Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-11-06
THE CURRENCY

Schemes for mending the currency are as plenti
full as blackberries. None of them seem,to com
mand universal assent; although all Of them are
worthy of consideration. The one reported to the
House of Delegates by Mr.. Buford proposes toraSe
$400 600 BY joint subscription ofthe States and
Of individuals and corporations che debt TO be fund
ed and not subject to taxation. This IS objected
to the score of its creating in our midst species
Of privileged property, the holders Of which must OF
necessity become privileged persons. This, it's
alleged is contrary 70 the spirit Of our institutions
and calculated to excite the hatred Of our people
and by copseaRsRoe.taz bring on the risk of repud
atiep Another objection to it is insisted on, viz
that it requires the assent of all the States which it
is not likely to get or to get at 50 lateaPtriod Is
10 render it OF nc value. Mr. Marshall, OF Fsquier,
has scheme before the Senate, the features OF
which do not understand well enough Or an, ak
PLANTATION. A writer in the Ea4airsyf who haik
from Georgia; proposes aforced loan. WeoutseIves
have long since proposed .Confederste losn based
upon the prinsple Of the National Loan in France
but it seems to have met withlittle attention. We
very much fear, from what we have seen and heard
within the last few weeks, that any plan to be sue
ceseful, must be compulsory. ..s. -
In the Whig of yesterday, Mr.. Alexander II. h
Stuart comes forward with plan of his own. He
supposes the whole property of the Confederacy,
within the reach Of Confederate taxation, to be
worth 81 SOC, 900, specie valuation, or about
800, 0OO OO0, 900 in Confederate currency He pro-
twelve per cent, specie valuation. This would yield
500 GOO, 090 of this six per cent, or $50 600 000
is to be considered a tax, and the other ten per
cent, or $3.50 OCT, 900, is to be considered loan
and funded The loan will extinguish enough OF
the currency to leave $500, 600 900, all we have
need of in circulation while the surplus of SOC, 0OO
900 will be lef for other purposes All these plans
concur in insisting upon the absolute necessity OF
stopping the issue of Treasury notes. That is re.
garded as absolutely indispensable By everybody.
There is one plan better than any Of these, were
we blessedsth Congress that had the nerve to
pass It It's to lay,a tax which shall bring into
the treasuryat once enough money to retire all the
treasury notes now aioat, or ahoat at the time Of
the passage, with theexception OF only so much as
Is necessary for the business Of the oountry-that
y, according to the estimate Of Mr. MemmingeI
about Sl50,D00, 600. When this money shall have
been brousA Ia, let il destroyed and not funded
The system Of funding is radical defect in every
plan yet prcpoSed-0ur own among tllsm-and was
only adopted, we are persuaded, because Congress
men were afraid to levy the necessary taxes. 1t en-
h:eeS Ianrs than anything else the distrust 10 Con
federate securities which begins to be prevalent.
We do not believe that debt accumulated in this
way Mil ever be repudiated; but men of capital arc
prdVerbially the most timid Of all Gods creatures
they not only have their doubts, but communicate
them to others. BESIDES, we should like To see the
CoRisderacJ start upon the greIt career, to which
undoubtedly.it ls destined untrammcled in any re
spcct wheteve.. a h.x of three per can't on the
value oil the property OF the Confederacy, estimated
in currency at $50 100000, 900, will yield $500,
100000. This is more than enough to rat'rs ell
that we wish to retire (about $3.50 0OO, OOO) and
leave 5000, 600 in circulation As the present
condition of the currency arose from the gnoble
fears of Congress-ther fears for their popularity
they could make atonement for their former sins in
no manner so appropriate and at the same tine so
efsctual The disease is alarming but 1t far from
being beyond reach Of remedy, and no man will de-
nv that this is the remedy. We are confident that
members mistake the characters of their constitu-
ents. They prefer tax for the purpose of redeem.
ing the currency TO burdens laid on tor paying the
interest on huge national debt-Riehmond Dis
patch.