Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1863-10-29
From the Columbia EoUth Caroliniaa.
ZIG ElatAsncas L:t n-latlsr-


Wien the over emission Of the assgnats, the paper
ncy 81 t.c french republic had become apparent to
rvrry orc When the ClOr of the convention 10 ar
rst their uayoidebie depreciation by legal enacments
h.d proved utterly u,e, and when, in f.e, the pro-
r ssvc toca! loan had been resOrte1 TO- and had in
cured universal TGprobatlOn, then ii that the n
Is OF The Finances applied the magic wand Ct taxa
.0l to tie dead body OF credit and bid it stand erect
He having proposed, in lieu OF the forced loan,
supply CONSISTING OF addition OF % per cent 10 the
primer pa. Of the lard tax, the tax movable property
and the personal tax the Minister having simultaneously
adopted the ingenious system OF the bills OF the receivers
general These receivers the real bankers of the treasury
under lis administration, were to give bills falling due at
stated periods for the total amount of the direct taxes
These bills when due were paid without Geiay by the
receiver general the treasury had bills OF exchange
upon them al & fixed date, which they obliged
pay upon pain Ct their being protested. By these
means tie first day Of the year there was placed at
the disposal Ct the treasury the whole amount of the
direct taxes, bills OF exchange, to assure the curren
cy Of which the C1ESse a. GDOltiSsement-sinking fund
devised. This institution eXacted Of the receivers
q security in money. These securities, paid into the
calSyc Il c1p0ULSsement, were intended to serve as
guarantee the bills Every bill when due was to be
paid either at the office If the recei7ergenera or, in
default at that Of tie calSse d. an10lSsement which
was to discharge it presentation. 1he bill in this
way was regarded IL the light of first class commercial
paper, and Ct course, was current throughout the
Whtle realm.
Such was the system Of collection and payment, which,
C!8iE&liL9 IL ptkIOu UI iCAt SCd
gradually I'D to the organization at present established
il Frame
In the absence of the duty on tonnage, the imports
and exports COnfGdeTaCy might derive. much bene
lit IRON recourse to some such system the above,
hu the difficulty in the way arises from the fact that
direct tax cannot be cOnsituti0Galy LAID property
until the census shall have first been taken, and it is
Impossible, nearly So to have the census taken dur
ing the Iet everybody says that something must
be duIe, klO"ug full well that the rext Congress will
b5 povesss The last to violate the U0rsttu-
tio- il this respect.
Il Is true that acme very valuable Suggestions have
~eu made with view to the absorption Of the cur1en-
c. but thus tor 10 thorough remedial measure at al
Commensurate either with tie resources Of the country
adequate to tie exgencies of the times Except that
OF the voluntary subscription loans to the Govern
ment) has b-cn proposed which is not equally subject
the constitutional objection, the Of its be-
Ing property tax the herein above alluded to-
ibIs task devCiVes upon the next Congress It's exc
cation, II Is 10 be LoP2d, will put the Treasury
more at ease, and VIII prevent thenceorth the people
IRON Distinguishing between tie jus OF their f
EaGc-s and tie justice OF their VatiVe cause