Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-11-04
From the Columbia South .CaroGuisn.J
THE FINANCE OF FRANCE.

When the over emission of the assignats the pa
per money of the French republic had become ap
parent to every one; when the efforts OF the con-
vention to arrest their unavoidable depreciation by
legal enactments had proved utterly futile, and
when, in fine, the progressive forced loan had been
resorted to, and had incurred universal Reproduction
then it was that the Minister of the Finances appli-
ed the magic wand Of taxation to the dead body of
credit and bid it stand erect He having proposed,
in lieu of the forced loan, war supply. consisting
of an addition of % per cent to the principal ofthe
land tax, the tax on movable property and the per-
sonal tax, the Minister having simultaneously adopt
ed the ingenious system of the bills of the receivers
general. These receivers, the real bankers of the
treasury under its administration we're to give bills
falling due at stated periods for the total amount of
the direct taxes These bills when due were paid
without delay by the recevergeneral, as the treas
ury had bills Of exchange upon them at fixed
date, which they were obliged to pay upon pain Of
their being protested By these means, on the first
day Of the year there was placed at the disposal of
the treasury the whole amount Of the direct taxes,
in bills of exchange to assure the currency of which
the caisse dmoitissement-sinking fund was devils
ed This institution exacted of the receivers Sc.
curity in money. These securities, paid into the
caisse d anaoitissement, were intended to serve as
guarantee to the bills Every bill when due was to
be paid either at the Office of the receiver general,
or in default at that of the casse ansoitissenen
which was to discharge it on presentation. The bill
10 this way was regarded in the light of first class
commercial paper, and, of course, was current
throughout the whole realm.
Such was the system of collection and payment
which, originating in period great fiscal embar-
rassment gradually led to the organization at present
established in France.
In the absence of the duty on the tonnage, the
imports and exports, our Confederacy might derive
much benefit from recourse tc some such system
rs the above, but the difficulty in the way arises
from the fact that direct tax cannot be consttu-
tonay laid on property until the census shall have
first been taken and it is impossible, or nearly SO,
to have the census taken during the war. Yet
everybody says that something must be done, know
ing full well that the next Congress will be power
less as the last was to violate the Constitution in
this respect
It is true that some very valuable suggestions
have been made with agew to the absorption of the
currency, but thus far no thorough remedial mea-
suro at all commensurate either with the resources
of the country or adequate to the exgences of the
times, Except that of the voluntary subscription
loans to the Government) has been proposed which
is not equally subject to the constitutional objection
on the score of its being property tax as the one
herein above alluded to. This task devolves upon
the next Congress- Its execution, it is tobe hoped
will put the Treasury once more at ease, and will
prevent thenceforth the people from distinguishing
between the business of their finances and the justice
of their conservative cause.