Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-12-30
ADDITIONAL THOUGHTS ON THE REPORT OF
TIE SECRETARY OF THE TREASURY.

| To the Editor Of the Wig;
The Secretary estimates the aggregate property OF
TIE Confederate States which be made available for
taxation at three thousand millions of dollars This
estimate Is founded on the following data. He informs
us that the returns of taxable property in eleven States
show an aggregate of four thousand two hundred and
| twenty mill one of doars From this he deducts for
property destroyed in the possession of the enemy
twelve hundred and twenty ions ami thus obtains the
| balance Of 600 millions.
The Secretarys figures are VI qlestlonaoy corrtct
but il seems 10 he has strangely overlooked most
element which ought to have entered into his
cac llation l allud, to the Confederate bonds and
Treasury notes. amounting, together to over one thou
sand millions of dollars. These much the repre-
sentaves of values and the subjects Of ttIlOn as any
other property. They not in existence eIceptto
very sma e1tenD in the Fall of 1861, when the as
s,ssments for taxation made, aud consequently
could not have cons tuted part of the four thousand
two hundred and twenty millions to which the Secre-
tary refers Assuming his estimate to bs correct
must add at least 600 millions this account to his
aggregate Of 5000 Millions and thus swell the total
to 1000 millions.
think it will be found moreover, tina. the estimates
of the tax fall below the true values of the
Confederate States. They are, certainly, less than the
returns OF the agents in 1860, and If make
fair allowance for profits since 1851 may safely
sumo the aggregate of taxable property, which will be
ava table, to be lees than four thousand five hundred
millions. The Sec etary forges the number of Quar-
termasters Commissaries and other thrifty meu who
i have been in the employment Of the Government
| Having thus obtained a reasonable basis let US pro-
coed to consider the problem which the Secretary has
| solve.
No series OF properly be called system
| of finance whch.do not provide
| LIST. For a suitable reduction OF the currency.
3D. For supplies to meet The wants Ct toe government.
Sd. For the payment Of the interest and ultima ely
| of the principal Of the debt.
Mr.. Memminger proposes to accomplish the tWo5iJst
obfects by a lean Of one thousand millions | au14t
loes characterize this loan it is neither absolutely
volun airy nvountary-t s rather of the mol Rer
dnt iposnit orderit appeals to the citizen and atthe
same time seeks to consrsiu him. But the appeal is
not strong enough and the complsion is too gsnte.-
Ii lacks decision and hence it will fail. The induce
mens to capital not sufficient TO make the GVest-
ment desirable aud the penalties for failure to inves
are too slight. need not go into an anal yss OF the
motives to Invest because think il will appear from
/ Mr.. Memmingei's Dg, they Insufficient
It seerss me, that In seeking to remedy toe evils
under which the country now abos, it would be vice
/ 10 deal With proposition at time. Almost all the
iculies in human afrs, arise from getting matters,
which have necessary relation to each Other "mix
cd up" The frs: step to relie is to separate them
If you wish to unraVel tangled skeD, you NUT be
sure to get hold of the right send OF the thread Now
currency and revenue have necessary connection
/ with each other. Much perpleIty arises from
/ founding them. They should be treated by Congress
as Distinct subjects OF legislation After the currency
Is disposed of, item the question Of revenue can be
considered In that way the mind will not be embsr
raised by exraueOus circumstances. propose to relI
i them in that wGy.
Throwing out o. view, for the present, the subjects
of reveuue and the ultimate redemption OF the public
debt let consider the subject of currency. We find
il in depoi abe condition. IL is deprecated 10
less than ten in the dollar. Its volume has been
sweled to over seven huuGred millions, when hun
deed millions is the utmost limit TO which can be safJ
| ly extended.
Common leLsc, at once, teaches us that the proper
remedy for this evil is to reduce it to 200 Millions
This involves the withdrawal of $40 millions from cir
cula on and the question arises how is this to be done?
| We are in the midst of bloody revolution. The
public service makes two imperative demands on the
| people-men aud money-men TO fight our battles
| money to maintain thtm.
1 The demand for men has been nobly responded to
the demand for money has thus far been met only by
promises TO pay. We must now fulfil those promises
Toe call for not responded 10, in all cases,
volun arily- couscTptioD, however, filed the ranks.
The people being slow TO the demand for money,
/ would it not be wise, to invoke the tame powerful
agent-coRseription, to replenish the government
i che queIg
Here is an evil, which al cts every in the Con-
federaCy Is IL not every man ebOuQ
contribute to remove itg As personal service is
quired of ALL why SHOULD pecuniary service be re
Quired of all? Ii jlst as i'm p0rant TO safety
reform the currency it is TO dive back the enemy
The work 10 be accom- shed theD is before Us. We
must retire $40 millions Of our superaburdant cur
rency To this Object all must contribute according TO
| their means.
| Our aggregate means, above shown, amounts to
| 500 millions. If therefore, we apportion the $40
millions among the people, It will require III per cent
of all they WORTH 10 retire the surplus currency
for round numbers we will say IL per cent But there
must be some exemptions granted, expenses incurred,
and Losses sustained To cover these, lie. the per
/ tum be enlarged to Is per cent.
Having thus ascertained the amount the Government
wants TO reduce the currency to proper standard the
next inquiry is how is it to be raisedY answer
hesitatnglJ, by forced Loan Let every be COM
PEELED to loan the Government, in Treasury notes.
amount equal 10 fifteen per cent on his whole estate,
| real, personal and mixed.
| II any be disposed TO eXcaim at the enormous in
in the national debt aud the exactons
ffom the people, have only cay such person. you
are altogether istaken-he national debt will not be
increased one dollar nor " L cit be deprived OF
far hing 50 lar as the Government is concerned,
il Is only change in the form of Indebtedness. now
owes the debs in the form Of Treasury notes. All that
is proposed to change the character Of this debt by
converting it into bonded deot Ii individual owes
a merchant open account be certainly does not IN.
/ crease his indebtedness by giving his bond for it,
In regard TO the citizen, is still more favora
| BILE. he sacrifices no Ipart of his capital; he only
changes the fern OF Investment For every dollar he
paws h. gets the bond the Government and any
| plus Treasury notes which he may lave on hand are
| greatly enhanced in value.
But there is another aspect of the which should
not be overlooked 1t is this The debt of the Govern
ment is really the debt of the people. The Government
ia only their agent 10 contract the debt-the people
are the real debors By lOaning the fifteen per cent
they are only maxi advance 10 pay CT their own
debt and by receiving the bonds, they merely
ing the burthen TO extent, and shifting it from
| their shoulders to those of post,rity.
But It may be said that per cent is a very heavy
charge on the estates Of individuals. Apparently it H.
but when we come consider that the values pro-
perty are estimated at old prices spproximatiDg the
specie standard and the loan is estimated in Treasury
notes deprecated TO probably one fifteenth OF their