Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-12-29

ciAlimeaanres of the last Congress cam
lWithin little of accomplishing the tW
lFesnlis OF raising four hundred millions o
3sGpPlies, and Of relieving an equal 'amOun
LOT currency, which Mr., Aemmjbgss though
almost financial tmPossibilty.
- I =
/ Mr. MemmiDger's great mistake was Il
refusing, in the beginning Of the war, 4
take the cotton crop, which be could havl
had at q nominsf price, as basis Of nation
al credit. His reports were always admi
rebly logical, bpt his results were Away
q disappointment. He was at frst disposed
TO rely upon the banks, then upon the pat
riotie snbscrfptions Of thepepple, and inal
~, when his notes deprecated, be failed
because the bonds which were 70 absort
them had but little better basis than his
notes. s.t
Mr.. Trenholm has improved upon Mr..
Memmipger's error, and sought to obtain q
basis of national credit in the products Oi
the tiIhes after the war.
This idea, haHeVe, was fFst hroaehsd
in this House more than q year ago, BY
Mr.. RUSSELL the Representative from the
Wheeling District Of Virginia. II vas
subsequently, freely discussed iu priVste
circles In this city, and metthe approval of
some Of the largest and most intelligent
farmers of this State.
The plan was TO base our future issues
upon the 1.-THE, leaving the ont standing
currency 70 be absorbed by the bonds As az
present provided. This would be just
toward the holders OF the present curren.
cy while II would insure q more valuable
one In the future. It was thought that
many of the embarrsssments Of the i'm
pressment system would be done away
With, end that farmers, who refused the
depreciatipg currency of Confederate
notes, would be very glad to take certif-
Gates of payment In kind for their surplus,
to be credited on the tithes due hereafter.
The credit thus given TO q farmer for his
oVerpayment or ttthes, with interest upon
theIamOunt, and an agreement by the Gov.
ernment to return in kind the amount ad-
vanced. free of all charges for trauspOrta.
ton, at such market or seaport town as
might be agreed upon, was certain, il was
thought, 70 make Them very Valuable.-
Using these certificates for the purchases
of all qusrtermaster and commissary sup.
plies, the Government issue of Confederate
lOtes in the future would be curtailed !
lbout One-half.
Confederate notes, thus reduced, would |
% in demsud for the payment OF taxes,
md their value eorrespOndiugly increased.
To this idea of making tithes- available /
or the present conduct of the war, the |
has added in the bill before the
House the, to my mind, Objectionable fsA-
ure of using them 10 redeem the present
currency. which has already
been sufficiently provided for 10 the I've
lundred million bonds, which are exempt
ID from taxation, and have their interest
ecured by pledge OF our export aud i'm.
'ort duties for this very purpose. They
command as have said, premium on
he market, and with them, under existing
latstsd diig = j ffsncy can Be redeemed. |
The fhtee Promidsnt pfOFiSion5 Of the
iii are: 10y
FirStAThe appropriation Of these cors
thcates Of payment In kind instead Of the
~ hnndred million bonds Tor tbe fadamn--
Ion Tor, as he terms 1t, the ro0oVeTy frUm
of the outstanding currency. |
Seeond-The exemption of the currency
rom all taxation ia the future.
Thrd-The pledgiDg Of certain pOr-
ion of the tithes after the war for the re-
lemption of these certificates in Kind.
Fourth-The permanent reduction of the
currency to one hundred and ffty millions,
md the pledging of the faith OF Congress
% the immutabIe observance of the pros
visions of the bill.
will speak hereafter of the first of these
The second appears very |
much like a protest against the supposed
mpolicy or Injustice of the legislation Of |
ast session, which it Is designed to give |
for, under the frst proposi-
ion.
Mr.. Chairman, there are now only two !
Ways Of carrying on the war, conscriptiOn |
of men and taxation of property. Congress |
,aunot permanently exempt q citizen from |
military duty nor his property from taxa
lion; exemption in either case is matter
IF expedieucy aud TO be judged of by each
Congress. At p time like the
present It is uuWise, in my opinion, TO re-
strain ourselves by pledges, from the moral
right to Tise in an emergency every ele-
nent of power under the Government In
the enemy. It was because the
powers of the general government were
considered as chiefly administrative, that
the provision of the Constitution against
impairing contracts was confined 10 the
States.
The farmers, iu many parts of the cOun-
try, have had a system of barter and ex-
change of supplies for articles that has
made il quite unnecessary for them to have
ON hand, rs q general rule, more Treasury
notes than was required for taxes. At this
time, the Government itself Is exchanging
for supplies in Mississippi, not Treasury
notes, but articles Of uecessity-ynTn, cot
ton, cords, &c; and understand that this
system has extensively prevailed elsewhere
in his dealings with people in the interior.
Gentlemen tel. me who have had bet
Of judging than myself that
your new issue has as yetf0und itsWay only
10 limited exten tamong the people Of Al
ALBANIA and Mississippi. aud have letter
from the Governor of LOuisiaus, (Gen. AL
Ien,) an extract from which will read,
showing that il has not gone among the
people Of my State. It was addressed to
one of our Senators, and is dated ShreTe-
port, Oct. 10. He says: "The State Of
Louisiana has now on hsod, deposited