Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1863-12-01
NO. 27.
Mr.. STUART,S SCHEME

4 49,
ate. The Richmond Wing of Wednesds
week contains long and able communicate
from Mr.. Stuart explaining his scheme more ful
~, and advancing arguments in support of IL
Inc communication being too long for publica
ton, In extenso, in our columns we are constrain
ed to content ourself with the publication of
synopsis as furnished by the ssDispateh.,,
The first thing to be done is to stop the ;ssu.
of more treasury notes. Unless this be done
all farther action upon the subject is eyidentIx
vain 1or u is the redundancy of the currency
that has raised prices to their present fabulon,
height, and that having occasioned the denreci
alton in the first instance, renders its DOWN hill
march inevitable as the volume The circnlation
is now $3.50, 700, ,000-the treasury issues $40
IOOO, 600 month-in year we shall have cir
lculation 81 ,25O O,OOO, 900. A barrel of -four now
sells for $50-the price will keep pace with the
increase of volume and diminution in value of
the currency-in year barrel of flour will
cost 500. Everything continues to grow nm in
the same ratio. No Government on earth can
stand such system. There must be a radical
reformation or we are done for. 1t belongs to
congress to make the reform. It must not shrink
from the task-it must do it speedily, ana #
must do it effectually.
The printing press having been stopped. the
| next thing is to retire all of the out-standinV
Iieasury notes, except about $500, 900 ,OOOworth.
fnls might of course be done by a direct tax ::
but Mr.. Stuart thinks that would bear too hard
on the people. The estimate of Mr.. Memminger
$l5O, 600 ,O0OI for circulation is,too small II
might have done when all the business of tbe
country was done by means of credit and the
machinery it employs, but 1t will not answer
| now, when every thing is cash. He proposes
tax and forced loan of twelve per cent on ali
the property, real and personal, in that portion
of the Confederate States which are still availa-
bic for that purpose, according to the estimated
value of the same recorded in the last census of
the United States. This estimated value is S4.-
500, 900, 900 specie valuation. Twelve per cent.
would give $40, 900, 900 for the tax. of which
$3.50, 100000 could be applied to retiring the
circulation, and $50, 100000 to the Governments
for its various necessities. The laying of this
tax and forced loan would have an immediate eff.
feet upon the currency. Every body instead of
trying to shuttle off their treasury notes would
be saving them, and looking out for more. in orr
der to pay the tax. The demand being thus pro-
digiousy increased, the treasury notes would
appreciate. In little time the withdrawal of
so large a sum from circulation would occa sion
scarcity. The banks would come forward to
supply the deficiency, and thus our treasury
notes and bank notes would be of equal yalue.--
Every article would fall In nominal price as the
currency az preciated, and we should soon find
ourselves back in the state we were at the be-
ginning Of the war. 1t appears to US that these
facts are perfectly demonstrable.
For the ultimate payment of the debt thus in
CURED, an export duty on cotton, tobacco, and
to thls,tnat the cotton States would not agres 10
it 1t is easily demonstrable that it would do
them no injury. 1t has been argued that it
would throw the greater portion of the burthen
upon them. This argument is founded on the
assumption that the producer of the cotton pays
the export duty. This is not true to the full
extent of the assumption. Who is the producer3
Is it the man who owns the land and plants and
cultivates the cotton !? To certain extent it is.
But this man must have slaves to work his land.
meat and bread to feed them, and clothes to hide
their nakednesS. He must have, also, hoes,
plows, and gins; oxen, mules, and horses hogs
salt, barns, engines &c. This tax, then, fall
ing first on the man who cultivated the cotton,
in Mississippi or Louisiana, would ramify back
wards, and spread itself over the hog raisers and
cloth manufacturers of Kentucky, the iron work.
ers in Tennessee and Virginia in one word,
over every State which furnished the materials
for carrying on the work the plantation. Thus
if it true that export duty fell on the
producer, We find that it would be shared by all
who supplied his wants. But it is not true abb
solutely, at least.
1t has been said that the CON sUMER pays the
duty, as it is now said that the producer pays it.
Both propositions are true and both false. If
duty be laid upon an article with which the mar
ket is glutted, and for which there is little de-
mand tue producer pays, of course. On the 9TH
very scarce, and for which there is a great de-
mand, the consumer pays If the Legislature
lay tax of two dollars on -four, which is great
ly in demand and scarce, the holder charges
two dollars more for his flour, and the con-
sumer pays it. On the other hand were
the same tax laid on a barrel of flour,
and, our ports being opened, the quantity
should be increased until it was mere drug,
the producer, being Obliged to sell his 1onr at
a loss, would pay the tax and have no means of
reimbursing himself. Now this is exactly the
condition of Southern cotton, as the war has
proved. Before the war the planter was glad to
get IL cents for it. Now it sells readily in Liv-
erpool and New York for " cents. We have
therefore the entire control of tee market, and
no competitors. India. Egypt, Southern Africa
and the West Indies have all failed. We can
sell our staple always at whas price We please,
laying on the tax. Thus it cannot fall on the
cotton planter. The amount of cotton exported
before the war was about AGO., 900 bales of 500
pounds each. Say that loss oflabor will reduce
that amount to one million. We have still three
million, and duty often cents pound would
bring $3.50 GOO 900. This would pay the inter-
est on S., 900 900 900, and eaYe as $50 900 900.
that has been said of cotton is true of tobacco.
We have the conrrol of the market, and can
make Europe pay our taxes out of it. Both
England and France have been raising enormous
revenues out OF 1t. Let us make them pay more
for it IN future. ~
1t is of Importance, in the mean time, to pay
as we go, so far as we can, in order to avoid, as
far as possible, an accumulation of debt. The
ability to pay must come from regular and vig-
orous system of taxation.
The RIGHT KIND OF SPIRIT. "A letter to the
oblle ssRegisfer,'' dated at Houston, Texas,
says;
Do not believe any report that may reach you
that our troops in Texas, Louisiana and Arkan-
sas are deserving becoming demoraiized for
any cause. Such is not the case anywhere. On
the contrary there never was more 10 atty than
at present among them, as the enemy will yet
learn if he ventures too far into our borders.
Do not give yourselves any uneasiness about Us
on this slde We are all right, aud will keep up
our end of the pole.
| The ssstrke'' of the mechanics in the North
| continues. There have lately been added to
those already on ssstrike'' the sewing girls, the
| turner's and talors. the stage drivers, &c. 1t
| is general movement of all the mechanics and
| art .zans and is called ssthe Labonr Movement"
| 1t extends from New York to Minnesota.
Among list of ofssretired officers for physical
disability, published in the Northern papers, we
notice the name OF Frank E. Bromwell, who
shot and killed the the noble Jackson in Alex
andria. The Yankee papers style him s'Els-
worth's Avenger.o
/ Old Joshua Giddings, once in Congress and