Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-02-19

those to be issued in s69, there viii probably 5e
amount Of 100000 co., more, q ihsae notes o
/ circulation BY the ead o. the ysa- re pTopos'i'l
made by the Secretary 70 levy s69O00g9 u iaxes z
supposed viii meet with tha Favor which if deserge
fren the Confederate Congress. The proceeds o i9a
produce already bought aud 10 5e bought with bond
viii probably reach $4,000 900. even more as reck-
oued IN currency, which o1gat 10 be- reduced 70 the
sum of 03 or 10 COO as lie eonlmi tee
Of fnanse proposes What Is the precise sam wlici j
required currency purposes cannot be ascerained
pFori." We can only make nn approximate est
mate. The Sc retafy estimates the bank czrgency -
circulation in e Confedersge States waen iis war
broke ont at 500 600 BIt IN addition 20 that quite
large amount Of pecis was IN erens'ion aad ben s1
changes TO vast extent, with the states colosng te
present Unied States and with fore ga n4il1ns were
settled by bills and by osett When we remember thar
III present state Of isolation trade and acangesaf
almost entirely domestic. and that these exchanges ia
the present disturbed condition Of things sse mesy
ma ia currency wouid seem that the aalount = ci-
euiatan might safely remain ct sllo0lv J OF perhaps
prices would probably not be injarlously disturbed
The reduction Of tbs currency 70 II ner ei neaa 81
is WITHIN me eompass Of our legislative lasts ~ &
and rrsigaed believes Tbs seetioa Of the bill which
provides that the notes Issued moathy shat BE- u1aole
within sx months from the date Of Their issue 10 SIX Per
cent bonds aud ia four per cents. Afterwards they Pc
ing always receivable in payment cf pHuhc epes VII
probably operaa 50 As 10 stimulate the funding Of all
notes capable Of being converted into SIS pr cents
The result would bs leave those ssHdabe ia tour per
cents aaoat u1tl gradually nearly the Who'll volume Of
the currency would Be made m - because tha
cheapest currency al1avs Of eireaia
ton Should ths ,yund present expect !
atiena Z could be recomnen 5sd wish
the nofa arI7e into four cent. bonds. The pre-
else amount Of the issues Of the year which would
thus De funded cannot be declared but y . s7 20 sup
pose that II would be large With the inducements 20
rapid funding held ous by this BILL 1t is not exayaga
70 suppose thai oaeonrih OF the Issue Of the year vod
be lund-d and this being done, but two nanaie1 ]
Of the four hundred millions issued would refnainl
iuasuucb it is supposed ihat the proceeds of te
tax and produce purchased viii absorb ab01t Si0lJJ
O00 Of those notes This would bs again red1e by The
amount Of 80 900 COO in call certificates which would
nndouotediy b. taken under the provisions OF ms
these securities Is far more than that amount Sl3pos
log that lhe issue Of the year should reach 5,
upon saeh principles a. We haze d7ae sb0ve) IN notes
10 be absorbed by exchanging for them bonds gueran
teed by the States or bonds with Interest paya5 +
either IN cotton Or tobacco certificates at such pases a
would make L equal in value sx per cent ia specie
The results stated above when presented in tabular
FORM would stand rs follows:
If the issue Of Treasury notes during the
Then deduct for i whichi.s
supposed will be funded
,e, under this bll.----.----- sl0oeoooo
posed taX------S600 600 900
Proceeds Of pro-
duee,----------- 100000
Amount Of notes probably to
be converted into call certi-
- go 100000 /
sl50m9ooo /
reney Of I5o0olOoo
2 note. .a9 saouoo
Gates.
If the issues Of treasury notes
be------ ..-..- s5O0O0OOl1
Then deduct follows to
be funded--------------- Sl25,000,0l0
Proceeds Of tax aad Psodu5
sold. .----.----------------. uD000000