Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-01-02


the State aud nov proposes organize the reerva foE
do nos intend, certainly at present. 70 raise any qae
ton about tho right to do 50, but confess should DC
much concerned to It exercised sovereign sa'e
without soldier ard without The dignity OF esrepgtb
stripped Of ell her men, and without only the form o.
pageantry of power, would, indeed, be nothing moT
than wretched depetd ncy to which should grieveto
see our proud old Commonwealth reduced Recent
events painfully admonsh US ALSO of the necessity OF
thorough and compete organic stoD sud doubt MOI,
the General Assembly viii oeSe ss0mbling on the Oh
instant, promptly relieve us hnea mess about tns
comprehensive, act clothing tho Governor with full
to organize the reserved force of tie State In ouch
manuer as may best promote the public interests hav
ing due regard Of course, TO the character and to The
limited objects to which u is TO be applied. geDfroui
confidence on the part Of the General Assembly in the
Governor 10 whom the executive power Of the State has
been entrusted by the Constitution and the people, il,
IL seems to me- constitutional duty. But ap..t from
that view of the subject respectfully ask IL becauae IL
is impossible for any bran otcthought to provide, BY
legislation for the varying circumstances which may oc
cur during the gigantic war In which we are engaged;
and because cannot believe that can abuse any trust
confded to me, fail tenderly to consider the feeling
and interest Of my in regard to the mill
tasy duties which they may be called to perform.
The currency OF the country, consisting as Il does
almost exclusively of Confederate notes, with which
the States and ell the people thereof are identified cas
ly reformed The facility with which 1t is created
the enormous amounts which daily Issued naturally
lead to waste and extravaganza and inevitably TO vice
and depravy. Far better would have been had We
adopted, at the beginning Of this war, hard.money
currency. judicious system of loans and Of iaxa-
ton combined with great staples Of cotton tobacco
and naval stores of which the Government should Lave
possessed ITSELF would have furnished such
as would have literally supplied Gu, wants and planted
our public credit upon basis which would have given
us the confidence Of the world II s useless. however
70 speculate TO the past The practical question s,
wha. is bsst now 10 DO done : Virginia is deeply III
terested in this question: and her Governor feel I.
TO be my duty, although with hesitation and dii1donce
70 express my views upon this interesting and import
ant question.
FIRST Provide by law for the Issue Of one thousand
millions OF dsllars, at four per centpm per annum on
that part which takes up the currency aud six per cent
the reeidue with coupons attached interest payable
In specie or bank currency.
Second. Declare that the Confederate note currency
shall to circulate sucb end shall b. funded in
the bonds authorized to be Issued.
Third Make the banks Of established credit the fscal
agents Of the Government to eel no; lees than par
oil bonds which may be in of Ihe currency to be
iundsd; to isfue their noes currency, and to
transfer reH aud re needed tho funds Of the Govern
msnt.
Fourth To tax freely taxes payable in specie, or In
the notes of banks acting Government agente,
pons OF public debt
Fifth. Let the Government now take into its pcsse
sion the cotton tobacco and naval stores Of the
try "a auxiliary TO loans and taxes.
There be but little objection TO this. IL ia well
known that large portion Of thcs, articles Ia In tha<
hands Of spectators, who have grown rich in the m
of general suffering and distress.
This scheme would am persuaded act Ike O charm
in the immediate renovation of the public credit In
the reduction OF the interest the public will find satsfac
ton as evidence OF regard TO the resources of the
Resides thoaa ri will 0yn will hayA
qured the ability to do 30 by enormous profits and, at
most IL only be regarded special tax upon tho
rich which has numerous precedents, and which they
can we'll snord to pay \
Ia the selection Of hanks we shsuld have agents oil
tried and approved integriy-thoroughly informed
to the more udioOuI system Of credits, and with the
restoration OF seurrency now at heavy premium and
With which the people have long been familiar, should
at once see revival Of confidence that would gladden.
the heart Of every patriot in the land II does
to ne that this scheme would open most auspciousy
and if sustained by liberal taxation and judicous sale
OF our great staple, il would dspel the clouds which
hangover and obscure financial system and let in
bright and hopeful future.
Ia aid of any scheme Of finance, however regard
of the first consequence that bockaderunnHg, as
is termed should be conducted by Government alone,
or by individuals and Government combred and that
nothing should be imported except articles Of prime
necessity. The effect would be 70 prevent large
amount of waste and extravaganza at homo-to sharpen
our industrial and inventive jaculdes--and TO accum
late large amount of sterling exchange abroad
No business should be tolerated which looks to fec
tuations in the currency of the country and tho stocks
Of the Government for prosperity lts instincts would
naturally seek to sggravate these fluctuations, while all
its power would be exered to appropriate and
the advantages incident thereto. An organized
poser actively engaged in unsettrg the public credit
is fee greatly to be dreaded and should be controlled
by the slernes. legislation. Perhaps no currency
ata1 While had On m nj
destruction that Of the Confederate States And the
new scheme of currency and finance which will, pre-
sumo, soon take the place OF that which now exists,
must be strengthened and protected by timely egsls-
ton As part thereof let ali buying and selling OF
gold and silver oil dealing in State Confederate
rency the currency of their several agencies all
stock jobbBg in State Confederate bonds all receipt
OF deIal currency OF any description, be prohibited,
and le; those violating ouch laws be severely punished
Il is time to hasten these remarks to an end.
may to have abandoned some of my old cherished
opinions Bot in advocating the msximum-n seeming
to approve the policy Of limiting, by law the price OF
money, and in proposing TO return to the agency OF
banks for the management Of the public treasure,
nouoce 10 old aud cherished opinions, and only yie
TO the extraordinary circumstances which surround N
\ In the sugges lops which have made have lcoksl
for the best of meeting the peril thai Is upon
In the plan which have presented have contemplated
a system, each measure of which ia necessary TO the
other 1t will be observed that some OF them will DO
more effective by cooperative legislation which, on the
part of Virginia, will never be withheld
Virginia entered into this war with reluctance; bu
having entered into il from sense Of duty she do
rot mean 10 sheathe her sword until she has won
liberty and independence, the bones Of her last
shall lie bleaching on her hiltops. Although hund
of thousands Of her people have beer overrun BY
enemy, their fields desostsd, their homes utterly
sumed, in many cases, by Ere: their stock devoid
destroyed or carried sway their slaves entced FRI
their possession, while the blood Of their loved one
mois EN- every battle field; yet they are unconquered,
bright bold and defiant they still prepared to SUI
fer We cannot believe tia. our good God will allow
such Just cause as to be esS Much as we havo
DONE much remains to be done. Let resolve to make
every sacrics in cheerful end hopeful sprin short,
perform our whole duty and them with the blessings of
Heaven, We cannot be subdued.
LATEST FROM TIE BAHAMAS.