Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1864-06-09
The New Scherne of Finance.

The following communication, from the Secretary OF
the Trea Jury, laid before the Senate Monday of
| last week, and referred to the Finance Committee
TREASURY DEPARTMENT,
CONFEDERATE STATES CT AMERICA,
R chmoLd, May 20 1864 j.
Hon. r. M. T. Hunter. p esidsnt tenn, Senate
SIR Since The date OF my last report ou the %
instant nearly three Wet Ks have elapsed During th.t
period it was intended to make sale a. public auction,
at the capital, o. part OF the SIX per cent unaxaoe
bonds with view to establish tie Fate at which Sales
could he made at every commercal point within the
Confederacy. Military necessities have prevented the
| sale, and still require its postpcnement The aid
which it Jeced thae Treasury would derive from
that s therefore, delayed Tor at least month,
aud for the xpend ues of that period lreasury notes
or some Other substitute becomes necessary. The
means provided by Congress tor supplying the wants
of the Government at this time consist oi-hist the
limited issue If Treasury notes. second, of the
sales of the said six per cent bonds and tlrd OF Ger
tcates of Indebtedness In my report OF the ID Dst
have shown that be whole amount derived from
during the present. year will afford no aid 10 pay
irg the current expenditures OF the government
This regard as an imperfect feature OF the tax bill,
and have recommended that it be remedied by add
tional taxes The collection Of these taxes cannot take
place in time to the emergency, and resort must
be had to one OF the other urces.
In tie same report have set forth the why
an increased issue of reasury notes would be inudi
cous and if these ened adequate to JUS
tify the conclusion it fellows that resort must DE had
to the third Of supply, namely certificates of
indebtedness
The great leading wants OF the Government to be
supplied at home, cloht subsistence and trans
portation. If measures be adopted which will ena-
BILE these to be supplied wholly part through
certificates OF Indebtedness, great relief will at once
be obtained. The rail road companies have generally
exhibited so much patriotism that it is highly probable
they will readily accept certificates in part payment OF
transportation.
the other great wants supplied by the manufac-
turers farmers and planters who ufac!uie the co-
1hoo
If these parties could be induced to accept certificates
for such artics tt sui ecs Of purchase or i'm
pressment the scheme would be complete. 1t seems TO
that by resorng to specie basis for all purchases
and mpreesments, they could be made acceptable
both to the Cove and owner II all ariich s
when impressed, were valued at the prices OF 1860
(when The. currency was at specie siandard) or
at their present Value n coin, and certificates were IS
sued for such Value payable two years alter peace 10
specie, the interest," ia the meantime to be paid semi
annually in coin, it's market value 10 Confederate
notes. subs antal curity OF the highest value would
De obtained. The party giving up bis commoditits
would be better satisft with the price AID mode Ct
payment During the continuance Of the war be would
receive the Of interest though his properly
ID been valued in Confederate notes; and after the
he would receive its fall value in coin. Goverr-
ment would be better satisfied because whilst it pai
10 higher inter- st during the than it would do
under the sting law would alter the war; thu
loss 10 which the pres mt exaggerated prices Lave ex
posed it.
AS no material abatement in prices has occurred
since the meeting OF Cougrss it is obvious that The
supplies voted fer ny the last Congess must be largely
increased, unless such of relief should b.
adopted at the present ss,on. | respectfully recon-
mend therefore, that fhe impr ssment law be amended
conformity with the above suggestions, and that ii
be extended to al supplies which may be necessary for
the support OF the srmy ard navy. | also recommend
that reasonable proportion ct the rail road ranspor
tation, based upoo the charges of 1860 shall be paid
in the Way AS the cash expenses OF rail roads
very large aud rquire supplies of money for daily
use it is probable that onethird OF such charges would
be as much es tn could afford to take.
To enable the Treasury to meet the payment OF tie
interest these certificates it would be advisable to
furnish it with the of procuri, CON- double
advantage would thus be gained he Government
would be enable pay its interest at lower rate and
the paying out OF 80 much coin would reduce the dit
ference betwee the Eke5 of coin and Conedr
ate securitie would therefore, respectfully
mend that additional appropriation be made to CO.
able the Treasury to purchase and ship as much co..
ton may be made avaiia Ole for this purpose. Ten
millions of dollars wlud probably be sufficient at the
present session.
r spectiuly submitted,
G. e. MEMMINGER,
Secretary of the Treasury.
Ga Tuesday, the Chairman of the Committee report