Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1863-09-22
DIR CURRENCY.

Hon. Robert T0omDS, OF deoTgla, mas Wt1sson
q long letter upon the question Of our currency.
The following extract contains his suggested
to prevent It's depreciation
The mischief is still within our power, and we
may still remedy it, if we have the wisdom, firm
ness and courage which the Crisis demands. II
involves our independence. We must 90 IL;
wss have no alternative which freeman should
c onsider; any settlement with these miserable
pniscreants on our Northern border, short OF e.
ateraal separation and independence, would be
the consummation Of all evils which even the
power of God could infict on us IN this world
Therefore, whatever may be tEo cost IN wealth.
of return to sound currency, we must pay
the penalty of our past folly-and pay 1t now
This depreciation of currency having been shown
to have resulted chiefly from the excessive issue
Of Treasury notes, we can only correct this evil
by stopping instantly any further issue, unaer
any pretence whatever, and by reducing as rap
idly as possible our present outstanding issues.
1t requires large comprehensive and efncienl
measures for their continual reduction, until
tbey shall rise IN value and approximate as near
ly as our circumstances will allow, to the stan
dard value of gold and silver. al
Taxation and loans are the only means OF at
taning TINS Tasuit-taxation, comprehensive,
simple, rigid aud equal. The present tax law
does not possess these qualities-it is partial,
unequal and complex, fosters vulgar pre]udices,
and will gather an abundant harvest OF frauds
and peljuries. The tax in kind principle is sub
ject to many grave objections. This mode OF
taxation should never be resorted to when the
currency is redundant, but with all of its faults
may be necessary evil whenever there is a
great deficiency in the circulating medium.
The execution Of such law is necessarily diff
cnlt, irritating, wastefa, and productive ofmuch
fraud. But certainly in our present condition
the war cannot be ca riea and The currency
sustained by taxation alone--we must resort to
loans. / am not in the least discouraged by the
i'll success of the Government lately ID funding
it's Treasury notes. Treasury notes are in gfeat
excess, tie holter arr anxionsiy hunting Tor a
safe and profitable Investment for them. The
Government is perfectly able to supply that
want; heretofore it has not done so. We must
issue new bonds with principal and interest pay
able in gold and silver or their equivalent, aud
tadopt measures to make such payment certain.
This can be done by mortgaging specific por-
ti0n OF the revenue to the new bond holders, ad-
equate to the payment Of both interest and prin-
eipal as eacn may respectively fail due, coupled
with clear provisions that their taxes shall De r-
repeslable until the mortgages are paid, and that
these taxes shall only be paid in gold and silver
or the coupons of the bonds for which they are
pledged
THE CONFEDERATE RESERVES.
In the last extremity, should the Confederate
Government be no longer able to cope with the
men between eighteen and forty FIVE, and organ
izing into savage guerillas allthe gay young gen-
Itemen between forty five and sixty, there are
large bodies of reserves, who, if they can be
made TO face the music, and to put their peculiar
powers in full play upon the enemy, would tear
down the United States Government, or any 9TH
er Government under the SUN in twenty fonr
hours. Taking as thu measure of their capacity
for mischief the amount OF harm they have done
their own country, We feel safe in asserting that
they can be made the most deadly enginery yet
employed in modern warfare.
The first class, to be put Immediately in the
field, with no privileges of obtaining substitutes
should be the spectators, extortioners and eve
~ other man who has grown rich out Of the
wants of his suffering fellow men, and while his
country was bleeding at every pore. Upon the
approved principles of setting rogue to catch a
rogue and fighting the devil with fire, we can
conceive no better policy than pitting these
home made Yankees against the foreign article
Such charge as they would make, Judging by
their financial achievements, has not yet been e.
quailed in this war. Even Pickett's division at
Gettysburg could not rival this legion of pick
pockets. The Yankees already mortified to death
by the superior knayery of the Southern extor-
TONERS could not look them for moment in the
face. Instead of handling their musl1ets, they
would be buttoning their pockets, and seek safe
ty for that which they hold dearer than life in
frantic retreat. 1.-THE Government knows what
it is about it will at once order the spectators
and extortoners to the fore front of the battle.
[DIspatch.