Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-03-13
CONFEDERATE FINANCES.

CONFEDERATE FINANCES.
10 the Editor Of the Wing:
seldom obtrude my views upon the public. Al
though ia the prerogatiVe of every citizen, in free
country TO crcise the acts Of those to whom the rens
OF government have been entrusted in perilOus times
when harmony and union are essential to the public
safety, silence becomes virtue. With cOmmendable pru
dence the people the Confederate States have observed
tbs rule since the organization of government
But we have reached crisis in our financial aairs if
the announcement of distinguished senatOr-that the
Government is on the eve OF bankruptcy-be true. IN
der such circumstances there be no improperly in
exposing the errors Of the past, in publicly inves
ga;iug the policy Recommended for the future
The aggregate success in the administration of the
Government has equaed public expectation but all the
credit Is not dae 10 few individuals holding high pos
tons AL the aid which liOersl intelligent and chiy
alfous constituency could render those in authority
has been extended to the various departments of the
Government Much praise has been lavished upon our
Generals and many OF them deserve it, but the troops
have won mperishabs renown valiant men. Let the
honors of success, therefore, be properly distributed
and if there have been failures discriminating public
viii trace them TO their true origin in due time.
cia matters on the day the first Treasury note was is
sued that the volume of the currency would be largely
increased during the war and that inflated prices of pro-
duce and property would he the result Seeing this the
Secretary OF the Treasury ought than to have devised
and submitted TO Congress comprehensive scheme of
finance. The country expected it of Mr.. Iemminger,
because it known that he selected on account
OF his reputation an able statesman aud good fuan-
cer With that prescienGe which the Chancellor of the
Eschequer of great country is supposed possess he
might have prevented, in degree the evils Of
redundant currency.
But there has been no fred policy except to "emit
bills of credit" in form to the extent required BY
The demands upon the Treasury. Vacillaon and ex-
pertinent have marked the course of the Secretary
les good intentions do not question: but his admins.
,-stion OF tn, important department committed to him
has not been wise For instance have a variety
OF Treasury notes all entering into and forming part
OF the general circulation but of different value Some
issues bear OF in crest and another While
the larger portion bear none at ALL Some emissions are
payable years after date others six months after
a treaty of peace Is concluded. On the face of the
notes the promise is made that they shall be redeemed
at the time designated in moacy (which the Congress
has decided 10 mean co;- i. has refused to make
Treasury legal tenler and in the meantime the
holder advertised the note, that be may fund in
per cent bonds at his pleasure and use il in payment
Of all pabc dues except export duties This s the con-
tract which the FnanciahSecretary with the approval of
Congress and the President has made with every holder
Of a Treasury note in the Confederate States Was il
wise to make ~ Is right to violate it without the
consen, Of Both parties These are the questions pre-
sented the consideration of the country and answer
" the negative in both cases e..
There should have been but one class of Treasury
notes issued. All or none should have been made to
bear interest The latter in my opinion, would have
been the policy. The notes should have been made
payable at fixed period beyond the conclusion of a
treaty Of peace with the right of the holder for limited
tne, 10 fund them in bonds bearing reasonable rate Of
interest not 10 have exceeded per cent with further
provision that after prescribed time they should be
fundabe only in per funds but alcays be reesir
a6't 4" payment OF public dues export dates ercepted
Tie Government should have reserved the right 10 re-
deem all the notes outstanding at the date of maturtv
in bonds bearing per cent interest, having twenty
ears TO run, aud resoabis at The pleasure Of Tie Cor
,yasasats
What would have been tie effect of the plan have
suPiti,-s .twou!d have furnished uniform crcula-
ton the people woald have accepted and used il With
enc complaint knowing that the revolution must fail if
the credit Of the government was sirogr n
u si i4L0 efp'raIist5 to fmd at the best rate and
adad absorption Of thc circulation would have be
NJ r0'e1otnesi the government would have retained
"e PoNeTpi conrertiug The whole var debt INTO bo,,
ier tse conclusion Of treaty Of peace and probab,
large amour. would have been funded at low rate Of
l'eresr the whole debt of the government would have
eeR underis control without resHtug TO reputation
the violation Of any contract or promise connected
iih the e1rrsacy The faith OF the government would
ave teen preserved and the conideuce of the |
'oPe retained; taxation to paT The interest on tbe
eae debt would have been cneerully submisea to by
a pTeseni generation, and posterity would have iqui.
Yea "na,ever amount of the principal this generation
'HId not disclarEs.
po'' "'1t = no" proposed remedy for the evil,
'H nave resulted iro'a the policy of the secretary
mas 'aEen two years 10 the circulation of
he5 up to slloOoooo0. Il Is now proposed TO redncs
10 Slo1O00OOO in four mozfhs Can the agri.,,.n.
: manufacturing and canmcrvisl interests nrosnor
en- survive under such expansidns and contracons
& the worst feature of the chem Of the Secretary ia
violent means which he recommends. aud which the
rare Committee have adopted ID reiuse~ the crcule
10 the limit indicated It ia ereyely proposed to-
hge TIE contract With the note hoEder without his
sent and to eops! him accept what is offered by
government or abide the consequent :, Ale hOi@r 4
d =