Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1863-11-17
FINANCIAL RELIEF-sWITH A VEN.
GEANCE.

We were very much surprised to find in the
Richmond Wing of 18th inst, under the head
ing ..Financial and Commercial, the following
article
1.-The plan of financial relief, copied into this
paper short time since from North Carolina
paper, originally appeared, we believe, in the
Columbia South Carolinian, to which journal It
was communicated by citizen OF South Carroll
ma. The plan is attracting considerable atten-
ton from the press, and is generally regarded as
the most effective yet suggested for restoring
our finances to healthful condition. The prop
ostiOn is to levy tax, one-half Of which, or
some other equitable proportion, shall be paid
in SPECIE, or in the coupons of new Issue OF six
per cent. bonds. The theory is, that tax payers
will invest in these bonds to an amount sufficient
to secure the coupons required to pay moiety
of their taxes, and thus the redundant currency
will be reduced, and, thereafter, may be kept
within reasonable iimits.''
In our poor judgment this is the most neffi-
cient and mischievons proposition that has yet
been suggested. Its adoption would leave the
currency for long time to come, in It's present
lamentabe condition, and bring ruin on the
whole people. To talk OF collecting one-haf the
present large amount of taxes in gold and silver,
is simply preposterous. Where is the gold and
silver to como from? Specie is now worth u
in notes for one in gold If this be the Case
when there is but little demand for it, what
would be the premium when new demand was
created for hundreds of millions OF it 1t would
run up to 50 or 100 for one. There is not one
fifth of the required amount Of gold in the whole
Confederacy. But it may be said that people
may relieve themselves by buying bonds OF the
new issue to such an amount that the coupons
would be sufficient to pay the specie halt OF the
tax. This may do for the weather. classes, but
how are men in moderate circumstances to get
tie money to buy the bonds? a shoemaker or
other mechanic, for example, pays license tax
of $50 and commissions his sales amounting
to, say 500 more. One half of his tax would be
SIS. Under this notable scheme, he would have
to pay $75 in gold, or buy $3.50 worth OF bonds
to get enough coupons Where is he to get the
money All his stock in trade, including his
tools, would not suffice to buy them, and he
would be sold out Of house and home for taxes.
OF course, at the sales, nothing would be receiv-
ed in payment but cofpons of those particular
bonds or gold and silver What would prop
erty bring sold these terms?
This mild admonition to buy bonds reminds
one of tho wisdom of the Queen Of France,
who, when the people were clamoring for bread
to feed their starving families, naively exclaim
ed elbow silly! Why don't they eat cakes ?'
But suppose the scheme were adopted, and
suppose the bonds bought, it would require six
and twelve months for the coupons on the bonds
to mature !? What would become of the country
and the currency in tue mean time?
4 ~
cause, it could devise no more effectual means
of accomplishing that end, than to adopt this
scheme. National and individual ruin would be
its inevitable consequences.
We are satisfied the editors of the Wing did
aot intend to endorse this scheme by giving it a
place in its paper. But as it appears from the
article that sthe plan is attracting considerable
attention from the press and is generally regard
ed as the most effective yet suggested We wish
to enter our solemn protest against it; and, if it
be net trespassing too far on the kindness of the
Wing, we beg that cur protest be made known
to its readers.