The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1863-12-22
FINANCIAL SCHEME.

The following is the scheme suggested by Dir.
Msmminger, Secretary Of the Treasury, in his re.
port TO Congress, for the relief of the finances;
1. Thar Congress forthwith authorize loan Of
81 600 000, 600 10 six per cent bonds the princi-
pal payable in twenty years, the interest semi an
nually to be extended hereafter from time to time
40 as to consolidate the whole public debt.
q That the Secretary of the Treasury be au-
thorized to sell at par many of the said bonds
as will be sufficient to take up the appropriations
made BY Congress
8. That deposits of Treasury notes on account
Of the said loan may be received at the Treasury
or any of its sdepositores, by Commissioners to
be appointed; said deposits to be in sums of 500,
or in sums of which 100 is perfect divisor.
a. Certificates shall be issued for such deposits
which shall entitle the holder to bonds for the
amount, with interest from the date of deposit II
the deposit be made in the month of January, the
bonds issued for the same shall be exempt from
the tax of per cent for the present year, herein
after mentioned; If made in the month OF Febru-
ary they shall be exempt from one half OF the tax;
and If made in the month of March, they shall be
exempt from one fourth of the said tax Officers,
soldiers, and seamen in service, shall be entitled
to exemption from the whole tax for sums paid at
any time before April LIST, 1864
S. A tax of S per cent. shall be imposed on all
notes hereinafter mentioned) which may be held
on the lst of April next, to be paid on the lst of
July one half in Treasury notes and one half In
coin or in the coupons of the bonds issued for the
loan
6 To case the coupons should advance in the
market to a premium exceeding Is per cent, each
tax payer shall be permitted to pay his tax in
treasury notes of the new issue, with 20 per cent
added.
Z. Within six months new and improved is
sue shall be made of 100000, 600 Of treasury
notes, in substitution for that amount Of old is
sues and all the old issues shall be cancelled and
the faith of the Government is pledged not to in
crease said issues.
g. Notice shall be given to holders of treasury
notes, (other than the said 2OO,0OO,O OO) requir-
ing them to present their notes at the Treasury,
at some of the repositories, or before the LIST
day of April next, and receive payment thereof in
bonds 0? the said consolidated loan, in default
thereof the notes not 50 brought in shall cease to
be current or receivable at the Treasury for dues,
but shall remain evidences of debt payable by the
Confederate States according to their tenor.
9. In the States beyond the Mississippi the time
mentioned in the last clause shall be extended un-
till the 1st day Of July.
TO- Six months more shall be allowed all hold
ers of Treasury notes to come in ard register and
verify their notes as demands against the Treas
ury, and exchange the for certificate Of
debit or il they prefer to keep the notes the name
Of she holder shall be endorsed thereon, after
which the said notes shall be negotiable only by
special ASST snmcnt. and all notes not registered
within the same time shall be barred from any fur.
Their claim on the Government.
ii. Any holder of bond Of the Confederate
States may convert the same into one of the bonds
under this loan the per cent. bonds at par, aud
the others at proportionate rate; and the loan
shall be extended to absorb all bonds which
may be offered in exchange.
r. The interest coupons Of this loan shall be
held equivalent to specie in all future dealings of
the Government, and shall be accepted in payment
of any tax hereafter made payable in coin.
Is. 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 con-
tinuance Of the tax mentioned in Article 5, until
census shall be taken, after which like provision
shall be made by direct taxes or by duties on inn
ports an exports.
IL. The potes Of denominations under SIS shall
be affected by the provisions of this scheme.