Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-01-07
ACKNOWLEDGEMENTS RTsAF-.
RICHMOND WHIG.
1HUnsDAv mORNING. JAN. I, Ise4.
Public Credit.

osrsts credit almost entirely. Il is the every day re-
mark in Congress, on the Streets in the army, and
throughout the country that Confederate credit gone
Il is lost because the Government set out to carry on
the war on mere pspsr issues Of currency, with no
guarantee but enthusiastic patriotism no loans, no
taxes It is true capitalists would have been shy 81
loans; but in ls6l62 the Government could have got
rom the producers the loan Of half tie cotton, tObae
Co. rice and naval stores for eight per cent bonds and
the remainder for Confederate notes. at the average
price of the preceding FIVE years This plan was sug-
g,s.ed 20 the Secretary OF the Treasury and to the
eou,trv through the press and more directly but they
turned their backs upon It With contempt 1t was said
by these Who had read the books that this would make
he country ga merchvnt" which would be fatal-that
it was utterly Inconsistent with the theory. Such
theory, rarely true in peace is utterly disspaed in the
smoke Of the frs. cannon that is fred. The first fatal
stab to the credit of the Confederate Government was
when it regulated It's bonds That killed OF the cap
asts The SECOND in its rating and taxing specie at
eight times its own currency. That killed OF the tax.
PAYERS So the credit Of the Government may be said
70 be deluuct By tso de under its present manage
ment.
But the war can only be carried on by credit The
capitalists meeting 10 Augusta Ca, resulted in pro-
pounding scheme to galvsnize the credit of the Gov
eminent How far the Secrtarys scheme accOrds with
it a comparison readily discover. The one is but
modification Of the her. The result Of either scheme
would b, simply to accumulate all the wealth of the
country in the hands of the roh and make sers Of the
rest of the people. course that would do here, what
has heretofore done every where, often and often it
you'd call for king and nobility. Some who wers
rich before the war and have managed to hold well TO-
zether what they had might become Bironets perhaps
Baons; bu, Erldoms and Dukedoms would te for the
blockade uGners spectators and quarter maslers
The necessity still remaining to carry the war by
credit where are WoaO look for substitute for the fse
5sedit Of tho Government. Frs., naturally to the
Statss But mot to speak of Dslawafe) Maryland
Kentucky, Tennessee, Missouri, Arkansas aud Louisiana
have no Safe organization in the sh3pe of Lsgisla
lure that give pledge of support to Confederate
notes that would amour; to anything 10 others of the
States there would be such quibbliDg and wrauglrg
,mong the base low and Inscriptions demlgogues tina!
States credit Eouli no dOuS. be failure.
What next? Heavy taxation, by which tle Govern
uent will get possession of portion of the properly of
he people, and the organizing and utilizing the credit of
he people individually by Of liens and mortgages
,s basis Of credit Il must come to tina at last thu
sooner the better; a. once The fact ia people mus! be
wiling to give up halt or that they to cave
the cause aad it is time to begin. Let Congress repeal
he entire OF last session. not now, but after the
let assigned for its collection, it being pary GOlect
lresdy. Let it impose tax Of per cent. and demand
l loan of 10 per cent on all property and values
What the Government wants is TO secure msney a.
vii, and 10 pace it.ef in position to command money
and TIE least charge now Heresf take charge
OF hereafter. People will give notes, without present
interest for five yeas cheeuly for 10 per cent Of
r property and repeat again and again if the Coy
rument properly administered asks. Yet it lie not
natter for our Government during the to point
heir efJr.s to obtaining money at cheap interest It
appears from the table of loans contracted by England
her with Napoleon, that the # renee in tn IL
crest Of per and per ceAL loans was seldom
bove half per cent. and generally not more than
quarter. Loans a. the lesser per cent raised al
40 per cent and discount L. scarcely admits OF
IN argument that h is better to even contract add dona
oaus 10 deray an additional temporary interest," which
Is to be permanently reduced after the war than TO
contract debts such disAdvantsgeOus terms, and
unous to the present credit of the country So ruin
Gus vas The experiment Of cheap interest to England
that Parliament pledged itself, by solemn resolution
in 1924 never again, under any pressure to borrow
money in any other way than in FIVE per cents The
ecoguzsd interest in money transactions throughout
cue Oonfederacy is about per cent an average, as
per cent was that of England. Lst the bonds them
which Congress gives ia lieu of the forced loan run
once at nine per cent, coupons certificates of in
crest being given ssmi-annually, which shall no
De circulating medium, but shall change hands only
by assignment but this interest to be made payable
for ave years. and to be compounded. This would
allow oadhoders to dispose Of the interest certificates
At az aversge of about per cent the investment in
he bonds, which capitalists would eagerly purchase
and lay away. After FIVE years s! it be understood
cha. the interest on the bonds viii be reduced to per
cent, payable sem;-annuAlly. This would give US a
breathing spell. But the bass ofestmatDg property
aud values must be the. specie basis. The
can come to that would be the assessment of 1860.
re standard Of gold at opcs would b. better. But
If every or aDybOdy's property is e.tmated in
rerey now but One-twenteth the value Of specie, and
FAXED per GEN., it would just exactly take all that he
AID they ore worth.
As the Government is so urgent 10 put every man on
the muster roll and all and regard for the Con-
suton has become obsolete With L. suggest that the
ezsc tax machinery of each Stats be used with additional
bonds from every individual in it. Instruct every Col
leetor to require so many fold than the amount
usually paid in each tax from every taxpayer fos gov
eminent use and appoint receiver in each State some
bank perhaps, 10 receive it. Thus no new and IN
known and unaccustOmed machinery would be used,
though far larger, but not unexpected, tax would
be called for; and whole army Of tax collectors,
,,,.+Iv necnla4ors would he mt in the field
The same State tax collectors, who know best could
value the property of each citizen, and take bis note
under the forced lOap and under the old estimate, of
which he has the best knowledge; not ignoring, Of
course the vast accommodations Of specuaiOrs nor the
losses of many tax payers
We offer these speculasiODs on the public credit