Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-01-21
ReDort OF the Secretary Of the Treasury.


ey 10 rs normal condition The Secretary commences
his preliminary observations with the remark that the
circulation Of the Confederate States before the
estimated at Sl0O,oOOOoO. In the existing state of
things he argues larger Of currency requir.
sd-probsbly Sl5O,OOO,oO0. The difference betw, en-
tbs sum and the ac,ual circulation will show the reluu-
dlncy The sctuai circulation embraces not only Treas
ury notes but bank notes and state emissions The =
sues of Treasury the SlSt December amounted
tS2JO l4g, 592 Twenty millions added to this amount
would probably represent the total Of the currency
The actual volume Of the currency having been iporcs
81 tbraeiod has produced corresponding increase in
prices Tue remedy which Is required In order to be
c6eSye must therefore Withdraw two-rbrds OF the
tire volume OF the currency The measures already
sdop.ed by Congress intended to in this drcOson
are oyerponered by the necessity which cOmp-ls the
Government iucreas, lie Issues. Notwithstanding the
large and daily increasing Investments IL boads the
Tency continues rapidly gov in quantity This il
crease causes daily sdvauceH prices IA the necessities
CT the Goernmeat Gospel purchase these prices
It is plain that tie change requiredi, 7ros reduction
O. the currency is normal condition $3.50 900 O10J
To accomplish ;hs the SecreIy proposes that Congress
shall tx period Of limitation for the exercise OF the
privilege Of funding Treasury notes AMI suggests tue Ia
July next as the period. He says
six months have already been allowed for invest
meut IN eight pee cent securities, according 20 he
tract on Oh, iace Of the note. Two months more will
b. allowed 10, investment IL seven per cents aud if a-
Ter long notice the holders do not choose q avail
themselves Of her privilege the good faith OF the Gov
eminent viii stand clear OF impu,a'iou.
But il is essential TO good h that ample means
should be provided by the Government 10 and
ply the principal and interest Of the securities in wlich
.,f1 ft1 ,.tI Ia
effected by ample aud permanent S1srh q taE Is
ne corner store Of Hs rto's tIjc,e.'
The necessity Of providing for any future
dlndancy is relieved in the secretary opinion Dy the
patriotic proposal Of several of the States guam
tse the whole or % arg portion Of the War Debt If
al the State, be induced promptly to adopt this
measure, will thereby Dee furnished to absorb any
eyceS, Of the issues tie proper amount Of
rency The guarantee of the States will enable the Gov
srnmea to reduce the interest OF its bonds to sx per
c,ut and If the States can be prevailed upon extend
the guarantee TO cover the whole War Debt, or
o. least four I'VE hundred millions thereof the saving
Ia interest will be so great a. to enable the Government
Ia due time, to eztingash the whole principal OF its
debt Upon a debt Of five hundred millions, this saving
will De just ten millions
The Secretary then presents argument iu favor OF
the limitation scheme. Il will stimulate investment in
b5uds Those who desire to secure per scclre,
sl come in before the e2i April when the privilege
ceases and all Who will before Isl july, TO
save the final exclusion. Il Is probable therefore, tina,
throughout the entire period will be with.
sufficient TO check any rapid advanc, in the total
rmouut Of circulation. A the final date of limitation
approaches, the comparatively small amount left in the
hands Of individuals will to have purchasing
power. Their chief yal1e will consist in their being
receivable for Government dues. Ii at this point the
Government will collect a tax sufficient to absorb the
whole remnant, the relief afforded the community
aud the currency Will be made complete
The ability and willingness of the people to pay a
war tax is next considered He argues that three
fourJhs Of the currency outstanding on LIST December
may be funded without substantial damage private in
If the remaining fourth could be absorbed BY
tax, the solution Of the problem would be complete.
The objections which may he urged to the scheme
IT ssuted aud considered length. The obcc-
ton that there is infringement OF the upon
the face Of the by the citation OF precedent
sad by the that the modification proposed is sub
s,aatay for the benefit of both pares-tbe object in
view being increase the value Of the whole remaining
currency by increasing the purchasing power of each
objection that 100 large and sudden contraction will be
caused, Is shown to be unsoUd FROM the fact that the
circulation lsJ july will probably be upwards OF
two hundred millions It viii BE issued gradually and
VII probably 6 up the channels left by the funding of
the new ssuel and far from producing eontructiCD
the issues vii probably be IN IeIeess early
date The large amount Of currency turned into bond
7u probably cause the price Of bonds to fall bu this
fal viii be merely NOMINAL and VII end full cVmp,usa
tn lg the Increased value Of the cutrcrcy Tor which
tacy sold and for which the 7leres: vii be paid
The Secretary recommends ;az upon property and
gross incomes suioen: to yield reyeage OF ct least
feyeght Millions aud presents tie details Of this fa
tuge o. ais scheme, 10 show tia; this may and
should Be iacreased to sixty Millions sum Sufficient to
pay the interest on the public debt; aa3 provide sink
fluid policy which the Secge.,-y earaec,ly eIvo-
Gates. de closes his report with tie oo~nz -eccpi,u.
la,ioc:
Toe legislation wbich =iu rs --71'-cd g :arr7-ia:o
eject the several matters recommended in this report
"a the following;
J. Aaacs liaiac the pcriod for funding ,hc Trcesu--
co:es bearing date prior 20 Isl December, 1862
2. Authority 70 issue sufficient amount c, TreGsSry
2e'e 70 pay the appropriations required sog the support
o. Government 20 lst July next
s. Authority 70 issue boud5 and stock Sufficient 20
AelA u9tts lssueQl eALied 70 ne Iu1leQ
eight per cent and those hereafter 20 be funded at seven
per cent.
a A call upon the States to guaranty the War Deb.
npOn plan to issue SIX per bonds payable in in
sianents in rs years. upou the pau Of the los million
loan.
s. A modification Of the Loan Act o. April, 1862, nv
reducing the time Use years within which tie Gov.
srument may redeem the bonds
T. 4 war tax upon property and income
z The Appropriation Act.
The organization Of u bureau in charge Of the is
sue Of Treasury notes.
Increase of the salaries Of the Assistant Treasures
and Depositares, and their Clerks.
The first shad of the season sold in Wilmington, N
q the other d.y al $40 a pair