Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-01-06

and unA5ggng Zeal led by the favor Of God our fore
fathers through all their pes to 6nal safety, liberty
and independence W.R
GEN. TOCHMANS FINANCIAL SUGGESTIONS.
To the Editor Of tho Wing:
On Saturday last 6n acquaintance handed to me q
pamphlet entitled "a scheme for the relief of the
financial endorsements of the Confederate States
based upon real estate" containing address of Mr.
O. P Culver to the members Of Congress- in which he
proposes to force, by law, loan of twenty five per
cent on the land interest of the Confederate States by
his rots running thirty years without interest in sum
equal to onefOurth of the assessed valuation Of his
lands as assessed in $780, to which note should be at
tached mortgage on the entire real estate of its
drawer, and appended to it coupon bond Of the Gov
eInmsnt for The payment of eight per cent. interest
semiannuAy in specie cotton at its specie valuation
at the time of payment thereof Mr.. Culver proposes
further that the real estate Of the Confederacy be
empt from taxation for all PURPOSES of the general
Government, during the remaining thirty years after
the war that the mortgage att iched to the notes
should have priority all otker claims, liene,
mortgages of whatever kind or character that VIXEN
gad . Real Estate Mortgage Bonds" reacy for the
ege of redeeming 1t and his mortgage in ninety days
by paving to the Government fifty cents premium in
the treasury notes; that all the notes and mortgage
bonds not go redeemed by tho drawers be put up
on to the highest bidder, or bypothecated in such
other manner as the Secretary OF the Treasury may
de, m bost for the interest OF the. Government
A few more suggestions made in the address"
in support of this scheme, which concludes that at
the expiration Of thirty years the drawers of the
notes aud mortgage bonds, who had redeemed them
should take nothing, and those who had not done
40 should psy their u amount to the holders thereof
IL seems that the release of the drawers real estate
from paying taxes du.iDg the remaining thirty years
after the war is considered by Mr. Culver sufficient
consideration for their notes and bonds Of mortgage.
Several legal questions suggest themselves tho face
OF this scheme. But 1t has. certainly essence of
that it would attain the desired end than
any other plan of creating national debt by funding
the deprec.tsd currency relieve the country from It's
nresent embarrassment; for even the ultimate payment
of the notes by the drawers themselves would be only
an apparent hardship, when it is proposed that they
should not pay from their real estates after the
war and when il is considered that they are the most
party in the succ Of this war-as they would
lose all in case OF iu6jugauon of the country. But,
Mr. Editor Ihave not come out either to recommend
mr. 10 criticse Mr. Culvers scheme have simply taken
notice of by giving synopsis Thereof because it has
reminded me OF a financial plan OF Prince Lubecd, Min
ster of the Treasury in the kingdom OF Poland before
The
estates of the landhoders, in that portion Of Poland
which the Congress OF Vienna Of 1915 erected into
kingdom united 6yits OoRStituon" with the empire
Of Russia were so ncumbered with debs in which the
preceding wars of Napoleon l. involved the country
that there was scarcely landholder that could pay
taxes and interest. General bankruptcy threatened,
and public finances we're desParae A. this juncture
Of affairs the Legislature, Dist at the suggestion of
Prince Lubecki authorized the Government become
general creditor of all the andholders and debtor
Of their original cTedto Each andholder gave his
note TO the Government, seCu ed by mortgage upon
ais whole real estate, for the amount OF bis debt;
and the Government gave to their creditors
obligations with coupons Of six per cent, which
coupons we're divided into three or four distinct Glasses
Or periods of tme the per cont paying the interest,"
and part of the capital somiannuay in proportions
20 arranged for each class OF the coupons that at tie
end of twenty years the whole amount of capital debt
was paid and e1n relieving both the
and holders and the Government of the embarrass-
ment OF the time. This plan, though experimental
upon I'm ier entirely different circumstances-and in
country whose Constitution and laws differ from those
Of this country, furnishes nevertheless suggestions
which, combined with the plan Of Mr. Culver, may lead
to happy results Suppose-shoud the per cent.
coupons proposed by Mr. Culver be- divided into three
classes each of period Of ten years and should il be
enacted that the coupons Of the first ten gears ssould
pay per cent interest, and the remaining dollars
pay 80 much of the capital debt il s evident that at the
each one hundred-which would give the holders of
these Real Estates mortgage Bonds" in reality
than DIR cent interest each year after the first and
Ia the tenth year their interest would be equal exactly
ST. 20 per cent The second periods class Of coupons
to be payable in the eleventh year, when
the capital dect would be thus reduced $50 each
one hundred should pay So per cent intee and thu
on capital debt This operation would reduce the debt
at the expiration Of this period in the 10th year from
now to $50 on each one hundred giving the holders OF
these bonds in real ty, 81 20 per cent interest in e
irs year of this period more than 81 20 in each
coed ng year, aud exactly $40 per cent in the year
closing this periol-When the capital debt would be
iucedto $50 on each one hundred The third periods
cLass of coupons commencing 10 be payable in the 2lst
year from the adoption of this sch hen the debt
thus would be reduced to $50 each hundred dol
lars the coupons should be made 10 pay three per cent
interest and per cent the reduction of the capital
debt VII ch il Is evident the expiration of this pc
rod, would e1tngush the whole debt giving the hold
ers of the notes and boIds in reality more than per
cent interest after the frs year OF this period; great
deal in each succeeding year, and one hundred
per cent in the last year thereo-he capital debt in
his year beiog reduced the remaining five dollars only
on each one hundred.
II Mr. Onlvers calculation is correct that the real
of the Conederacy, exclusive of Kentucky and
Missouri, valued in the Censu; Of 1850, is worth
b. 500 600 000 its fourth or twenty-five per cent
would place at the disposal of the Government, in
real estate mortgaged bonds" 1925 900. OF these
400 600 600 il sold exchanged at par for the de-
eciaed currency admitting the statement at $780,
900 oil it have already bsen funded in the Govern
nents bonds, to be correct would absorb its balance
emaiaing in circulation and leave $25OoO0,ooo TO DO
lisp esed of for the e1psnd But it is OBJ
nous tia; such "rsal estate Mortgage bonds" would
ommlnd heavy premiums, and Win proper legislative
,rovisions adiciou.y managed by the Secretary OF
he easury probably one-third one-ourth OF tour
hundred millions designated above for this purpose,
roud retire all deprecated currency being now in CIR
ulaion which recuperaton of finances would provi'e
for least two years to support the var, and