Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-10-15
Our Financial situatlOn-Leeter of William Gr'Rs.
GRAs1rEvnLE, S. g., Sept II, 1863.

Sec sslTY or tae L e.Suf4:
Ny DEAR S1R-Your favor OF The I'd instant Is be-
fore me- requesting my views as to remedy tor the d
raucal embarrassment OF our Government. do not
think hopeless but it will require bold
and bold measures to remedy evils that might have
been avoided by prompt action Of Congress last fall
which in all probability, would have saved our coun-
try year of destructive war, and the addition of bug
dreds of millions to our national debt.
We have never, until recently been without strong
prospects OF an early peace. The whole country has
wsest commercial men, and capitalists Of all CLASSES ;
indeed may say every household concern, have acted
upon those views Who is there that is not now TN
barrassed by the want of hundreds of small articles
which might have been procured at cheap rates. if the
parties had been able to look few months only into
the future?
Many who now clamor, AID take the lead in de-
pouucing what they deem he shOrt-sighted policy OF
the Administration, foremost in predicting that
there would be war. ard even up to the battle OF
Manassas thought the Yankees would not fight US, AID
we're reluctant after that conf ct to believe that 1t would
be more than temporary struggle.
| AIR fully. persuaded that seVenty-fge millions OF
dollars would be ample for circulating medium for
the Confederate States and that Government ought to
reduce the present inflated currency to within one bun
dred millions, speedily as possible 1T would have
been better to II per cent. bonds as long as they
could be disposed OF at reasonable rates than to adopt
and pursue the present policy OF constantly adding to
an initiation that has become truly alarming. " hen
that MEASURE should fail the next aud only reliable
of Absorbing the currency aud preventing its further
increase in providing for the future wants OF The Gov
ernment.
Tie fna cial scheme that would recommend this
First, continued money tax should be levied to pay
the interest OF debt and second the levy of tax
or creed loan Of rs per cent of as much may
be needed upon the property Of the country the tax
payers to receive either per cent bonds for such
forced loans would suggest that the bonds bear not
less rate of interest than per cent this being less than
the average rate Of interest in the different States
This tax should be distributed equally upon the wealth
of every individual in the Cont deracg, TO be collected
in sums sufficient fist absorb the present currency,
and provide for the future wants OF Gov rnmtnt
up TO fifteen hundred millions.
believe there are lew n,en OF property who could
not raise the money to lay this tax, having bonds to
hypotheCate But it would not be necessary 10 require
cash rvm individuals tax would not be taken
This tax note, having prior lien over all other debts
and in addition having the bond cOateras attached,
would command money any where AID be alta premium
until Our currency became equal to gold and silver
They would be negotiable here aud in every other
try. Such assumption of our national debt by the
wealth CT country would silence the uuder cur
rent hits al final Reputation, and raise bonds to
the highest standard 10 all European markets.
If this tax or forced loan be levied equally on al TIE
wealth of country, its necessity justice and pro-
prety will commend it to every body, for all would
that s better to give up even halt Of oar estates than
to become conquered people and lose sill.
The capital thus far invested 10 bonds in the Con.
ederate States has ben drawn principally from Banks
from merchants who have been driven cut of business
and from trust estates and charitable nstitu ions.-
Such have been exhausted and it will be mpos
sble to make further progress in bo1di0g By appeals to
the patriotism of the people.
We gre peculiar peop le unlike any Of the civilized
nations that have engaged III extensive wars in modern
times. We have no great money capt2!lss. Our
capital consists mainly in lands and Negroes and the
habits of wealthy people Tor generations have kept
them in channel that of producing cotton tobacco
aud rice, the surplus products to be invested in land
op3r inch Tf lilo ,i+oI
which not been transferred to other countries has
goae into the chanue This thirst after land a.
negro Investments has ABSORBED millions OF income
and kept us generally 10 ceb as much as years in
come. We have millionaire bankers, metc chants,
manufacturers and other moneyed capitalists that live
in on eplendor incomes derived rom money at interest
Our planters po6seas the wealth and intelligence of
the country and rule its destiny. Indebted they
were at the commencement OF the war; they were not
in situation to invest in honda 1t not reasonable
to expect them to volunteer to invest 10 bonds the
expense OF mourning deots or the necessity af sell
Ing property. Many, very many planters, who sub
scrlbed to the Cotton L0aD sold the bonds Immediately
and invested the proceeds ID the payment of debts or il
lands and negroes, and are unwilling to se-even
to aid the G~vern a.cntaDy OF their agricultural pro-
ducts for less than the highest market value for
CT. Many are not willing to sell fl currency at any
price This is all very natural but it 7utnous to the
Government ard starvation to towns and villages and
ali that class Of people who live On fixed incomes.
From l842 to l847 the price OF cotton ranged here |
at and . cents per pound corn at 80 TO 40 cents
bushe, flour at $0 barrel, bacon at to ~ cents
pound. There being freight demand for cotton, it
would rue lower now, if the currency in a. sound
condition. There being aucH vast breadth of land
planted in grain, 1t would be correspondDgy cheap.
If we can get back to what is equal to specie cur
rency, endure ten years war, and still be able
to pay our national debt. Hence it becomes the duty
of every who has particle Of patriotism to come
forward and support any remedial measure that our
Government may adopt, however burdens0me it may
be, and thus save our country and our glorious cauc
The present heavy Tax Bill will not, fear, reduce
the amount of floating currency. Every article of con-
sumption is enormously hi"h, and there is so much
in financial and commercial aft lirP that
there no such thing as anticipating the coming wants
OF the Government.
The tax In kind, although it relieves the Treasury
from OUTLAWS, will, Notwithstanding, require large is
sue OF paper currency to pay the salaries OF assessors
and collectors, to build new depos in which to store
the various products to furnish grain sacks and to de-
fray the heavy OF transportation to say moth
ing Of the waste and damage of grain incident to trans
portation and storage
The Government has under taken most compica
job in this matter The in kind relieves the &C ri
culturis from the necessity of going into the markets
with bis products to procure nouey with which to pay
bis taxes. You thus make him independent of treasury
notes. which refusing to take for debts and for
which they reluctantly Bell anything they have This
mode of taxation relieves the agrcuturst cm the ne
cessity of hauling his grain and other products to mar
ket. 1t is very happy relief from trudging through
the mud and some thirty fifty a hundred miles to
railroad depot, at his own risk
This would all be very we'll it not for its effects
on the currency by circumscribng its field of circua-