Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1863-11-12
THE CONFEDERATE CURRENCY.

The currency question continues TO be discussed in th
Richmond Enquirer The problem to be solved Is, how
the Conederacy be relieved of the redundant Govern
ment currency which has BEEN and continues to be- put
into circulation to meet its necessities writer in the
Enquirer of the 9th instant proposes in order to ree the
exchange of this currency for Government bonds to lay
annual tax upon the former amounting to ethird OF
it's nominal value. The writer argues as follows:
"Ths real difficulty lies not with the Government but
with the holders Of those surplus m0ns of Treasury
which we wish to put cut of crculaton and this from
the fact that these notes worth in the hands of
holders than Government bonds that have been
be offered Unless this state of things be changed
apprehend all legislation upon the subject will prove abor-
tive The great mass of these Treasury notes held BY
men engaged in reckless and unlawful specuation-and
used for carrying this business-spscuating 10
ton breadsufs, and running the blockade. The profits
arising from this gambling far greater than
eight per cent bonds Thence the unwingness of the
holders = invest these notes n any bonds that Govern
ment has offered.
"There but two principles to which we can look in
the present emergency for saetyths patriotism Of the
people and their sefinterest The former has been ap
pealed to and failed The Government last April offered
its bonds in market drawing eight per cent and every
appeal was made to the holders of Treasury notes to m
vest in these bonds but to no purpose The notes would
yield more profit than the bonds, aud therefore they
fused to invest ard while the motives last the
course will be pursued by the same To what alter
native then are we next to look2 The only
left for Government s to direct its legislation to
duce the profits of these Treasury Iotes the hands Of
specuators, and make it their interest to invest them
Gsvernme bonds Can this be done and bowf
"There is a very obvious and simple way of reaching
this evil if the Government has but the frmness to adopt
it, We told that by December, 1868, there will be
some $3.50 100000 in circulation and for the Legitimate
busnrss the country we need only $l00 900 900.
Let the next Congress- then lay tax OF 33 per cent
$3.50 900 Of Treasury notes. exempng the last $780,
1000 issued from taxation Under such tax it pro-
b4bs that hs holders would find it their interest to
these in Government bonds Let bonds put
in market be exempt from taxation and draw per
cent interest If any portion Of our citizens afford to
pay tax OF 33i per cent on Treasury notes and st do
oftable business, why it 10 but fair that they should
share those profits with the Government
The probabilities, however, that such tar would
the Of the taxed to be funded, and
thus the evil that threatens ruin would be removed
IL however am mistaken and the owners should still
find their interest hold the notes and carry on their
specuatiuns then the tax would yield the Government
the handsome of more than $50 600 000 And this
woui ariae from tax not upon The real wealth OF the
country but upon it's fictitious sentative Such
tx would oppress honest and patriotic twoud
not touch the soldier or his family, OF that clas
who live fixed salaries 1t would fa almost exclusive
ly upon who at home making fortunes, getting
rich upon the aud who should be made to bear
oil its burdens"
The "Caronian," published at Columbia, South Caro-
Ina, is also discussing the currency question 1t says:
The depreciation Of the currency has been caused Ia
great degree by the the wants of the people
The blockade OF ports caused demaGd for coin and
exchange, to import merchandise, and the premium
and exchange advanced in proportion the prices Of
goods imported advanced aud imported merchandise
advanced price all home articles the necessares Of
if.correpopdiDgly advanced To remedy the first evil
will check the latter
statement put forth htey by che Treasury Department
IT, in round numbers, $S40 900 600 Of this is
funded 1887 OO0-eaving $453 900 900 the present
circulation TJ withdraw large proportion of this
and meet the wants Of the Government for the fiscal year
is the question No cOercivs policy will answer The
people must have confidence in the heads Of the Govern
ment they have in the final Of the war Taxa
ton properly applied will carry us through
Let Congress at be called together and create
loan OF 600 100000 at six per tent making annual
interest Of $50 900 payable in coin To secure the
interest this loan let them make tax Of TO produce
100 900 000 hal$60 600 000-to be paid in coin
coupons interest certificates of stock Of the above
loan Let the loan be subscribed aud paid for any Of
bonds stock Treasury paper that has heretofore been
issued The result will be- in the main, that thoss that
have psy the tax will invest in the loan that
the interest will pay moety of their tax or will have to
purchase the coupons interest certificates of stock to
paw their tax thereby making the loan good sent
for capitalists aud the debt will be equitably distributed
The plan appears practicable, and we believe will work
we'll and the loans be taken II 80, how will the indebt
edness of the Government stand the lat of july
Present debt as last reported -.........$8i0 100000
Say will be required by Jan l. 1884,. $50, 600 900
And by July J, ,ls6i................. 400 000, 600
Total. ,eaO, 100000
Debut from this sum the amount re.
ceived from taxes to Jan, 1864. say. l2O,OOO,0OO
Balance. UuO
The amount funded. ............. 3s7, 900 900
Total ..........-...........-....$
of the loan proposed above taksn$ 900 900 600
it will leave sll3 900 600 for currency
1--WE glad to this question engaging the minds Of
some Of abest men, and my suggestions worth
any thing they can be worked out"
EXPENSES OF The coSFEDERACY
writer in the Richmond Enquirer Of the 9th
ultimo who highly endorsed by that paper in submit
,o AZ noth his views of the oppressveness resntng