New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-05-30
The Rebel Finance.

MR. MEMMIyGER WANTS A SPECIE BASIS.
The Chair laid before the Rebel Senate on
May %, the following Communication:
covFrpFRATF STATS OF AMERICA,
RICHMOND May 90 1864.
Hon. Il. VI. +. HUNTER, President pro tem, Sehatei
SIR: Since the date Of my report OF the "a INST nearly
three weeks have elapsed. During that period II "S
intended 10 make sale at public auction, at the capital
of mart of the six per cent untayable bonds with view
to establish the rate at which sales could Dc MAD. ~
every commercial point within the cOheGeracy AIM
tary necessities have prevented ths Su' ana sun ic
onire Its noslnonemeut The aid which it was expected
the Treasury would derive from that source H. there
fore DELAYED for at least month ana Tor Tue eApenI
lures Of that period Treasury notes OF some other SUD
stitute becomes necessary,
The means provided BY Congress for supplying The
wants Of TIE Government at this time consist o. hIs
the limited Issue Of Treasury notes. second OF III.
sales Of the said six per cent bonds and third OF cef
tcates of Indebtedness. In my report OF me "a INST
have shown that the whole amount derived from taxes
during the present year will aord no aid In paying the
current expenditure OF the Government This regard
ms an iIupcrect feature Of the bill aud have recon-
mended that il DO rcmcdied by additional taxes Inc
collection OF these taxes cannot take place IN te 70
meet the emergency ana resort must De Iau 10 ohc Vi
the other resources.
In The same report have forth the reason why an
Increased tissue Of Treasury notes would be ludcios
and If These reasons are deemed adequate 10 justify tc
conclusion it follows that resort must be had 10 the
third means Of supply, namely certificates oil indeDt'
Cdnees. , - L.
The Great leading wants Of tie Government to be
supplie M home are clothing. subsistence and trans
pofiaton If measures can b. adopted which VIII en-.
able these wants 10 be- supplied wholly or IN phri
through certificates Of Indebtedness great reIei WIZ
AZ once be obtained. The railroad companies have
generally exhibited much patriotism that II D. hghy
probable they will readily accept certificates IN pft
payment of transportation.
The other great wants are supplied by the maniac
turefs farmer, and Planters who Manufacture tie cloth
ING and produce the su-ist stores OF the countI!
If these parties could be ntteoa 10 ueec ,o
impfcssment tie scheme would De complete IL seems 20
me that by rcsort!nc TO specie basis for al purchases
and impressmeufs they could Dc made NOR hceepabe
both 10 tie Government and Le owner IL mn! aluc.ts'
when Impressed. valued 80 TIC prices oi ls NWheA
the currency 40 specie stndhI) or nj thef pres
cnf value n coin and certificates were ISSUED iol huc
value PAYABLE two year, Hicr peace ~ specie, the H.
terest IN the mean time 10 Bee paid semi annually IN com
or fs MAJ ket value ir Confederate notes, subh"ntih
security OF The highest yalue Nouid De- Obtained me
party giving up bis commodlh,s N'hu nc U9,,I s-,I
lied with the price and mode Of Ia cnt During TIE
continuance u the war Dc would Give Tie same rate
Of interes; though bis properly had p'en s1l1eu ~
Confederate notes aid alter TIE wax "e MoA. RECEIVE
is fun value in coin.
TIC Government wond be better satisfied because
while il paid no higher interest during the VIZ than
would Do under the existing law. % would after the
war. tie loss 20 Which the present e1aeseI"tcu
l.c,s have exposed %. As no maternal hpatfmeHt IN
prcrs has occurred since Tire meeting Of Congress IL
obvious that The supplies sotci 't The hst congress
must be- largely increased unless such measure 0i
ne.tfgliv recommend therefore that the imlressment
Law be- amended iu conformity with the above surees-
tns and that 10 bc extended % a supplies which may
b. ncca s.ary FOR the support ~ the einy ana navy
end ttlt reasonable proportion oi the
rairoed tr4nspoI tion, based upon t cha see 81 i-O
sian be- pal In tie same Wy. As the clsh expenses OF
railroads arc very large ana REQUIRE sdrf - money
for daily usr il is rIu'sn.. that onethrd Of such
charges would b. MS much thcy could afford 20 tai
fooaaMe the Treasury 20 meet ne payment Of Tie /
Interest on these ccl'hcltes u would be- advisable 10
.sH. 81. III HI4 OIL fIHU
adyartags would tlgs ~ gained. Tho Government /
would be- enabled 20 pay boz interest 90 lower rate ana
tho payng out Of much coin would reduce The dlhe-
once between the market rnte 0f coin and ConedeIafe
secrrities would Therefore, respectfully rec5mriond
that an additional appropriate be made - enable the
Treasnfy h. purchase and ship as much cotton may
be made aab!e for this purrOse. Ten millions oil dol
would probably ho sufficient NJ tie present session
Respectfully submitted.
&. e. MENMEGER Secretary 81 Treasury
The communication was referred % the Committee On
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