Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-12-22


REMARKS OF MR. SMITH. OF NORTH CAROLINA,
On he BIZ for Redpeing snd Rsdss"aiHg the Currency,
d.i.ysrsd in the House of RspFsssntaliUsS.thI l2h
tnst.
NJ. snurH myvsd the following 80 Q substitute for
he 50 section of the bill:
"Taat, TO provide fand for the payment OF laid
treasury notes Issued ubseq Ielt TO the passage OF
mia act after the ratification Of treaty OF peace
usseon the ConfderGts States and the United States,
there shall be levied upon the importation Of foreign
goods and the expectation Of cotton, sugar, tobacco
rec wheat corn and naval stores an Gd VGiOrsm AK
Of ton per csntum, the proceeds Of which shall be
exclusively apple TO the redemption Of said notes
nd 10 the certfo ltes into which eaid noes may be
converted according 10 the Provisions o. This act and
tbe sams are hereby specifically and irfeVocably
oIs6ged thereto. Provided That this cot shall not
ieterfers With any previous plsdgss OF the taxes
aforessid, but be sHbjec. thereto"
Mr.. SNITH said:
prorOse very brt hy TO present to the consideras
ion OF the Committee, the merits oil the amendment
offered IN place OF the third PeOion Of the bill. This
section pledges the GoSrnment 10 pay ssr ine CT So
az h, var 10 the hJl terra of the certificates Into
-h!ch its TTearuTy notes msy be converted certain
Gxsd tortioBs of the amount due, In corn, coton
.pd wheat st definite and prescribed rates for EACH
= alta Ms this result cotton s msds to contribute
four parts corn four parts and wheat one part and
cir values adjusted 1pon the esimAte Oh prices
a rule upon the return Of peace.
TIE fourth section prolonss for series OF years
he taxes Ia kind imposed upon these three Produo.
.lons under existing laws, and sppOprates the pro.
sesds to the redemption of the debt.
Thu o. IL changes which the bill underttkes 10 make
in ou present currency syssfm in the substitution
Of thsse material products Tor money and In the cup
mort of q spsefe pledge o! certain oOntr ued tazss
VII this improve the currency and increase its
Tslns
Too Trsasury notes Issued under the authority Of
xstpR law, expressly promise to pay, after limited
me-. IN msney: an a. the only means Of doing this
are 10 be found in the exercise III the taxing power
the entire resources Of the eouairy are virtually
nla1Red 10 thqr redemption. What additional guar.
sntsSs ara fired in the BIZ Instead Of applying all
l. Or poses to appropriate and bind part only OF tbs
pablic rtyspue. I1stesd Of pay uens In money, II
srs q discharge the obligation in eeItdn agrteaLtH
raj products at values the equivalent OF money How
Gao bis re uvigorAte public credit and enhances the
EaIus Of i.s iesusef
The policy Of the bill, ss Of our past l'gsla'lon
generally, rests upon mlEoeneepti0n o. inc causes
which Lave produced the present ooDdI ion Of our
finances II s not the sLssles ct pledges OF the public
i.tb hut an impaired oOnhdsDcs in the ultimate pay
"a nj of the debt q q, has led 10 the depfeclAt on OF
sha Iu5Ie securities, The currency notss az wei IS
O. hero, Tbs dsIuSt results from ths large acoumu-
i ion Of the deb frcm lie continued increas ana IRON
lbs co. doabt felt TO the ability and Wrg G.
as Of tbs people provide hereafter for I've fsdenp
ion N full, Military reJsrses-the wastes ana dsvtE.
,atious OF Wsr-ahs uncsr:sin'J OF it, duration ana
End these largely contribute to tie dist u.s..
Whssb her these ppTsheDsions sTs vel oundee, snd
whether hs5 consistent with sscuid ana
rsiroiisn no. ther exists ace cannot be Ins sgh
Of 10 NJ Just scafms of financial reform They are
b, primary sHd principle cause In the decline OF the
ard their removals. necessary to is improve
ZEN.
Astr annRnh noua