The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-12-23
From the y. Z. Tines
Collapse of the Confederate Finan

eeB
The plans proposed by jefferson Davis
in his Message for the reform Of the Con-
federate financee, and the recruiting Of the
Confederate armies, Tr mise TO produce
if carried out, = state fittings ct the
South which will form an exceedingly
interesting subject Of study 10 the So
biologist and political economist he
declares that the paper currency issued
by the Government exceeds the wants OF
the community by S400000,000, (Mr
MemmiDger says 100000 0OO) and he
proposes to reduce it to the required
quantity by direct taxation. lie says
that the consequences Of the enormous
expansion ere "fuinOus." He thinks IL
throws difficulties 10 the way CT the op-
erations Of the Government and Of the
efficient conduct Of the war;" that no
meAsur es directed towards its reduction
can be too prompt or too stringent.
We may therefore conclude that TO Sc
cure relief in the wav hepropOses, . tax
that will produce 500 00G0 600 will have
to be levied at once on the States still sub
ject to Confederate jurisdiction or within
the reach of its Ofiisers, so as to bring
down the volume Of the currency to its
proper size. These States are Virgins,
North and South Carolina, Georgia, Ala
bans, Florida and part CT Mississippi.
For the purposes Of taxation the rest Of
the Slave States are lost, for even il not
actually occupied by Union forces, SO
ciety in them is in too disorg snizsd =
condition TO render the regular collection
of Government dues possible. The popu-
lation of these States, surprising their
losses In war TO have been made up By
the accession Of fugitiveS from the otherI
is 2 $50 700 and # NO divide this by 4
we have 646.677 heads Of families or
taxpayers, the uaual proportion 10 the
population at large. Surprising them 10
resch 10 rouad numbers 200 GOO, there
will be due TO the COnfedsrEcy from each
Of them, On Davis plan about s5,7l0. Il
must be remembered, however, that Of the
property Of the Coniederaey liable IN
der the Constitution 90 direct tsxAtioR,
two thirds consists Of sslaVes and lands,
81 that of this S40O 600, $266, SOC,
666 would fall on shareholders alone
This class numbered 10 all the Slave
Ststss, before the war, 100000. Ii is
Impossible 20 say how large q prop rio
Of 1t is now huddlsd together ia the
States subject 70 Davis Jurisdiction, but
IL is certainly undertaking rather than
overrating 70 say that there are nov
within bis reach, aud in possession Of
lends and slaves. not over 1000, &c
that or each Of these there will fall, IL
his Congress carries out his grand
scheme, ths sum Of Sl3.339; and II she
relief, as be sAys, has 10 be "proupi,"
this must certainly be paid within the
coming year, or sooner. Is 10 folly, in
fact, TO talk Of any measure % "prOmpf
in such q financial crisis as now preYails
in the G infederscy, unless it can be car
RED ont before the opening Of the Spring
campaign.
Itisn not 20 be supposed, Of cOu o., that
the planters who will be called on 10
pay this sum in Confederate notes will
have received these notes at par, or 81
ANYTHING but considerable depreciation
Bot il is also not probable that they will
al have received them at their present
rate Of depreciation. II we suppose Il e
average to have been ore-half Ct the pres
eut rate Of depreciation. It will still
leave them liable for about S6 900 amsn.
II tbe tax is levied rapidly, as il vi
have 70, il will, 81 course raise the value
Of the notes, as the farmers will be OBJ
ligsd to sell produce in order 10 pro
cure them; b1g theaum 70 be made up
viii remain tbs same, and, consequently.
those who have, up 70 the present.
avoided accumula ting them III suhsF,
well as those who have already plenty
Of them on hand.
I. must not be forgotten that this
MEASURE is not expected 10 contribute
awning toward The expeniss Of ths
war lit were we might call IL harsh,
but is would uDq lesti0nably be EJand
Ia order 20 make IL answer lie purpose,
the 400 coo 600 OF these notes must b.
DESTROYED IS soon - received. IL the
Government were 70 issue them again
there would be no change 10 The situs-
alton; and when they are destroyed the
difficulty Of meeting the current expendi-
ture remains 10 no wise diminished
Whas has led 10 these enormous issues
orpaper has been, according 70 Davis
own story, the unwillingness Of the peO-
pie 10 submit 10 direct taxation. Since
the war began dirscttaxss for the benefit
OF the ConfedeFaeY have only been levied
in three Statss-NOrih CarOlina, Missis-
sippi and Texis. The other States met
TIE demand upon taem By magnani.
m0usly issuing notes Of their own, which
they gracefully handed 10 the indefaii-
gable Msmminger, and Esqges,ed bin,
MicaEber fashion, b considsr the SC
count settled. The eofiri5ations from
Mississippi and Texas wlll net We in
sgine, Be very abundant sluring the com
log year, and &c 70 The other States.
there il little doubt lhaf thsy viii Be
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