The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1863-10-27

Mr.. EDITOR: No subject is of more vital impor-
lance to this Confederacy than its currency, save
the question of its independence. If money is the
snew of war must maintain our circulating me-
dunn at all hazards.
| have read with much interest the respective
propositions Of Gov. Morehead, of this State and
William Gregg. Esq. of South Carolina. Either of
these plans if carried out would give temporary re-
lief, but neither appears to be sufficiently compre-
hensive friend suggests mode which appears to
me to be more general and equitable in all its bear
ngs. and looks to the future we'll the present
condition of our currsncy. 1t is very simple and
briefly stated Let Congress authorize the Secre-
tary of the Treasury to issue billion, of per
centum bonds. payable at fixed and certain Pc
riod-say 30 years from date, with coupons payable
semi annually and to be forever exempt from taxa
ton. Let Congress also levy tax to yield about
hundred and twenty million of dollars, one half
to be paid in Confederate notes, the other half in
specie. In lieu of the specie receive the coupons
OF these bonds. Repeal all the objectionable egis-
lation on the subject of currency make all
notes and bonds of all issues and dates fundable in
these per centum bonds and the people will soon
restore the currency. What will be the effects
Every taxi payer at once commences to fund his
notes and bonds in these skies in order to get the
coupons with which to pay his taxes. Every tax
payer becomes all agent to get the notes and bonds
heretofore issued to fund in this Government secu
rity. With this legislation, the $500, O0O.0 900 of
Treasury notes in circulation and most of the 2OO
OOO,OOO of bonds issued would be absorbed by the
6 per cent. bonds, leaving a balance of over 39O,-
900 of the bonds provide for the future wants
of the Government, Thus the circulation could in
a few weeks beGeduced to the exact wants and ne
cessities of the country and could be kept by ju
dcious management of the Treasury Department.
This would cure the remorseless spirit of specula-
ton and boarding. The prices of all articles with
in few weeks would decline according to the law
of supply and demand to the great relief of the peo
pie and the Government. The future expenses of
the Government would be greatly reduced, its vgor
and strength in prosecuting the much increased,
with certainty that its pecunary faith could
be assaulted doubted, while its debt thus dis
tributed equally among its taxpayers and support
| ers. This system of Legislation is suggested with
such notifications as Congress may adopt. If the
tax in kind is maintained, less thar one hundred
millions to be levied otherwise might be sufficient
and the proportion to be paid in specie or coupons
could be raised according to the necessities of the
Government, based upon accurate information fur
nshed by the Secretary of the Treasury.
These suggestions carried out would seem to
cover the great evils of inflated currency, with
IFS evil consequences upon the people and Govern
ment; bring all articles of merchandise to a proper
standard; terminate wild speculation; restore the
Legitimate merchant give confidence in all obliga-
tions of the Government, and secure the indepen-
dence of our country by enabling to maintain
our brave armies and their dependencies at home.
CATAWBA.