Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-12-03

duciDg it's volume are proposed all sides One writer
thus presents the difficulties of the situation:"
'The rate Of interest paid by the Government
upon it's cOupoa boads 10 equally If paid in
gold and silver. Example: An exporter owes duties TO
the Government tbr amount of $50 in gold, which at
market value, ia = 900 in currency Does BIO pay tho
500 in gold no Does he pay the 81 900 IN cur
rrncy2 No; he presents coupon from cotton bond;
this coupon, instead OF being redeemed at tho Trea
sury for its fancied value of $50, comes in costing
000 The exporter for his cotton, receives Ell gsh
gold If which he takes $50 exchange, aud turns it
ITO currency, realizing $4,000, with which he buys if
t'en million cotton bond With three years interest due
the coupons aggregang $240 He pays these in lieu
OF gold for his export duties cooy pocketng bis bond
Tor 1000 against the Government and boasts OF invest
ing III Confederate bonds all true patriots should 1t
Is easy to see who gains by the operation.
. he gold and silver coin the country lies idle
In the vaults Of The banks Why not make available this
powerful engiae for assistance For tho issue Of
cola the women would send in their rings the their
silver ware condolences in tho currency would be estab
hshed fame Of patriotism would burst out aud by
its bright fash would that beautiful horizon Of our
future, peace and independence.
LETTER FROM A. II. II. STUART
Among those who have given publicity to their views on
the engrossng subject Of the currency the Hon. ALEX
H. II. STUART, formerly Secretary of the Interior We
extract the following from sbrdgment of his letter:
THE propositions of Mr. Stuart stated with great
cearnesa, AID supported with consummats ability.
The rs thing to be done to stop the issue Of trea-
sry Uness hi be dope all farther action upon the
currency that has raised prices to their present fabulous
height aud that having occasoned the depreciation in the
st instance, renders its downh march inevitable
volume increases The circulation lie now $3.50 600 OO0-
the treasury issues $50 900, 900 month In year we
saa have circulation. Of 81 $50 900 0OO barrel of
-four sells for $50; The price will keep pace with the
Increase OF volume and dimnutin value of the cur
rency-in year barrel of -four will cost $lC0 Every
hing continues to go up in the same ratio
No Government on earth stand such a system.
There must be radical reformation or We are done for
muaf mot
shrink from The task it must do speedily and must do
it efectually
" lbe printing press having been stopped the next
thing is to retire all the outstanding Treasury notes.
cept about 5000 900 worth This might OF course be-
done by feet tx but Mr. s. thinks that would bear
too hard the people. The estimate Of Mr. Memmnper
($ 900 000 for circulation too small 1t might have
done when all tie business of the country done by
means of credit and the machinery it employs, but will
not answer now, when every thing cash He proposes
tax aud forced loan of twelve per cent all the pro-
per, real and personal in that portion of the Confede
rate States VIII still available for the purpose ac-
cordug the estimated value Of the same recorded in the
last OF the United Stats This estimated value ia
"a 600 specie valuation. Twelve per cent would
give $50 900 600 for the tax If which $3.50 900 900 could
be applied to e,ltag Inc circulation and 800 600 900 to
the Government for its vsr necessities The laying of
this tax and forced loan would have immediate effect
upon The currency Every body in-t.ad Of trying to
shuttle off their Treasury no!e would be saving tlem and
looking out for more, IN order To get money pay the
tax lie demand being thus Gigiousy increased the
Treasury notes would appreciate. In little time the
casion scarcity.
For the umste payment Of the debt thus incurred
export day cotton tobacoa and naval stores il
proposed 1t has been objected this that the Cotton
States would not agree to it, 1t easily demon
that it would do them no INJURY 1t has been argued that
would throw the greater portion Of the burden upon
them This argument il founded the assumption that
the producer Of cotton pays the export duty This not
true TO the full extent OF the assumption II has been said
that the consumer pays the duty it is SAID tat The
producer pays it Both propositions ara true and both
"A hp unnu An ola HUH oh he
market is glutted and for which there Is little demand the
producer pays, of Ga the other had If duty be
laid article which Is worry scarce and for which there
great demand the consumer pats If tn Legislature
lay tax of two dollars -four, witch 10 greatly in de-
mand aud the holder charges two dollars for
hi. -four the consumer pays it, Ca the other hand
the tax laid barrel of -four, aud our ports
bng opened the quantity should be increased until it was
drug the producer being obliged TO sell his -four
at loss would pay the tax and have means OF reim
bursting himself.
Now this is exactly the condition OF Southern cotton
the war has proved Before the the planter
glad to get twelve cents for it Now it sells readily in
Liverpool and New York for seventytwo cents We have
therefore the entire control Of the market and
petitors India, Egypt Southern Africa, and the West
Indies have all failed. We sell staple always at
What price please laying the tsx Thus it cannot
fall the cotton planter The amount of cotton exported
before the about 600 900 bales Ct 500 pounds
each Say that loss OF labor will reduce that amount
million. We have still three million, and duty Of ten
cents pound would bring $3.50 000 900 This would pay
the interest 81 coo coo 000 aud us $50 600 0O0
what been said al cotton OF tobacco. We have
the control Of the market and make Europe pay
Of it, Both England and France have been rails
ing enormous revenues OF It. Let make them pay
for it in the future
at Of importance, the mean time to pay as we CO.
so FAR can ia order to avoid as far ms possible
accumulation Of debt TIE ability to pay must come from
regular and wig rous system of taxation"
FOREIGN RELATIONS.
The Richmond Enquirer disgused with the foreign
policy Of the rebel authorities Commenting the letter
Of Mr.. DE Lon to JeG Davis recently intercepted and
published in Northern journals, the Enquirer says:
ave wish to awaken the President and the Congress
to the fac-now, at last, patent enough--hst all our
mighty diplomatic mimcry OF foreign policy, while we
have foreign relations at all has done services and
credit The thing farce, and would be nothing
than udcrous it the secret operations
which told going over there aud which
nobody know Uf out Messrs Beu amin and Slidel This
makes the matter serious sud il must all be speedily
pored and turned inside out Il there any good Ia Con
federate Congress at I'll We beg leave suggest short
joint resolution of both Houses that the President be
quested to shut up the Department of State to lock its
d. or, and put the key IN his pocket"
THE DIPREssNENT SYSTEM.
The dpspotm Of the impfessment system ia occasion
ing great dissatisfaction among the people. The Charles
ton Courier has the following facts relative to the Impress
ment Of provisions in that State:
"While numerous commissaries, post uartermasters
and other Government agents have been and pracs
ing gross abuses depressing tho people, menacing the
towns and villages of the State with starvation and bring
Ia, tba into odium. in ..n