Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1863-12-16
The Scheme

Of the Secretary Of the Treasury. for the
Belief: of the Finances Of the Govern
m.ent and the Improvement Of the Con-
.tsderate Currency.
The following is the scheme suggested by
Mr.. Memminger, in his report to Congress,
for the relief of the Government finances
and the improvement of the Confederate
Currency which, Notwithstanding the crowd.
ed condition of our columns, we present to
our readers ,s 4,# . --a.s,
.- SCHEME PROPOSED.
l. That Congress forthwith authorize a
loan of 81, 900, 600, ,oooin 6per cent. bonds,
the principal payable in twenty years, the
interest semi-annually; to be extended here
after, from time to time, 80 as to consolidate
the whole public debt. -, .--
2. That the Secretary of the Treasury be
authorized to sell at par as many of the said
bonds as will be sufficient to take up the
outstanding currency, and to pay the ap-
preparations made by Congress. ... g..
: s. Fiat deposits of Treasury notes on
account of the said loan may be received at
the Treasury or any Of its repositories, or
by Commissioners to be appointed; said de-
posits to be in sums of one hundred dollars
or in sums of which one hundred is per-
feet divisor. .....
4. Certificates shall be issued for such
deposits, which shall entitle the holder to
bonds for the amount, with interest from the
date of deposit. Ifthe deposit be made in
the month of January, the bonds issued for
the same shall be exempt from the tax of 5
per cent. for the present year, hereinafter
mentioned !; if made in the month Of Feb
ruary, 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 sea-
men in service shall be entitled to exemp.
tion from the whole tax for. sums paid at
any time before April l, 1864. ~. D..
s. A tax of 5 per cent. shallbe imposed
on all property and credits (other than the
new issue of notes hereinafter mentioned)
which may be held on the 1st of April next,
to be paid on the LIST of July, one-half in
Treasury notes and one.half in coin, or in
the coupons of the bonds issued for the
loan. -...
6. In case the coupons should advance in
the market to premium exceeding % per
cent, any tax payer shall be permitted to
pay his tax in Treasury notes of the new
issue, with rs per cent. added. ..
7. Within six months new and improved
issue shall be made of two hundred millions
of treasury notes, in substitution for that
amount of old issues, and all the old issues
shall be cancelled, and the iaith of the Gov
ernment is pledged not to increase said is
sues.
s. Notice shall be given to holders of
treasury notes, (other than the said two
hundred millionsD requiring them to present
their notes at the Treasury, ora some of
the repositories, on or before the lst day of
April next, and receive payment thereof in
bonds of the said consolidated loan, or in
default thereof the notes not SO brought in
shall cease to be current or receivable at
the Treasury for dues, but shall remain ev-
licences of debt payable by the Confederate
States according to their tenor.
8. In the States beyond the Mississippi
the time mentioned in the last clause shall
be extended until the 1st day of July.
10. Six months more shall be allowed all
holders of Treasury notes to come in and
register and verify their notes as demands
against the Treasury, and exchange the
same for certificate of debt; or if they
prefer to keep the notes the name Of the
holder shall be endorsed thereon, after which
the said notes shall be negotiable only by
special assignment, and all notes not so reg
istered within the same time shall be barred
from any further claim on the Government
H. Any holder of bond of the Confed-
crate States may convert the same into one
of the bonds under this loan the 8 per cent.
bonds at par, and the others at proportion
ate rate; and the loan shall he extended so
as to absorb all bonds which may be offered
in exchange. .....
IL. The interest coupons of this loan shall
be held equivalent to specie in future deal
ings of the Government, and shall be ac-
cepted in payment of any tax hereafter
made payable in coin. .- -,
13. 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 continuance Of the tax
mentioned in Article 5, until census shall
be taken, after which like provisions shall
be made by direct taxes or by duties on i'm
ports and. exports. w.. ....
IA. The notes of denominations under
SIS shall not be affected by the provisions of
this scheme.
To Impressing Officers.
We call the attention of impressing off,
oaro on5 ooapto m tho snhioi nnd communi-