Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-12-23

rate OF something lees than tnirts.n millions montn
From these figures, NJ ohalfman, u aPpsars .,
Mr.. Trel holm's own shoHing that the fnanoai mea-
res OF the last OongrsEs came within little oil &c
oou plishng the tee results of rais four huosrsd
million OF supplies aud Of relieving al 'qaai amount
of currency, which Mr.. MemmiDger lhtu snt almost
6uAI cal impOssibiliIy. $500 -, .,...-,L.
Posse r. markable reeults appear 10 have surprised
NJ Trenholm for be says in mis- Report this addi-
Ion 10 our indsbied ness 10 smaller than might have
been apprshsnd yet 10 greater than II the currency
had risen In yAus and thereby tue expenditures had
been rsdscd and the large amount Of taxss PAID had
contributed txeu.vely 70 tho Ielet ofihe frea ufy
Mr. OhslrmAn-Why has not the currency rssn In
value In proportion 70 Ia rednctiong
rec I'll Q, facien, reasons. first Toe delay Of
iH Ut" Ts' Z pot upon the marlet I'm accord
Isc >. ! ion OF oopgrsssl the dye hun
d.s tie 70 erect upsn riieh 70 50 -ursd
o. both or tTpotl AID import Gu lse. hsepndi Tbs
Increase In TIE value ef eoip, Wntsh 70 psflea 81
blockade Is eesef asi standA,a OF yalne htd which
ais Va disappears IN The ptt gees OF Areyeiu loci and
i'Tahd; Tho ecn Yctlon On ths poplar nj. 9, ~ the
sl,c 100 ~ becn, that the vars 10 be Of lei ool'
tIanAnee.
lepisIation, 10 put these fts tuldrsd m Han bonds
| rpon the make. They sell freely at one hundred
aud thirty ard il 10 my snoets belief that Win them
he Gag, under cur u BIZ, reduce the outstanding cur
rercy as low ss one dred al hisy millions. Then
should Oou gIess prov FOL bahis ior lie FSa nj
on and guard against tu pre redundancy, wan nav
done every h that lie NECESSARY. 30 much have isil
nropsr 10 saw OF the usucal measures VI last sesso,
Il hough opposed at tie time the pr nspi1 on when
they we're founded, and only voted ior them WHIT u
convinced at 10 6sheF bills could pscs at that sits
/ OF the 3 sslon.
InCw prt coed to examine, bri fly as possible, tie
/ priI Clip o. AID provisions Of Mr.. Trsnn,lms b IL
shall state principles without stopping 10 explain
th m and hope to be understood when leone to their
/ application TO the provisions OF the BILL
Mr, Msmmirger's great mistake vas In refusing In
the beginning Of the var {, Il 30 the cotton crop,
which he could have ed ct nom nal price, as basis
of uatior al crd'. HE Ttp)rs we're alvey admirably
log CAL but his relul:s alW ~ dk upSoinlmsnt
de was ct fret disposed to rely upon Tho banks then
nm the paul tic subscriptions Of the PEI pie, aid
6asy xhea his notss deprecated he failed beoaugs the
bonds which WeIs to absorb them he'd au! little bitter
blss Il en- lis notes, --a
Mr.. TIenho N has improved upon Mr.. NtmmiDgtrs
ror, and sought to obtain basis of national credit
| IN the products of the tthes af.er the war.
This Ides bel ese was first bfosoted 10 this Il, u.e
more than year ESQ by Mr.. Huisel, ths kspresentt
i've fro the Wh. eIiog District OF Vifsi.ia II war
su6,t irly freely dscutsed In private circles IN this
civ aud tie approval oil some OF INC largest and
most int II gent farmers OF 81 Stale.
The pIAn vas 10 bass our future Issues upon the
1.-The leaving the outs aAding currency "a be absorb
al by the bonds at present provided 1his would Dc
lint towards the hold,rs Of the present ourfsroF
While Il W. uld ilsure more vauhbe one In the III uIe
VAS that many OF the emta rassm sne oil the
tnnres mens system be done away with, and that
| IA mers, Who refused the depreoiatiog currpoy Of
Oonfed, rate notes would be very glad 10 take rt6
oates of payment n kind for their spspus 10 be ere
dited on the tihes due hereafter. The credit titus
given 10 farmer for his prepayment OF tithes, with
interest On the amonnt, and an agreement By The
3oyernnent 10 return 10 kiI the amount advances,
free of all cha ges for transportation at such irks
| or sea port toWa as might lie sgted upon, Was Ger
tsin. il was thought, to male then very valuable
ia nR eye certificates for the purchase OF ell Quar-
tstmSstsr and Con mIsfaTJ supplies, the Goverrm
lssue OF Conf derate notes IN Inc iDture would be
| curiailsd about one hall.
ConIed, rate notes. tina II daced, would be in d.
mspd for the psy@eut Of tsxss, aud III lie value COR
FeHo dIgIy increased.
To thi, idea Of making the future tithss Available
far the present oon dsct of the war the Secretary has
ADA "a in the bill before Il House the 10 my mind
Questionable feature Of using them 10 redeem the
| n ,esent outstanding currency, which has ahssdJ
beeu 81 flo eDtly provided for In the ave hundred
| million bends which ale xsmped from taxation, and
have their interest secured by pledge Of our Export
and import duties for this very purpose. They com
msnd, az tavs said. premium on the market sr
| With them uadeF existing tsxaion impoted for thai
ntj.ct sI the outstanding currency can be re-
deemed.
The three onin ent provi. ions of the bill are,
First The appropriation OF these cor i6cates OF
na,nent in kind instead the Eve hundred million
| bouds for the redemption (GT, es be terms IT, the
recovery from dspTeoatiOp) OF me outstanding cur
recV.
Second The exemption Of the currency from all
taxation In the future. r
Third, The plsdging Of certain portion Of the
hes after the var for the redemption OF these Ger
I6cs'es In kiud.
Fourtb, The permanent reduction OF the currency 10
o1e hundred aud ~ lion, aud the peder of Il
al of Gong es3 10 the immutabe Observance OF tho
| q: DIVISIONS q tbs bil.
/ will speak hereafter Of the fret of thee pro-
posi ions. The second appears very much like pro-
at aRainst the supposed impocy or injustice Of the
legislation Of last session. which Il s designed 10 give
compensation for. under the first proposition.
Mr. Chairman, th re are now only two ways Of carry
ing on the war, transcription Of men and taxation q
| pop,rty Congress ctnnot permanently exempt a
tiou; e1smp ion In cit er caEe is mater Of exp,
diency aud to b. jagged Of by each succsedng Con.
Rress Alta tina like the prestn Mt 1t 10 unwse 10 my
opinion 70 restrain ourselves BY pledges, from the
moral right to rice in an emergency every element Of
power under the Government in resist ng the enemy
n vas because the powers Of the snera government
we're copsded as chiefly administrative that the pro-
vision Of the Constitution sgiinst impairing con racsu
was c1pHned to the Ssses.
These sams chico ions lie to tie pledeirg OF
q certain source OF revenue, to the payment
of particular obligation. Tha right exists, end
has been constantly exercised under al g,yeru-
ments vas done BY the United States, and We have
already done so with wisdom under the Confederate
Government. Blu. to the extent that II 10 DONE our
resources OF future credit diminisbe Who're the
pledge 10 for a obligation there lie con- ansatioD in
prsseat adsaotass bus where the pledge Is for rGs
obi cation contracted Ia this case, wi bout rstren
to r. IL lie gratui st the exp nss OF ell the 9th
credl oIs of tia Government and week.-mrs. propor,iol
ally public credit 800. --r-s y
The fourth proposition Of the bill, 10 to me
also oblf cinnAbIe ! do lot think IL poss BILE, BY
m, re ejsls Q expression, to prevent sueees-
sors. in snoti or Congress, from authorizing u ey
tAhi pr par the Is uIng of more than one hnt-
dr. aid Aly miion Treasury hets add not having
the power thk itslsiss to pledge the faith Of he
g yer m nj inmuiabiy TO The fact ri. = IS
Tha sciioo Of our iofsfshsrs Ia the revolution Of
'7s sbo Id ts aE.rnag TO Us on his int 10 crdsl
that 70 my preA. By their e,psreees, be pre-