Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-10-21


ERgland, so now we reject IN the case OF France,
these greu11s Of action which would cause rs
70 break Of sll communication, merely because
the blockade has been recognized AID our inds
pendsnes not And if this be the right course
as to France, we acted on the right reasons IS TO
England.
The CurroEcy.
From the Savannah Newsl
Il is eonesded en- all hands that the volume Of
the eHTreaey must be eurtsilsd largely, aud TIE
future issue be restricted Sach a result viii re-
dgee prices of everything and re-estkblish the
credit of the Confederacy
Everybody knogs there can be no protection
70 life, liberty or property, iu peace or in war,
without a Government, and ell ought to know
there can be no Government Withou. money and
without credit; 50 every honest man viii be
reaiy-to pay taxes 70 support the Goysrnmsnt5
provided .hey be inst and eqaal, snd every dis
honest 02e should be compelled TO do it II is
unnecessary to revert to the causes of the pree-
en conGition Of the treasury, OF to the obstacles
to be eauTmoHnted-theY are admitted TO b. mary
snd grsst--but they esRsbe easily rsmedied ana
the public credit be restored by judicious sys-
TEN Of taxation and funding.
First, let the tax system BE- made plaiR and
comprehensive, inclading all persons, except
soldiers in service; ell property and the gross a-
cema OF everybody. A tax tbHs eemprehended
should be made to produce from the sources
within our lines, at least S240,000 600, payable
ia addition to tho present taxes, prior 70 tho lst
May, 1854 Lst the same tax be levied, to one
third of the amount upon all property within the
seeding States, and constitute 6rst lien upon
such property, to be collected hereafter when it
comes int0 our possession.
Dat Of S240000 600 collected, let one-ihird
bs appropriated to the Governmsnt, and for the
other t0-thirds issue to the payers, ia even SUBS
rot less thaR Sl00, seven per cent. bonds, with
coupons, psys5ls ennually-uot negotiable, bat
payable only 70 him and bis heirs only-at the
pleasure of the Government.
The banks are now burdened with large de-
posts from individuals, which they can use bat
in part and for short periods, and they would
be W4iliHg TO transfer sll that business 10 the
Treasury. Lst each bank be make a Cove RI
Taent Depository and be paid moderate com
psnsati0u for recsiving the deposits and paying
the checks Of individual depositors, all on the
responsibility Of the Government The funds
80 deposited n no case to bs used by the banks,
and subject always to the checks Of the deposit
crs.
Let all other issues by States, Corporations,
&ad individuals, be stopped.
Let this law be annually enforced under the
authority of q commission with the Secretary Of
toe Treasury, to increase or diminish the rate of
t2xatioa and the smount to be levied, according
to cireumstancas, SO as not to make too great
proassrs On the community By too sudden snd
violent contraction.
Flom the present tax the income should
From that proposed for C0O000
5i500005o
The expenditure for 1868 4...........-.Il5OOO 100000
VIII make forced reduction of----....a 200 0OO eco
aud place the curTency on a solid bazis
The bonds being owned by every citizen, no
body would have cause to sppfehend repB1ia-
lien, and the volunteer funding could be largely
s1Emsnted-so thst We might begin the year
1868 WITH a wholesome currency and uasoUbt-
ed credit and prices reduced to enc half the
present pTiess.
Can tue people pay the taxes proposed We
have three crops made since the war began, and
twl Of them sold st enormous prices, and our
expenditures have bean less than hslf Whist they
hsd boen, aud excepting what has been spent By
tse Government for arms, ETC., not one hun
dred millions in amount, it all remains in ths
hands OF the people as so much additional
wealth.
TAs blockade deprives Us of the uss Of our
predictions Of cotton, tobacco snd naval stores,
bat We hsve them ready for market, snd at
greatly enhanced prices. Surely, we may sn-
tieipsts some credit On the possession Of FIVE
hundIed million dollars worth of produce even
If il cannot be exported al present.
Much hiss been said of blockade running
most u1jgstly and nnfounded!y. Every bale of
cottoa exported gives Us an available capital
equal to geld, 10 the amount of two hundred
dollars, unless it Is captured; and all that has
hesn exported weuld not supply one weeks
consumption Of the mills abroad The goods
imported wore absolutely necessary, or else they
could not have been sold at the large prices they
commanded; and, with all that has been added
to oRr domestic manufacture pr.ees are double
what they wers in 1869 Cat of the supplies
thus furnished, and what would Be the couse-
qae8ee OF course, only to make present prices
still higher. If there be any fact seli-e7ldent,
il Is thai We are gTaitazsd because We cannot use
cur produce to the extent that ne desire; but
that is a strange argument for not using them 70
tie tull extent. That We may, and more espe-
c'Gly 81 present high prices.
II these views BE- accep ted As to the reduction
of ths currency, they can be useful only ia part.
unless the Government stops sill issues to aid
priYa.e enterprises - purchase cotton aad foT
every other purpose, except the absolute and
necessary expenditures for tbs support Of tho
war and tho mGintsiDauRe Of the Government
itself Every dollar advanced or those ehimsgi
csl seheules has enlarged the currency aad en-
haacsd prices for provisions and everything else
foWr-fOle, sad bare resulted in nothing bat an
mixed evil TO itself The immense capifat ia the
hands Of individuals would readily be applied 20
ali probable enterprises without aid rom
Government itself existing only on credit.
0ae ether suggestion for the War Department
IN al ezsss wBeTs provisions or other property
IS sesdad for public use, advertise for the qusn-
aty and state the legal price. If the holders fur
nish il psy them promptly; hui if not, and i'm
Pressment hs made, pay III certificates only, ex
pressing the quantities received, and leave the
adjustment 70 be made By Congress after peace.
Ibe RdYsntags Of this system wiH be either TO
save the necessity Of impgessment, or 70 avoid
issuing currency to that extent, If it be uns-
voidable.