The New York herald., 1863-09-15
The Currency.
from th0 Richmond Sentinel Sent 10


Tho depreciation OF our currency is only partially
caused by expanded circulation The radical disease
Is tainted credit How this be restoredy Not By line
words or lno theories, but by solid security. Such
security the power o the government and OF manly
legislation solemn pledge on tho part OF the Conede
rate and State governments OF certain here
after 70 be named, would satisfy the most tmid capital
s Nerve and manhood on the part Of our legislators
alone wanted What these resourcee5? First an
export duty Of forty per all products OF agri
culture and forests Second, one half Of duty of
forty per cont all Imports hs other half to bs
applied to the support Of the government Third,
q tax OF cent PER ton per mile on all transporta
ton on our railroads. and per mile every pas
senger Fourth, the proceeds from farming TO some
European government common interest with Ourselves,
To the exclusion OF others Ia our coastins trade Fh
transfer by the Stale governments TO the Confederate
government Of all the public lands in their limits 1hese
resources available for revenue but entirely
a security for debt Let us estimate tho probable
annual from these the tn year after
the termination OF the the supposition that
exports % ana % that % we shall M export the the following
amounts, viz-Four million bales of cotton, ono hun,
dred and fifty million pounds Of tobacco, and
OF wheat, corn, rie tar, turrentine and OF the
products Of the forest value OF ten millions Of dollars
that the tax railroad transportation and passengers
which would have yielded ten millions before the war,
Will yield tho same amount on the fth year thereafter
and that our coastng trade worth to the Yankees fty
mill ms pr annun would farm Tor ten millions.
Four millions bales OF cotton at four cents per Il
One hundred aud Atty millions pounds Of 70
bacco at threc cents per pound. $500, 900
Ten millions from wheat. corn, &C.. at forty
per cent. .................. 4oo0,oO0
Total .............,...... $50, 500 900
Ono half Of a duty Of forty per cent on im-
ports. 4O.26O,OOO
Tax on railroad transportation passengers 900
From farming our coastng trade 10000, 900
From public lands s....................... 900 900
+ Total sl4i ,75o 900
Herei annual revenue OF one hundred and forty
millions, which, without resort TO direct taxation
may be applied TO the restoration OF credit. II
the great amount be startling let be remembered that
saving to our country BY railroads canals and steam
boats upon travel and transportation the wagonage
of 1912, wsnnualy exceed this amount that more than
that we have long been ling to the Yankee nation
than all the rest that II only the who dress
10 aud fine linen who cannot pay taxes, and that
industrious and frugal men can endure any amount OF
taxation, provided II be not direct. 1t should also
be considered that II our currency perish, may
perish ALSO To render this available for the
restoration OF credit all the State must
unite with the C0nfe ierate government in solemn
pledge OF it's application to the payment Of the debt In
addition to our present taxes there should be imposed
all property except that possessed by soldiers the
ned) tax OF ten cent on ts specie value before the
war payable in Confederate notes bonds Of the par
ties said bonds 20 be payable twelve months after the
gvsr. Such q would Immediately cause lively Dc.
mand for Confederate circulation Tho effect Of the Yam
kee draft law is striking illustration. II created
throughout their land very inquiry by every
man, for three hundred dollars of their paper Il
found their currency at sixty per cent discount and has
reduced to twenty per cent the reduction being rather
bastened than retarded by disaster the completion
OF the draft about three hundred millions Of their paper
now boarded by liable 10 draft but not drafted
VIII return TO circulation, and II will deprecate
pdly than tax Of ten per cent all property
would probably permanently withdraw from circulation
four hundred millions OF our currency should never be
increaeed After the government has sOlemnly pledged
itself TO pay every dollar OF its debt In SPECIE II should
determine TO pay only specie value for all that IL may
REQUIRE mpressing impartiay and firmly all that y may
culaton with which every one s dsgusted 10 safety