The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-03-01

AhAo8St Astb@t VI tAO AAtSt
Dose.
Mr. Memminger, at the opening Of
the late session Of the rebel Congress,
recommended new financial scheme:
the adoption Of which, he declared.
could alone save the currency and
without, its salvation, 1.-THE country
must suecumb." Congress, acting upon
the adage that desperate cases justify
desperate remedies and that the ply
stefan is justified in experimenting on
dying man accepted the logic Of
Mr.. Memminger, and passed a bin
strictly in obedience TO his views
It has Just reached the North, and been
published; and we should gladly give it
in full, had we space in our columns
but as we have not, we must be content
with synopsis Of portion, and ex-
tracts from the remainder. After the
enacting clause, the first section pro-
yides that all non-interest bearing
Treasury Notes above the denomina-
ton of FIVE dollars, shall be converted
into FIVE per cent bonds; if on the east
side Of the Mississippi, by the first of
April next, and if on the west side, by
the first of July; and if not:
3. That all Treasury notes Of the denomi-
nation of one hundred dollars not bearing
interest which shall not be presented for
funding under the provision of the first
section of this act, shall, from and after the |
first day Of April, 1854, east Of the Mississ-
ippi River, and the first day Of July west Of
the Mississippi River, cease to be received |
IN the payment Of public dues, and said /
notes, if not so presented at that time shall, |
in addition to the tax of .hirty-three and !
oue-third cents imposed in-the 4th section /
Of this act, be subject TO a tax Of ten per
cent a month until so presented, which tax
es shall attach 10 said note wherever circu-
lated, and shall be deducted from the face I
of said notes whenever presented for paw 4
ment or for funding, and said notes shall !
not be exchangeable for the new issue of /
Treasury notes provided for in this act.
4. That on all said Treasury notes not I
fuaded or used in payment of taxes at the 4
dates and places prescribed in the first sec |
ton Of this act shall be lieyed at said dates 4
and places q tax of thirty-three and one /
third cents for every dollar promised on the l
face of said notes, said tax shall attach TO /
said notes wherever circulated and shall
be collected by deducting the same at the l
Treasury, its depositaries and by the tax 1
collectors and by all Government officers /
receiving the same whenever presented for 4
payment, or for funding, or in payment of |
Government dues, or for postage, or in OK
change for new notes, as hereinafter pro
vided and said Treasury notes shall be .
fundable in bonds as provided In the first 4
section of this act until the first day of
January, 1865, at the rate Of sixty-six and I
two-third cents~on the dollar.
Procided further, That the right to fund
any Of said Treasury notes after the LIST day
of January 1865, is hereby taken away;
and, Provided, further, That upon al such /
Treasury notes which may remain cut
standing on the lst of January, 1865, and /
which may not be exchanged for new treas
ury notes, Nas herein provided, a tax Of one
hundred per cent is hereby imposed.
This is practical Reputation; the time
given is too short for the funding; and
even if it were long enough, it is in VIC.
lation Of a solemn obligation to redeem
the notes. How any one should be so
silly as to believe that it would aid the
c6rrency, and give it additional credit,
we are unable to conceive
As this sweeps from existence all of
the $S0O,0O0,0OO of rebel currency, save
that below the denomination of FIVE
dollars, we must then inquire how
substitute is to be produced; and ask
what are its guarantees? The act pro-
vides for this, by authorizing an addi-
tional issue, to be redeemed two years
after the ratification of peace which
shall secure their independence. But
how much more solemn is this assurance
of redemption than those given when
the old notes were issued? And what
pledge have the people that they will
be redeemed2 Simply the 'oord Of repa-
diators
But holders Of small notes are little
better off than others; for section II
provides that they shall be converted, /
like the larger ones; but the time is ex-
tended to the first of July and first of
October, as they may be in circulation
east or west of the Mississippi.
Having disposed of the circulating
non-interest bearing notes, the law re-
pudiates another obligation, as follows;
10. That Treasury notes heretofore issued.
bearing interest at the rate of seven dollars !
and thirty cents on the hundred dollars per
annum, shall no longer be received in pay
ment of public dues, but shall be deemed
and considered bonds of the Confederate
States, payable two years after ratification
Of q treaty Of peace with the United States
bearing the rate Of interest specified on their
face, payable on the first Of January in each
and every year.
These bonds were issued under the
pledge that they should be receivable
in payment of public dues; but this
pledge is repudiated
No person who understands the first
principles Of political economy, will ask
the effect of this act but as there are
those who may, through sympathy with
the rebellion, hope that the new regu-
lations will be salutary, we copy the
following from the Richmond Despatch
of the Doth.
"The attendance at g recent sale was I'M
usually large, it being the first sale since
the Congressional action upon finance. The
result shows an advance of 10 per cent.
Gold is quoted at S25 for ST, bank notes 50 so
for 81 in Confederate money"
This fact, thus unwillingly admitted,
is worth more than all the theories
which an Adam Smith, a Mills, a Ben
than, or Buckle could produce If
rebel independence depends upon the
improvement of their currency, as they
have frequently avered, then they had
better prepare to succumb' at once.