Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-11-18
assi Aarsly Paa.. y 50 l US af, 4. alfe'

blttn leFteI hUUknt CT OutfCuCJ to6u Oav "svs
There e smother consideration aneetns ihA point
which seems to me- TO be entitled to weight. Assuming
with Mr. hemmiDger, that the coun ~ can bear cir
cula.on Of one hui dIed and flty Millions am per-
suaded that while the Lasts in consequence Of the
vasness Of the financial operations OF the government
there will b. at given time, less than MY ofs oil
dollars withdraw from circulation and ~ HGnSHu
from the tar payer 10 the Government credltors All
public mono must be paid to the collectors be trans
erred by them the Treasurer and by him IN turn 10
the disbursing officers and By them to the
These operations embracing such large sums aud rami'
Hed over territory so extensive ours, must, neces
sarily occupy much time and think can safely as
sumo that rot less than fifty millions land probably
much larger amount) will all times, be Withdrawn
from general circulation, while passing through this me-
ccssaTy rou ine.
Having thus considered the ertsnt to which the reduc
ton should be made, proceed TO explain my views Of
the best mode CT eGecung Is:
TIE evils under which we suffer are Of such CHAR
acter as to Quire immediate rtet delay, OF even
ak months would be frAught with the mos: ioJurlous
cOnss qusnces because, IN tnat ume the nScne "0uu
be almost Tremediable.
Two modes of ring the surplus currency have
been suggested one is to Danish 1t from circulation,
by deprecatiDg it, the other, to absorb IT, oy fundiDg
and taxation.
recurring all notes issued prior to LIST December, 1862
t. b, funded before certain specified dates and nnlets
a vested 10 be fuhdabe only 10 bonds bearing ower
rates of interest The State of Virginia, by law IN
tended 20 be auxiliary the Confederate policy, enact
ed that the suspended notes should not DC receVsDe ~
PAYMENT OF State taxes This egsat'on projected on
ina iiea that the NJ VIII ch were not funded would be
discreoiled aud banished nom circulation.
Exuerience however, has snown that this system was
"a In cent ia practice as was erroneous III Prncip.
Rat small proportion oil the noses were funded, and
~, sc va 10 throw discredit on all classes of Trea
sury 1o,es without bauishiDg any from circulation Tue
Ieei aure of Virginia therefore, repealed Its pfohbl-
rors W and all classes Of the are now equally
current L. cannot Denied, that the attempt 10 depe
ciate had strong SAVIOR OF repudauJn ABOUT IL anu
the scheme was aOe the serious objection that II was
roo s,S ia lts opsrason II it mad been compe-
tent ultimately TO effect the pqIpJsc contemplated py
10 trainers.
Tbs lime has ROW come TO adopt plan founded on
the oppOs le prinCiple-he principle OF dPpfee'Gf"g
hs currency, by creating n large aud Immediate de-
lnand for H. 10 this cad, propose that Congress
snail make o compulsory evy OF t6elVe Iei cent ola
fair OF K the property OF tue country,
with sucn exempt OBS es their wsdcm' may suegest
In nv letter TO Air ArmsuO. 6, gave Tue statistics
ram the census of 1860, unicn show that ths
y,rso.t, taxsbe prop :ety wisuid tao Confederate
,.a..s Nhch eau now be reached, amounts 10 about
iour 1. ousaud i've husdsed mlhoHs- This Vaiuauon,
it viii be observed, Was before the war, "heA Pree'
were estimated according To specie Standard IWeVe
Der cent on this will yield 64O ml hons. IL 4oo
mill oAs b. applied 10 redemption Of All quail amount
OF Treasury notes there would remain surplus OF w
nil ions app! cable 10 toe expenses oil the uIVernmehi
IN aid of revenues derived from other sources. Inc
Tres sury notes thus redeemed should Dc canceeu NJ
once aud as the aggregate ID circulate - estimated
"a 6bo m lions bot 200 millions would reualn to carry
on the business OF the people and the government
The desrsd reduction ia the volume Of currency would
thus De effected without 20 any enc or scr Gus
iDjlry to toe people.
Of the. II per cent thus levied, propose that ten
per cent shall be regarded compulsory loan, TO
ming down the Currency 70 proper STANDARD, ana the
remaining two per cent. tax, 70 aid N carrying on
he nr Fur the ten per cent. bonds should BIZ issued
to the parties paying bearing per o'ht interest
Some per Oas Wll doubtless OH Get 10 the pIi1clpie
Of forced loln but seems 70 mo tna properly s9Vu'u
near lust share OF the buTIhens oil the war; Onler
h, co. scrplOn law, exact eompu DRY setVoe from
ne ctzen 10 ire ied, and can see no Reason way NC
cagp3t wi equal justice, compel property holders 20
eoDribute falr proportion Of their WealGh for carry
lug on the CONTEST which so deeply affects every iitef-
esf both OF p1fsOn and property.
Ibeipouiry mas been made, Why not make the whole
- n,r cent A taxI l. answer 70 this would say,
t,at t would be TOO burlnensome 70 levy Tax al THIS
amount in addition 10 the other taxes, already liz,
rosed Moreover such tax, laid at this Time, "oaiu
onsr,te very unusty not only as between tho disr-
en- States but between different portions OF the Fame
stats Under existing circumstances, the taxing pc ser
of the CJuederacy could noi be male elective III Men
lucky Missouri and large PORTIONS OF Tennessee, and
important sections OF Virginia and other Stated 10
those poruons OF the 0ouederacy which are moi ocu-
p.d by the enemy, bear the whole buchen, while thoee
and paris Of states that are held blythe Federal
forces would escape their just share By makhe inc
levy 10 tue form OF loan tnis injustice WI De avoided
n constitute deb which will olad The Whoie OOh-
ederacy aud when peace sbal nsVe been Iesoftd Tue
p.opie OF ali sections be made 10 contribute to It's
payment.
lief 90 the coun ry by ceating present demand for
tbas amount of Treasury no!es. Nov, the supply OF
currency is greatly in excess OF the demand. BVery
o,s Who has Treasury notes on hand seeks 10 shuttle
them of as last he They are progressively &C.
elnips in value and is willing to hold them
Hence the holders ready TO exchange them for al
most any species Of popry real or PERSONAL at faou'
ous prices. IL however, congress will make the pro-
posed levy the whole aspect oil tangs will be changed.
The lew would Constitute en oa every mans tate,
real and personal Whatever might be thought OF the
intrinsic value OF Confederate nOe IL would be knoEn
that they had she capa5iy to pay on these liens All
prudent would desire 10 fd their estates oil these
encumbrances and an immediate demand would spring
up Tor Treasury notes Ct that object. Those who
have notes on hand, viii hoard them Tor that purpose
aud those who do not have them, viii seek 10 OBTAIN
them and will pFess property in market TO get them
Now all competition il among buyers Hence, ptces
continually run up. Tier, the competition would De
amorg ssiltrs, AID prices would decline Property
holders would know that the levy must be paid either
in Treasury notes, or in more costly currency Iney
would see too lat the sooner they paid it the better,
because as currency became more scarce il would
become more valuable. People would begin eagerly.
TO ssrk for this currency which is nov held IN such low
rstoem; and venture 10 affirm that, With ten Gays
after the passage of the law making the levy, the vane
or in o;her words the purchasing power" OF Treasu
~ not g, will be increased rs per cslt This enhance
Lent will not await the slow process of assessm' n aad
collection Il will DO almost instantaneous. AS soon
as the az making the levy is passed, people VIII peg
% lay up money 20 meet IL. and large part oil the
eurrency viii thus be AZ CfsCtusly Withdrawn from
general ccul ,tioa il N in the hands OF the
Treasurer or actually cancelled To accelerate the op-
GRAFTON it would be to allow such parsons as pre-
Cor Going So TO pay proper agents OF The Treasury
Department ouch sums as they suppose will appro1nae
th.ir'ts1es AID receive credit for them on Il al settle
ment Ii r. oues no spirit Of prophecy to foSese that
n ng NOuld Da "a