The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1864-01-07

- s.ss = fIsis UyvltN fos eli kinds Of clkAN
COffok ANp LINN RAGS, n large q s1nal
TAxat1sa.
Tho revolutionary Government OF ~
could NOT, We believe, lay taxes. That pow
cr Was reserved BY the States. or course
when they created currency they had moth
Ing better 70 make Il out Of than their sim
pIc promise to pay. Backed BY no substan
tai means to redeem this promise, 1t 10 no,
wonderful that the currency thus created
should speedily decay. Our own Provisions
Congress had greatly the advantage Of that
Of I'd. They had the power to tax, but did
net do Il. They had, also, the power 70 pns
chase, Il peace prices or At very small al
vance apon peace prices, all the cotton in
the-Coueederacy. We have heard that they
! were besieged by petitions from immense
numbers of planters, praying them to take
their cotton At twenty cents; but they turn
ed . deaf ear to the prayer. Their proceed
ings were secret, and therefore We cannon
know whether this was 90 or not. We sup
pose they viii one day be made public. His
tory has right to know who was foremost
IN opposine these petitions, and what was
tho prevailing. motive. II any man, or Get
ar men. opposed their reception because ne
hoped that the existence OF the war would
enhance the value of cotton and put money
In hls or their pockets, the fact should BE-
transmitted to posterity for the benefit I
mankind. II should be understood how opt
selEin,erest IL to mar schemes Of the higf >
est patriotism and the most profound VII .
dom. Be all this as It may, the Congress
laid no tar. and did not take the cotton. II
d.a. however, authorize the Issue Of an enor.
mona ncmber of promises to pay without
providing an, means Of payment. 1t was
compared to the old Congress, and 1t seem
cd determined to maka the likeness as com
plete as possible.
In process OF time these promises 10 pay
have become O source OF serious troub:e "
the country and no small vexation to Con
gress. What is to be done with them -
Their sum total shows the figure OF $'OO,'
OOO. 200 or thereabouts. We can learn nothing
from the secret proceedings Of the House.
1t 10 rumored .out of doors, however, chat
this sum is to be funded, and that heavy
tax il to be laid to pay the interest on it -
At the same time another heavy tax is to be
Mid to Support the Government. The tax
for the payment of interest must produce
at least $4O, OOO, 600. The tax In support q
Government must produce great deal more
The f.sr Is that the people will become DIS
contented under the weight OF the heavy
taxation necessary to obtain both these Oh
sects It the same time. We made propo-
alton the other dsy-or perhaps 1t is more
correct to cay We suggested plan-for OBJ
waiting these di aicultles. 1t Is to postpone
the payment of the interest of the debt I'M
I'll after the war.
We are aware that this will be called pro-
poeal to repudiate. We dc not regard 1t as
such. On the contrary, we look upon It as q
conservative proposition, intended to OBJ
p,ste the necessity OF repudiat.ng at future
day. 1t ID q mere postponement OF pay
meut. the result of stringent necessity
which Is common enough In the transactions
IT everyday life. Congress itself-or, If not
Conzrcss. at least the State Legislatures
have passed laws prohibiting the compul'
sory collection Of debts during the present
state of affairs Nobody complains of these
laws. go far a. We can understand, and they
are not understood to encourage the leas. al (.
proach to reputation. Why not place the
public and the private debtor on the came
footing, and compel both to wait for their
money until the termination Of these trou-
bless Relieved from THE burthen for the
present. at q time when her energies are
most required for the prosecution OF the
war, the country could put forth ten-fold
strength In the support Of the Government
It has chosen. Nor do we conceive that the
public faith will in the slightest degree be
impugned, or the public credit called In
question by the act. The people know that
the Government Is embarrassed-that It is
carrying on o tremendous war-that it re
quires the earnest support of every citizen
and that If II fail, subjugation follows as me
ceasary Consequence, when the payment OF
this debt will not only be postponed, but
postponed indefinitely. They will acquiesce
eheerfully In the postponement, If they can
thereby assist In escaping the terrible catas-
trophe.