepted in payment Of Any tax
hereafter made payable in coin.
49, The faith of the Government is pledged TO make
adequate provision for the payment Of the principal
and interest of the said loan by the continuance OF the
D. q
after which like provision shall be made By direct taxes
or by duties on imports and exports.
Ia The notes of denominations under s. shall not
be affected by the provisions Of this scheme.