Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1864-12-09
Letter or Mr.. Trenholm.

AGttcT VI MT. XXCuuUtm.
The following letter, from Secretary
Trenholm, IN calculation Of one of the rec
concentrations of his report. though ad.
dressed to the Committee on Finance, is Of
general interes':
TaKAsuhY DEPARTMENT. C 8. A.,
Richmond, Nov 81, 1854.
Hon f. S Lyon, Chairman Of the Com
mittee on Ways and NJ ans, Confederate
States House Of Representatives:
Sir-The doubts expressed as to the
equality Of limiting the tax in kind for the
support Of the currency to three articles on
IL, have had my attentive consideration,
anl my convictions have not undergone
any charge.
Assuming the sim Of notes TO be re-
deemed at $500. 900 900. and the proper.
ton of North Carolina. for example. at one
tenth. or $40. 900, 900, the tax in kind Fir
that State would be, in corn. 10000, 600
bushels; and it appears to me that the
tusthen Of the tax is in no degree affected
by the mode Of payment. Being one
! tenth Of the agricultural income, if paid in
kind. it would take tom the farmer 90,
600, 900 bushels Of corn; and if paid in
money. the value of that quantity Con
sequeptly, the State of Virginia, thougl,
not taxed in kind on the tobacco crop, il
taxed one tenth OF the value in money.
would sell that proportion Of the crop, and
paying the money into the Treasury, con
tribute thereby her equal share to the com
mon busthen
To extend the to all the present sub
jects Of the tax in kind would enlarge the
sinking fund and allay the spprehensions Of
possible inequality but there is something
wanting besides sinking fund; we wan,
a measure Of value also. Could we con
mence the immediate redemption Of the
notos i'll specie, and give t, all the assn
rance Of receiving payment on demand, tllf
currency would rise at once to specie value
Gould We enter Immediately uyo1 the re-
denption, in corn, at one dollar per bushel,
with the assuraecs Of an adequate supply
to meet al demands, the appreciation,
think. woua be nearly as rapid, and the
restoFatioo Of the value almost complete
i Ny impsetsiotla are that it would be quite
complete, if the privilege Of expectation
| could be given TO the purchaser.
The uniformity Of quality that belongs
to this staple its character as an article OF
| food its universal use; and its simplicity
as an article of commerce. combine to give
it value more uniform and stable. aud
more extensively known in our country
than that of any other commodity except
/ gold aud silver. For this reason, had the
supply Of corn been equal to the redemp.
ton of the notes within reasonable time,
and the Immediate funding of large pro-
portion not been Of such great Importance,
/ would have inclined strongly to the use Of
CORN alone. To encourage immediate fund.
/ ing, and secure adequate means for the ear
lily redemption of the whole, cotton ano
wheat were added, but it must be admitted
| think, that these additions impair, t
some extent the simplicity of the plan
and the certainty and invariability Of thu
value of the notes. Three classes Of Ger
tiicates, in equal proper tions and Of differ
ent value, must now be used in lieu Of on,
certificate of uniform value Ehe necessi
ty, however, Of providing an adequate fune
rendered this concession unavoidable. Bu
to 90 further in this direction seems unnec
essary.
/ Iftobacco, sugar. rice, hay hemp, &c
were introduced, the yield of each, and lh.
ratio it bears to the others, would have t,
be ascertained, the comparative value to b
determined, and another class OF certificates
for each to be issued, in the Just proper
ton it bore to the others. This wouie
greatly complicate the plan and seriously
endanger its successful execution, aud q
the same time define and express With les
clearness and precision the value of thu
notes More I think would be lost there
by. in that part Of the plan which is de-
signed to clothe the notes with the attribu
ties and qualify them to perform the func
tons Of money, than would be gained By
charging the sinking fund, which is al
ready ample. My impressions arc very
strong that this view Of the subject is cor
recs. aud / hope the deliberations Of th'
committee nay bring them t. the same con