Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1863-09-18

- " cutCa Ihls o"uESic, uUI VIII sue VIC
the frst to sue for pence - unless that peace
BE- accompanied by an unqualified recogni-
ton Of tie independence Of the Southern
Confederacy.
| The report Of the Adjutant General, 40
companied by bill, is herewith submitted,
and to il your attention il respectfully ifvi-
ted Gen. Richardson's Intelligence and ex .
pericpce in all military matters entities his
views to great respect, and confidently
commend them to your favorable consider
alton.
The General Assembly. ut it's last ses-
sion, prescribed THAT no Confederate issues
of date anterior 10 April 9Th. 1868,
should be received in payment Of State
taxes am unable 10 comprehend either
the wisdom or policy Of this legislation. II
I is calculated to impair confidence in the
currency Of the Confederate Government,
and indeed in almost the only currency in
circulation in the, greater portion Of the
State IF these issues are not to- be receiy-
able RI payment of.State taxes, It is infer
able at least by those who are not fully in,
formed in regard to such questions. that is
because those issues are not as valuable az
subsequent issues by the Government, or
for some cause or other they have not been
considered d safe or reliable circulating
medium No matter what caused the ex
clusion, it rs perfectly plain that the effect
has been to depreciate the currency. aud to
arouse in the pubic mind the suspicion
that will not ultimately be redeemed -
Very few persons in ordinary business
transactions stop to examine the particular
date Of she note they are about to receive.
Very few can remember the particular date
OF the uote discredited by the law. The
consequences is, as soon as they ascertain
that notes Of some dates arc not receivable
in payment of saxes, and they do rot know
which they become shy Of receiving any,
and all ale discrediter}. When they are
told that some Of the banks will not receive
them on deposit, and that some Of the rail.
road snd other transportation companies
will receive them for fare or freight,
they Of course refuse to receive them. aud
q general depreciation ensues, which it will
be bound next 10 impossible thereafter to
prevent
In very many cases this money has been
paid to our soldiers. and by them sert
home to pay their taxes Some such ca
ses have been brought to my knowledge;
and the persons who we're in this situation,
on finding that it was not receivable in pay
ment Of State taxes. have very naturally
complained If the money was good
enough to pay the soldier. VINO receives but
eleven dollars per month, why is it not
good enough to satisfy the claim Of the
State when her agent applies for State
dues We havc 20 State bank circulation,
we have no State treasury note circulation,
beth of these descriptions Of rotes having
been boarded as fast as they could be col
lected by moneyed men. The consequence,
therefore, is that the holders Of the repu-
dated Confederate ISSUES are driven to the
necessity Of shaving off those they have, in
order to procure such as will enable them
TO meet the demands Of the State. While
twas not the Intention Of the legislature to
place the tax payerssin this condition, such
is inevitably it's effect. They must have
such money as will answer the purpose, and
to obtain it they must apply to such per-
sous 10 udSc ~, auu HiuoS pay Citcui bucu
price i'll these rejected Confederate Issues
as will command it,
The only reason I have ever heard as
signed in justification Of this Legislation is,
that it was designed to force persons hold
ing this currency to fund in Confederate
bonds, and thus retire it from circulation
This would all be very we'll if every man
who bad these issues in hand had no use
for them either for the support Of his fami-
" or the payment Of debts. It unfortu-
nately happens, however, for this theory,
that tour-ffths Of the community have no
money to invest. All they receive they
have present and pressing use for. to re-
lieve their daily wants and the wants Of
those dependent upon them Funding,
with all such. is therefore an impossibility,
and the circulation thus rejected canuot be
retired In this way.
Congress, feeling the difficulty, and de.
sirous to compel the funding, PASSED an act
which provides that all notes Of issues pre-
vions to December lst, 1862. should be
fundable in eight per cent bonds, IL pre-
scented by the 22d day of April, 1868; if
not presented by that day. out presented
before the Lat Of August, 1868. they were
then fnndable IN seven per cent. bonds
ard these issues are not iundable at all af
ter the Est Of August Notes issued after
December 1st, 1862, are fundabhe in ven
per cent bonds until August 1ss, 1868,
and a fter that date in four per cent bonds
Notes issued after April lst, 1868, are fun
dable IL six per cent bonds, if presented il
twelve months from their issue; but if not
SO presented they are fundabIe 10 four per
cent bonds This looks to me very mach
like reputation to some extent Of the
obligations assumed by the government;
aud it is not, therefore, surprising that such
legislation should have created uneasiuess
10 the public mind. and aided 10 bringing
about depreciation. and a want of conf
dence in ahe ultimate payment Of these OBJ
legations.
Other legislation on the part Of Congress
have tended strongly to produce the same
conclusion IN the public mind The mode
Ia which taxes are to be assessed upon
credits in certain contingencies may be
mentioned as one that tends directly to the
discredit Of the currency Better far would
it have been to make these issues legal
tender in payment of debts. than to resort
10 a compulsory process like this TO force it's
reception by the creditors and while this is
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