Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1863-12-18
FINANCIAL SCHEME pHoposrn


j%rts f"S"s c%s,tn.y %~a @. improvement 9fss Con.
The following is the scheme .saggestod'
10y Mr.. Mo:nminge., in his report to Con-,
gre. s, Iortae relief of the Government f.
nances and the Improvement of the Con-
'edera'o r''rency, which we present to our
readers: +"
That Congress forthwith authorizing.
'"a" OF 81 1000 100000 in 6 per cent. T..
bonds, The principal payable in twenty
years, The interest scmi-annually; to be- :.
/ extended hereafter from time to time, so
lis 10 consolidate tic whole public debt:
2. That the Secretary Of the Treasury
hc. authorized TO Sell at par rs many of the
said hord5 as will he sufficient to take ub
the cu'~'a!Ging currency, and to pay tho
appropriations made bv Congress-.
). Tha.-deposils Of Treasury notes on
account OF the said loan may be received
at the Treasury or any Of its repositories.
or by Commissioners 10 be appointed; said
T. posts to be i'll sums of ono hundred dol,
Lars, or III sums Of which one hundred is
perfect divisor.
i. Certificates shall be issued for. such
depo:lt', V il:ch shall enli,le the holder to
bond; fer ihe amount, with interest from
Tic '"lc OF deposit If tho deposit be
made III thc month Of January, the bonds
ISSUED Tor the slme shall be exempt from
the tax OF per cent. for the present year,
Hereinafter mentioned; if made in tho
month Oh February, they shall be exempt
from one !:aT of the tax; and if made lis.
The month OF March, they shall be exempt'
from one fourth Of the said tax. Officers,
sl:"icrs and seamen in service shall be en-
Tilted 10 exemption from the whole tax for
! suns pad at any time befure April +; =,
1861.
o.. y tax ol per cent. shall 10 imposed
! on all property and credits (other than the >
new i.suo uf notes hereinafter mentioned)'
which may DC held on tho 1st of April
. next, 10 be paid Oh tho Ist Of July, one.ha!f
in Treasury notes and one-half in coin. or
! IN the coupons of the bonds issued f.ritho ::
loan. :
g. In case the coupons should advance
IN tie market to Il premium exceeding 25,
per cent, any tax payer shall be permitted
to pay lis tax in Treasury notes of the new
| issue, with 25 per cent added.
I. Within six months new and irn.
! proved Issue shall be made of two hum,
cred millions Of treasury notes, in subsitu::
'on t'r that amount of old issues, and all
he oll issues shall he cancelled, and the
faith Of the Government is pledged not to
increase said is&uos.
/ 5. Notice shall be given to holders of
treasury notes, (other than the said two:
hundred milious) requiring them to pre-.
seat their notes ut the Treasury, or at some
OF Tic repositories, on or before the lst
DAY OF April next, and receive payment
thereof III bonds of tho said col s,lidated
loan, or III default thereof the notes not so.
brought in shall cease to be current or re-
ce'vaole at the Treasury for dues, but shall
remain cvidcnc:s Of debt payable by the
Confederate States according to their tenor.
D. IN the States beyond the Mississippi
the time mentioned in the last clause shall
be extended until the lst Cay Of July.
10. SIX months more shall be allowed
ri! :o.de's of Treasury notes to come IN
aEd register and verify their notes as de-
niands against the Treasury, and exchange
the same for n certificate of debt or ;f,
they prefer to keep the notes the name of
the holder shall be endorsed thereon. after
which tho said notes shall be negotiable
only by special assignment, and ali no,e,
not so registered within the same time shall
be barred from any further claim on the
Government.
IL. Any holder of bond of the Con.
feoeratc States, may convert the same into
one Of the bonds under this loan the a.
per cent. tonds at par, and the others at a
ploportlonatc rate; and the loan. shall BID
extended 80 as to absorb all bonds which.
may be offered in exchange.
II. The interest coupons of This loan
shall be held equivalent TO specie in all.
= lature, dealings of the Government and
shall bo accepted in payment Of any tax
hereafter made payable in coio:=
IS. The faith of tthe Government "a
pledged 70 make adequate provision for the,
payment of the principal and. interest Of
ti" aid loan by the continuance Of the tax.
mentioned in Article 8, until a census shall
be taken, after which like provision shall
he made by direct taxes or by duties on
imports and exports. - %sl
IA. The notes of denomination under.
s5-shaIf not be affected by the provisions
of this scheme. =.
From TIE TRANs-Al1ssrss1pp1.-We.
have been favored with the following dis