Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-01-28
The blockade Ernded.
CONFEDERArE FINANCES

A correspondent Of the Richmond Whlg is correct in
a~scribing the Cause Of our financial difficulties 20 re
dundant eurreney-to there being more paper in circu-
latfon than can be used ~legitimstely. when the supply
exceeds the demand it goes down, Of course. Tt is not
the want of confidence in our governments which i'm.
pairs the value of its notes-th S has but little TO do
with it. It is their multiplication faT beyond the wants
Of the busine-s Of the country. These. truths being as
serted, the correspondent proceeds to discuss remedies
as follows
If the disease be q plethora Of circulation, he remedy
must be depletion. The legislative power cannot stamp
a value on paper which paper does not possess. Con-
gress may say that you shall take this paper, but IL dare
not say You shall keep it. If the poor man csnnot get
b S pound Of bacon without paying fifty cents for It. you
cannot bid him starve.
There are but two things tha. Congress- can do to rem
edy the evils of redundant circulation. The one Is To
borrow, and thus substitute with IT'S bonds a part Of the
floating circulation. The other is to levy a tax which
will have he same effect. The Government is now Dor
rowing but not fast enough Unjust borrow and tax CT
the same time. More might Be borrowed If the Secret
~ fthe Treasury would adopt the F ench plan, and
send agents into every county and parish of the Confed-
eracy- Thousands would lend twenty Fifty, q hundred
dollars, if the bonds were within their reach but who
viii not encounter Richmond, with its crowds, its small
poK, and its expensive and OdiOus inns.
But ABOVE ali and before all, let q high tax be levied
without delay. This viii At one and the same time. re-
lieye the currency, and give faith 70 CAPITALISTS I'm Tho [
men are afraid of a tax now, when pager IS ebunlaut.
will they levy a tax when we 90 back to the steroer
times Of gold ADD silverl Capitalists ssk this question
and shake their heads. There are two advantages Of
taxation. The one is that, by re iucing The volume of
cifeul alton, you bring down the prices which govern
uent has 90 pay for its supplies and the debt TO be- rel
deemed by Inc tax psyer when the war closes, wil Be {
smaller. Another is that the tax Is more easily rsid
now, in Confederate notes, than il will be hereafterWl-u
paper is raised to the stand-rdOf gold and silver.
To make G~onfsC6- ts notes q Legal te1-e r would gt1. !
ply violate q grsst prileiplt without he .lghtss- a.
wants &c 10 cue finances Thy are oT rare y. if ever
refused. Bat even If they were refused. / is De t-rto /
make 10 he interest f the crecitcrt 20 take them. he +
yCu vii d. by levyiuE a big1 ~. Most Of orr 3 r. T
federa.e States. if not all through tlfr Lei la-uras,
heve eossd heir eour. 2 against the cemouds Of G colt
ors Thi5 j. called for by the time7, IA T. e. furt7er
AID say 70 the C editor that be shaI receive hrs 6-bt in
depr- eia'@d paper, is a needless pc pefrator Of teri
ous injustice, Soing fsrt o oOsen sa- baad- Il society.
and n Ike the whole basis Of credit The nest stsa,
and q very easy one, ~ Il be TO DO sh al dsb.s. whic1
VIti, IN the long run, inTurs tie poor far nore than &
rich. Let our Gorge S esitste long Cef3re { follows
tbs Yankes lead il III s mat ct.