Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-12-24
soEE THOUGHTS ON TIE REPORT OF THE seq
RETARY OF THE TREASURY.
"a the Edilor 81 Ia Whiq;

The annual port of the head Of the Treasury De-
pa1tment has been looked for with unusual interest,"
Our serious financial embarrassments, aud the utter de-
rangement of the currency have excited strong desire
to see what remedies the wisdom OF the Administration
would propose, for the relief Of the ctuntry.
Tho report Of Mr.. Memmipger, exhibits both candour
and courage He states the faculties by which he is
surrounded, with frAnkness, and SUCCESS, with COM
mendable boldness the remedies, which, in dis ju6g-
nent will be most efficient. Whatever diversity OF
opniou NAV exist as to the wisdom Of bis measures all
must accord 10 m earnest and patriotic purpose
Un ortunately, perhaps, one Of those who dis
sent from much OF the reasoning and many Of the con-
illusions oil the Secretary and desire, in spirit ofper
feet kindness and courtesy, TO state the reasons OF
thai dissent do rot propose TO make an elaborate
review of The report but ly to suggest few Oh the
most prominent obj cons to it.
The Secretary very properly and tersey classes the diff
aculties to be overcome under the following heads:
l. The currercy must be reduced.
q The supplies must be raised
s. The measures to attain these ends must he prompt
and certain.
On these points there can be difference of opinion
He then proceeds state that the Treasury notes in
circulation amount 10 something over seven hundred
millions of which not less than FIVE hundred millions
should be retired. He adds by way Of apology for the
deplorable exhibit be is obliged to make, the
mencement of the war no one foresaw the extent TO
which it would be carried. 1t not expected that
Ne would be chilled upon to check the advance OF Ia
million Of men, supported by tbs whole outer world,
while VIC were shut up to QUE own soil and resources"
The assertion of NJ. M. ia sufficient to satisfy any one
that he did not ttcipae the gigantic proportions end
probable corseo uences of the Impending war. But it
does not follow that other did not ioresse them
And in fact, may Of our public men did fofesee aud
fore ell hem, bu. their provisions and predictions
alike UNDECIDED by excited and .thusastic people,
aud hence they withdrew or were banished from the
public councils. None but over-sapguine men could
oil the popular fancy, and the country is reap
ing the want OF in It's rulers IL is be hoped
that the blundeI rhich distinguished politician said
was worse than crime,) will NOS be repea:ed, ard to
this end, It would be well il Mr.. Memmnger will hear
In mind the fact t1at the has no yet (takng the
phases of &c moon as iustratioJ) entered the first
uuatter. Two or three years hence Its disc may be
rounded and Ike the fu-orbed queen ofnght shed lis
balelu light over OF desoaton and saughtes,
from which TIE imagination inslinciVey recoils. Iris
admonitoa is offered not TO discourage but TO foreWaTn
he government in the nope that IL will be forearmed.
Under the old Union contest was with f'naticsm.
This like all othtr popular deusioDs and foies,
might hope would Gle Gu, aud TIE contest 10 which il
gave rise would die with But the present is tie
result of different motive powe. Ii is war Of in
t,rest Large portions Of the Northern people desle
the AbotoDisis ard all their opiAn IDEAS Blu. they
kaoS the vaus of Southern staples They know that
cotton was the balance wheel OF the commercial system
Of the old Union. They are aware that it supplied the
material for their factories and marke. for their
wares. IL IulnbLeu ieIButS IOT tHtI bulPbt Tue
means OF balancing their commercial accounts with The
other nations of The eSrIh The Northern ma'ses are
fighting not for abolition, but to regain this great
source Of their wealth and prosperity Unless they can
recover it they ruined They and feel this aud
hel ce say the is low one Of inlerest-of self
preservation-and is likely TO be waged as org Gs the
cause that stimulates it snail continue. From pIesen.
appearances it will probably last until or the other
parry is exhausted Wisdom and patriotism therefore,
alike demand that we should brace ourselves for tie
contest and husband to assure the
world We will not b. the first to give way.
Begging pardon for this digrtssiOn, proceed With
the report.
On page FIVE tho Seer tsry after assuring the public
that his original financial system chased on sou
principles and ae1 only in consequence of the unex.
pected refusal OF oregu poWer1 to disregard tie bocs
ade, whereby proven ed from getting gold for
our cotton, s4ys ",hs obvious mode Of recovery to
restore the specie found alton, to obtain substitute
approaching specie values" Stated this proposition
IS, IN the alternative, it is inquest onaby true. Bot
unfortunately, the Secretary in his subsequent reason
ug seems to lose sight OF the latter branch of the al
teri aive and argues to prove that must get back
to tae specie standard.
Here most re p c.fully take issue with Mr. Mem
mngsr No nat OF ever did could Conduct
such war we are IoW engaged 10 on the haas OF
specie currency. England, the richest country the
world ever saw could not maintain her great continent
tai without ignoring specie az Rational currency.
The first step that Virginia aud oher States took, after
the commencement Of host lee, was to author q the
suspension OF specie payments And who doubts the
wisdom of that action Sp Gle in t. e time Of great
war is what Mr.. Webster would call an obsolete ides;"
and it is as impr3cteable ss obsolete.
Toe tue remedy for our difficulties is to be found
not in return either in whole in part the use Of
sp,ce as a currency for the Government CT the people,
It, according to the second branch of Mr.. Aemmin.
gers alternative, in finding "a substitute approaching
specie values"
This substitute can be obtained in the manner indi-
Gated in the report viz: by issue cf treasu notes.
mi ed by the absolute business necessities of the peo
ple accompanied by a solemn pledge, that, under no
will IN issue be increased Tee wants
Of the people will cate instant demand for the
rency aud the pledge Of the ia th Of the Government
that its volume Is not TO be augmented, will give sta
bity TO its value The value of currency depends not
on the material of which il Is constituted bu. on the
quantity in circulation. Tie stability of gold arises
not from It's intrinsic value but from the supposed ply
steal impossibly Of sudden increase Of the supply.
Give the public satisfactory that the volume
of Treasu notes will BE- inc ta3ed and It will
have tie effect in settling their value on firm
foundation.
agree wi h Me-. Mcmminger in thinking, ttat, under
existing circumstances tso hundred millions s1ould be
the ma ximam amount in circulation. Let the turplus
over that amount be retired and will have the
desired substitute, approaching sjece values"
am one of thVse old fashioned men who never had
much faith in cotton bonds 1870 notes. any OF thes1
gGd fnsncisl expedeHis. Taxation, aud loans
suppo;ted by taxation, and pledge OF future
OF wealth. are the only legitimate means Of raising
ney and 10 these | would reslr:. | will add tina;
IN see no necessity for having one hind of currency
for the Cove nment and another for the people, ror
one set of payable 10 one kind of currency, and
another 1et payable in another kind. Toe inevitable
effect OF having kinds Of currency, il to deprecate
the least vauibe. Sound policy requires that We
should have but one kind and take to make that
GOOD 1. vii then answer for the Government well
as the people.
This brings me to consider what regard as the most
obiecacnaOls feature in the whole report alude to
the proposition to borrow 900 Millions the interest
coupons of which shall be receivable in taxes, aud TO
levy tax of $50 millions, one-hat of which shall be
payable in specie the eoupops OF the 1000 million
loan and this other half presume in Treasury notes.
This ia a reproduction, in part, OF the Bank r's
scheme on which had occasion to make some com
:. Il, Ah. no,,rnna ~ ,hn NVhn q few waeka arn