Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-12-31
The Currency Question.


miar in tn, experience Of all nations and at this mo
ment demanded alike by public expectation and sOm-
oa sense l. is the simple plan Of heavy taxation
all descriptions of properly equally and Witheu. unjust
discrimination to an extent commensurate with the ext
gences Of the occasion There is but one proper mode
of getting rid of debt and that is by payment The
schemes which ignore this truth are therefore, neces
snily complicated, and must prove nefsctua-mOre or
sss in, ecaa according the extent to which taxa
to-, as the most essential element is discarded CT net
recognized.
Most if not all the llaus which have been suggested,
jscting the element of equal taxation, involve las
an be demonstrated) reputation ss a consequence Of
their operation Take the bill recently introduced in TIE
SnAe as an example Of various schemes containing the
tAme Objectionable principle What would be the eI-
eel of such law? M,nifesly TO tax only the holde
i Confederate notes. The Government in ISSUE g
heso nots pledged is faith for their redemption six
usnths after treaty of peace and having thus in
ducsd people 10 take them, turns Immediately abou and
ass to these same parties, "You ehal convert these
Obligations into particular ltOck within shOr! period
prescribed, otherwise they shall lose their value, snd
you shall be punisae if yOu are, after that
Der 3D. detected in circulating these notes. despite the
promise Of the Government that you night circulate
dem. ct any rate until six months after treaty Of
peace OF eouTse, when these notes thus forced
D. legislation into one single investment, already
popular but renisred by the bad faith Of the
lw and the immensely increased amount of Govern
nent stock thereby created the existing depreciation Of
confederate money is at once and immensely aCcelera
ID Holders become mo,e anxious than to get rid
Of this money for each prefers TO choose for him
self in what he will invest. ADD would especially esohew
auy su particular stock, ia which it should be sought
o foIcs all to invest. 1t would be reasonably argued
that the Government which would thus depreciate its
own obligations in one FORM would rspudate tn IN in
another form TIE notas with winch these bonds are
De so purchased would decline in value perhaps less
than five in the dollar; and would be expected
ter this incep.ive &C. Of bad faith ba a subsequent
Jongres-, with less injustice than tha. inflicted By tAe
aWin question: would complies the affair." and repudia;e
aese bends upon the ground that they cost less than
i've cents for each dollar of nominal amount less
.aaa tive dollars for each bond o. ono hundred dol
are.
Blu. the fragrant injustice any such law is more
conspicuous in the fact that holders Of all other descrp
.ons Of property would escape all the burden, which
would be thrown exclusively on those who had placed
tho most confidence in the Government by receiving
and holding its obligations. This particular scheme for
compulsory funding is in fac; what i. does not pro.
Tess to be-a tax law but inasmuoh as imposes the
BURDEN alone on tae holders of Government obligations
8 a tax Of the most odious kind, squirting at and Ii
:eclly tending to complete reputation. It is but a
shabby evaiOn, =. bss TO attempt TO any such
,st of reputation b. alleging that SPECTATORS have
ho1a
aud that such liw will reach and punish them. The
ruth s that spectators, in tie main, Of all men,
have manifested the least con6denc, in CoafederAte
money. They have invested il any and everything
Those who have MOI speculsted, having more conf
fence 10 the money have exchanged for it property
earned acquired lOzg before the commenced. III
.hs opinion be tue the partial character of tAis Law
EOud operate in favor Of the Spectator Whose cunning
ia suspectisg the good faith of Government is tus-
I ined.
The Particular plan of compulsory funding proposed
BY Mr. Stuart Is exempt from the objection here urged
because for the purpose Of funding it proposes tax
all property alike. / gets the rtdandint Confederate
notes into the hands Of the Government but it makes
each individual furnish them in amount according to
.he value OF bis property. By scheme the Govern
enhances to extent the value Of its money by
making it Necessary that every taxpayer should have
70; by tne oherit depreciaes i. by accumalatng in
dlcementS to Sc. rid Off.
While taxltiOn for the purpose Of funding, as pro-
20 e by Mr.. Stuart, is measure fair in ITSELF and
veud give temporary and partial relief, by reducing
the redundant circulation, yeis not sufficiently rsd
cal in aim or result. We want no. only large ie-
duc,on Of circulation but Reduction of actual debt in
whatever form it may exist. We have, in former
article, endeavored to show that it would be no.:
only greatly 10 the aivIn age of the government,
to the advantage of the individual taxpayer him
self hsthe should give to the government the whole 10
per cent (amOuut Of tax proposed by Mr. Sulrt) out
aud out instead of receiving back according to Mr.
uarts plan of compulsory fundng,) a government
bond for l0l2ths the amount of his tax All agacious
owning property, aud at the same time being in
deoed have acteddpon the idea that this was an oppor
tune time to sell far as necessary and pay out 1t is
only necessary then for the owner Of properly to realize
the fac. that the debt Of tie government. ia bis own
debt in part and then decide between the policy of
selling part of his property if necessary aud settling
nov hs share OF the burden or of obtaining an extern
sion Of The credit It is saSmlltsd that the individual
is even benefited BY selling to get rid of hi, share of
the government debt than by selling to pay off his csa
debt because If bis property Is sufficient to pay his
debts his credit is so much damaged by an e1ten
sion of the dsbi, az in the case Of the government
and the increasing wan. of credit ia the goysrnment
unnecessarily increasing It's expenses Also in that ratio
nnduy magOihss BIS share Of thu burden which sooner
or Iar. unless repudaled must be paid therefore If
an individual had elect between paytg ct once bis
share Of the governments liabilities, or his pelsoua
dshs i would be t. Sc interest % pay theformsr AID
prolong the lsttsr.
Itia sOme-ires saia BY some of the few opposed 20