The New York herald., 1863-12-12


gagged e tsrss Of Treasury o,es hare been increased anti
the crcwJ tn circulation amounts 10 than SIR ham
drsd nso~s Of doltars, on more han refoId hs omoa
yegstved BY ne business OF the country.
need not eniage upon the evil effects OF this condition
oi things They are unfortunately but too apparent
addition TO the difficulty presented to the necessary ope
ratioDs Of the government aud the efficient conduct
the war tho most deplOrsble OF all its results Is undoub
y its oorruptng influence ON the morals Of the people
The possession Of large amounts OF Treasury notes has
naturally led 10 desire for Investment, and with
has boon sn equally consisn, increase q price
In all objects or investment This olect ha.
stimulated purchase by the apparent certainty Of profit
and spirit OF speculation has thus been fosered which
has 90 debasing an influence and such ruinous
quenoes that Is our highest duty the
aod no measures directed to that end can be too prompt
Revetng to tho constitutional provisions already cited
Tho question recurs whether II be possible the
ouey sppcrtonng taxation In accordance with the cen
reus ordered 10 be made basis So long this ap
pssred 70 be practicable none can deny the proprey q
your Course IN absainng from the mposton OF direct
taxes t you could exercise the In the precise
mode pointed out by the terms OF the fundamental law
ut Is obvious that there many duties imposed by
the constitution which depend for their fuilmcnt onthe
undisturbed possession Of the territory within which
they are 70 be performed. The same instrument
which orders census to be made in all
ehe States imposes the duty on the confedsracy
s'to guarantee to every State republican form OF
government" It eujoins protect each state
from invasion and while declaring that its great objects
and purposes "to establish Justice ensure domestic
tranquility aud the blessings OF liberty our
~celvcs aud our postery'' 1t confers the means and
shsresy imposes on US the paramount duty Of efecng
posts and oKoises necessary pay the debts provide for
che common Defence and carry the OF
None would pretend that the constitution is violated
because by OF the presence Of hostile armies
are unable 70 guarantee republican form of government
So those States or portions OF States now Temporarily
hed by the encmy, and as little justice would there be
when that arro Is attributable to causes not foressen
BY tho authors or the constitution and beyond
tro Tho general intent Of our constitutional charter
ts uaqvestioaaby that the property OF the country
Is to be taxed in order TO raise revenue for the
commoo defence, and the special mode provi-
ded Tor icvyng this tax is mpractcabe from unforeseen
causes It's, In my Judgment, our primary duty to
cute tho gouera intent expressed by the terms Of the
ourselves for the failure to ud this obligation on
zoe ground that are unable to perform It in the pre-
else mode pointed out Whenever it shall be possible to
execute our duty in all Its parts must do
compliance with the whole letter and spirit OF the
stisatloo Until that period shall arrive. must exc
cute 80 much Of as condition renders practicable
whencver the withdrawal OF the enemy shall place in
oar po~or 70 mako census and apportionmen OF direct
TO the VIII Of tho lawgver and incompatible with our
obligation TO obey that will until that period, the alter
noe s y Is 10 g oSy ne raramoan preSpt and 70 eSee,
che tas eriform throughout the Confederate Sotes.'
T.s considerations just presented are greatly enforced
oy tho reflection that any attempt TO appotion taxes
among Ststcs. Of which wholly partially
Che occupation OF hostile orces would subvert tho whole
futentioo Of tho trainers OF the constitution and be
drctivc OF tho revolving injustice instead OF that
5ust correlation between taxation and representation
which n was their purpose to secure. With largo por
tioas Of some OF the States occupied by the enemy
Justice would there be in imposing the remainder the
whole amount OF the taxation Of ths entire state 10 pro
In effect than 10 Increase tho burthen OF those who
tho heaviest sufferers BY the and to make our own
Inability 70 protect them from invasion, wo are
qurod to do by the constitution the ground for adding to
Choir ioes by attempted adhe to the letter, in
such purpose could have been entertained, and
such result contemplated by the trainers OF
sos We m 9s.c that sbo"sh tne
constitution provided that should go into operation
With representation tempossriy distributed among the
within three yoars, that this temporary distribution o
representative power u TO endure until such enumera
shalt be made" Woud any argue that because
che csnnot be made within the hxed pepod the
government must, at the expiration OF that period per
fsh Ter want or representative bodyr In any aspect in
which tho subject can be viewed, am led TO the
Clusoa already and which Is understood TO be
In with vote Ia both houses
last session. sha, therefore, until able 10
pusne The precise mode required by The confuton, dee1
my dup 70 orroe any tdT lery,ng u: taroton rhfch
other practicable mode phch shall distribute tho bur
eAe" s~0ry and inpor'aIly on the uao'e property Of
10 your former legislation you have sought to avoid
che increase In the volume OF in circulation BY
adopted for purpose have boon partially
ru aud the eit has reached such magnitude
ps no csAer re~edy om ss eors'v M rsaseo" o. tse ne
cossntrr. This reduction should be accompanied by
pledge nss under no stress o. ~ 'na %
credit OF tho government can be 80 disastrous as one
whlos es.urbs the bass Of Al exchanges renders mpos
0ibto calculations 0f fGture values augnents Ia con
sta0ty Increasing proportions, tho price OF ali com
odities deprecates all fixed wages salaries and
incomes to render them inadequate 10 baro sub
sisteace II these be added the still more fatal In
Guence the morals and character Of the people 10
which have already adverted am persuaded you viii
concur the conclusion that tnfyfbe adherence 10
etmroti0r Of tie curenep at fired an Is dHtrdapeH
sabie eiewen Of any syta Of fadncs 10 be ddTsed
The holiers OF the currency now outstandiL only
be protected In the recovery OF their ust claims by SUB
stutng for their notes some other security the cur
M NV yapfp
inflated prices will not only continue 70 exist but
by the very fact o the large amounts thus made requisite
10 tho conduct OF the those prices will reach rates
stn more oxtravagant, and the whole system will fall
undet s weight thns repdng the redemrton OF te
dH ,rosste ond desrgng Us 'cole value "a me hdncf
OF Ne holder II, the contrary, funded debt, with
uete secured by adequate taxaton can be substituted
made available 20 tho holder and the government will be
In condition enabling h beyond the reach VI any prob
soe oon'osency 70 p zee sr war h9 ,bs ,osse,
OF tho creditor OF the country at large, that ihe ev
deuecs OF tho public debt now outstanding In the shape
Treasury converted into bonds bearing adequate
Interest with for taxation sufficient 10 ensure
puncius payment. aud anAl redemption Of the whole
The report OF the Secretary Of the Treasury presents
The outlines OF system which, In conjunction with ex
fsns legislation intended 10 secure the several objects
of reduction OF the circulation within 1xsd reasonable
1ms OF providing for the future wants d the govern
rneot o. furnishing security for The pune.u, payment pay
dcbt and Of placing the whole business OF the country
on basis specie standard % Ii possible during
your consideration and that delay Be p1m,rod 10 in
Erpene Lc~e your action is rial sutjeei Ttrua ma.
~ ,ou b. ssGef 10 engross yow attention. until yor dH
aaus dsposd Of II m s m1sner best odor<sd 70 adn the
smportaM results whS your country dnt'eipot frs your
xeistofon
/, may be added that in considering this subject the
people ought steadily 10 keep In view that the govern
rnent contracting debt, Is but their agent that
iu debt s thor dobt. As fAe csvrcscy % heid ezciu
sirely bv osrsdpes, 70 u obv,ous dhaf VI each pvson
heh Tramry notes in exact proportion 10 Me vdiua-
of his whole >onS each uould in fac, Mssfef Ae
sRotf or te Md ty HIM, and, posssbk 10
piara Ae osrrency among ne psepie IN this erod pro-
mscr tos tsrs,d On hs currency alone 10 an ossount
ssc.sp vefros 10 proper hmis, would afford ne Us,
~ al vsefss Under such circumstances, the notes
annH In the hands Of each holder after tho payment
of bis tax, would be worth quite much the whole
previously held for Il would purchase at least
equal smoont of commodities. This result cannot be
pcrccsy attained by any device OF legislation but
be approKimst1d By taxation. tar ali values has
Tor Us eecss md oaiy 20 impose due share OF the bur
den tho sctshcr but 20 force those who have few
o tho notes 10 part with share OF their possess
10 those who hold the notes In excess, order
the Of satisfying the demands of the hx
xatharer. THIS h the oaiy mode by which ~ practi.
sabo IN mako oil contribute ~ equally poesibs tn the