Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-11-20

/ ~"S L h1n"' "uu ZIG 81 pmcnt,
sale or hyrothecason of such articles"
The second session of the first Congress
pro'idea,, Sept. 2S, 1862" "for the further
issue Of treasury uo,es :" and San .cs to res
duee the rate of interest on the funded deb.
OF the Confederate States."
The third session Of the first Congress was
eharacicS;zad ny the adoption of the first gen,
u;ae tax bill, tho frs; ana only law for raising
money passed during this war.
AN ac: 10 lay taxes for the common de-
lcnce and carry on the Government of the
Confederate States, approved April a, 1861"
wasthe starting point in raising money
; Before it, every effort had expended itself in
the issue of Treasury notes, but the net Of
April 9th was,a boaa. .fds step towards rais,
ing money.
This abstract oEthe law of Congress upon
the subject of finance is. complete vindiGa
ton the SecretaryFa the Treasury from all
the censuro that has been Icap5a upon his
administration of onr iaa ances. a ministeria
officer, with merely reeommendatory powers
he was Obliged to obey the laws Of Congress
and issue Treasury notes. such issues beng
tie only means provided hmby Congress to
| maintain the army aud keep the Government
in funds. /; his issues have transccndcd the
| amount authorized by the various laws, he is
ulpable; but if he has oheyei The laws, Il G
AZ
is tho eife.t or Congressional legislation, and
| by no means chargcahia to Mr.. Mcmmincer
Whether the recommendations made by the
Secretary # the Treasury have tended 10 lc~
! strict the issue Of Treasury not9s and TO pro.
| vido hy taxation for raising money, we arc no!
prepared TO say. 50 much of pnh!c business
having been transacted in secret session. We
ere not iullt advised what recommendations
have been made. Bat this abstract demon
strascs IN hcsitauc? and uuwillingness on the
! part OF Congress II reSOr; 70 taxation, uutil
! popular demands freed the only Legitimate
! ;neaus Of 'uisiHg money upon the legislative
! branch Of The Government. Having taken, il
! may be, reluctantly. this important step, and
Hwitnessed ihn practical COED effect Of such
legislation in tho past SIX months. since the
law was adopted; i: is to be hoped that this
! experience has Shown The Congress that it IS
! behind the people in this Important matter,
and thai, Tor the furarc. they will boldly meet
the issue, and !eyis:ate with yigor upon the
| subject
! Compulsory Tundin:s has now to follow taxa
tior; by combination Of the two remedies,
! the present evils may be speedily corrected.
To do this cfssctually another currency, totally
different in appearance, should he provided, 50
that the ruhlir MAJ easily know the pro-
scribed currency.
Tho suggestion of l,00Q million loan, to
be taken by the notes and bonds of every kind,
and accompanied with a law. requiring taxes
| to bc paid in specie or the coupons of this
t1oan, presents o scheme that may solve the
|EdiGcnity, prosidtd it be accompanied with
Efegislation that slatl convert after fxcd time,
every note and bond not invested in this loan,
! into Treasury obligations, bearing interest
|; from their registration, redecmahlc according
To their face, ''siz months after a treaty OF
peace" To withdraw the currency feature Of
the present notes wou'd be the compulsory
fundin,, and could be enforced without the
violation OF public faith, or without, in any
manner. disturbing the exchanges Of the coun,
! try, s done after cue notice and the lapse Ct
such time ~ would warn every man of his
duty and interest to invest taenl in the l,00C
million bonds.