Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-10-19
ACKNOWLEDGEMENTS RlCnr .
RICHMOND WING.
MONDAY MORNING, OCT. 10, 1851.
A Plan of Financial Relief.

of Virginia have devised and reported through their
chairman, Mr. Buford of Ptsyvania, plan Of 6nAn-
eial relief which will not only command attention from
the highly respectable from WHICH is emanates
and its intrinsic merits but will receive more general
and scrutnizing consideration from the fact that the
Secretary of the Confederate Treasury expresses his
"hearty in she pan and decars that he
viii "tAke pleasure in recommending to Congress the
legislation requisite carry it out If adopted by the
Legislature of Virginia" We present. therefore, the
fullest summary of the Committees report that our
present space admits of ressrviDg comments for the
future. The plan, it will be observed, embraces the
main features of that submitted by Ex Governor More
head Of North Carolina, in his letter to the President
published by US ina late issue.
Amer giving expression their Of the pressing
and momentous character OF the subject the Commit
tee assume, properly that any plan, to be effective,
must embody two fundamental conditions: "Pirst the
retirement from circulation of much Of the Contede
rate issues as will reduce the volume of currency within
reasonable lims; and secondly the cessation of such
issues by the Government ts chief resource TO meet
its current demands" The Committee think it desirable
to accomplish this by the voluntary scon of the peo
pie, rather than by eomPuhion Of llW, through the
agency of forced loan. They therefore propose to
raise from the people, corporations and States of the
Ooniederacy loan of four hundred millions of dollars
for which the Government is to give its bonds bearing
sx per interest guaranteed by the best security
that can be afforded, And permanently exempted from
taxation. The terms and conditions of the loan
forth BY the Committee themselves the following:
l. As soon as one hundred million of the proposed
loan shall have been paid TO- the Confederate Treasury
Department shall to issue circulate treasury
notes not heretofore Issued circulated and shall
cancel monthly thereafter OF issue then in crcula
ton amount equal TO the amount paid 10 during such
month on such loan; except that much thereof may
be re-ssued as the wants of the Government shall in
dspsOsSby require after the entire exhaustion of other
available resources, and ORy when such reissue shall
have been expressly authorized by Congress.
H. AL subscriptions to said oaa BY others than States
to paid within sixty days from the date thereof and
those by States, before the ls day OF Nay ls6
For the amount paid the subscriber shall receive
from the Confederate Treasury Department certificate
enting him. and after the Is. day Of Nay, 1864 to
an equivalent amount in bonds of the Confederate
Government coupon or registered as he shall elect,
bearing six per cent interest from the date Of payment
redeemAble at the end of twenty years; both principal
and interest to be exempted from taxation, and secured
by pledge of adequate export duties the interest to be
payable semi-annualy, and receivable 10 payment of
public dues to the Confederate Government Or in the
event that Congress shall fail on or before the st day
of May 1884, TO authorize the issue of such stock or
that the aggregate subscription said loan shall net by
that period have reached the OF four hundred mil
lions such certi6eat shall ene the holder at his OPP
ton 70 demand the amount thereof either 10 said stocks
or in treasury notes with interest six per csnum per
Annum from the date Of payment.
Ill That the State of Virginia will subscribe and
provide for payment of the OF fifteen millions TO said
loan upon condition Ony that her sister States east of
the Mississippi river Ni undertake respectively
tribute thereto in such equitable ratio will secure
aggregate subscription by States OF at least seventy five
millions and that she will adopt such further legislation
as may be deemed proper secure the cooperation of
other States and to induce the largest possible private
aud corporate subscription to said loan within her own
limits.
In fixing the amount of the proposed subscription at
$500 the committee state that they acted upon
the following data, derived from official sources: The
of outstanding treasury notes in circulation
is in round numbers $3.50 100000. By the first of De
eembsr proIimo cannot fall short of 5000 900
with all the aids that may be expected from taxation
then reszed-thus leaving the aggregate circulation,
at the earliest period at which any depletion from the
proposed loan could be expected to begin, at $780,.
600 600 Of treasury notes alone The one hundred
millions proposed be paid into the treasury beforethe
cessation Of issue is required to take effect may if the
wants Of the Government require it, be again Teissued
taus in fact fixing the actual amount OF reduction at
OOO-lsAving the circulation still ct the of
$3.50 OOO OO0 Of treasury nOtesbeSond which it is
sumed that it go Without producing such effects
iu the enhancement OF prices would seriously co
danger any financial system by inducing distrust and
stimulating speculation.
As afurthsr Of the ability Of the country
to withdraw the proposed from circulation without
reducing its financial to- point below the de-
mands of business ths committee estimate the aggre
gate amount of money other than Confederate issues
namely CON- bank notes, State treasury notes. &O.Rt
$50 600 900, which, though for the most part with
dra IN from circulation still remains an available re-
source for business purposes constituting part Of
the means tor making the projected loan. This sum
added the $3.50 100000 Confederate issues, which it
is estimated will be in ejaculation BY the Isl December
makes grand total OF $3.50 100000, from which the
deduction of $500 for the lOan would still leave
for the ordinary uses Of the people the of $780,
100000, sum more thaa double that employed in the
business operations of the Confederate States before the
war IL may safely be assumed therefOrs, as the CON-
mittse say that al least $500 100000 Of the mOneyed
capital Of the Southern States nay be devoted TO invest
ent in government securities without hAzarding in any
degree an undue contraction Of the currency for all the
purposes of government aud legitimate trade.
Upon the question whether so large sum may be at
tractsd from general circulation for investment in the
stocks of the government the committee declare that
without affecting to feel absolute confidence they are
nevertheless persuaded that the chances Of success are
.usciently encouraging to justify the effort This be-
=. tam a ronvetion that there IA an universal