The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-06-13

NEWS FROM THE SOUTH.
The Rebel Revenues-ProsPeotiv Bank
rrruPsvy p,.sn,c.S sentinsi June al

The Rebel Rsvenues-PresPeotive Bank
T 5Sps. ~ a. Rios sns ssStinsi' June 81
There Is reason that Congress VIII adjourn be-
fore 1t has matured the measures 20 ne 10
close the mt session almost uncomfortable In
truth the circumstances which surround us Just now are
TO action rather than 10 Investigation They turn the
thoughts upon those grand physical collisions by
subtle questions OF finance and statecraft which are
slower less papabe in their operation. The physical
stands out prominently than the mental; the actual
takes precedence OF the speculative
But yet II is not wise admissible to abandon states
manship merely the times full Of excitement
II viii not do to forsake the helm because the ship is
caught in storm. On the contrary every consideration
OF patriotism and proprey requires that the utmost wis
dom and most anxious should be bestowed
on our public Affairs While soldiers fight lsgis
lators should think and ponder and watch The latter
should no sleep abandon their post than the
former Whoever may be excited Congressman should
be calm, and brave and steady y the winds howl and
the waves rock the pilot and the crew have but the
greater reason, and It binding duty, 10
stick TO the helm and TO man the masts.
has NOT vet acted is that Of the currency and taxes Il
has represented In Congress by the Secretary OF the
Treasury that the taxes levied for the current by the
existing tax law will afford aid In paying the current
expenditure the government they will 60 mainly to
the reduction OF the circulation and II that 10 to be kept
porting the government must be provided The sale Of
bonds the issue Of certificates of Indebtedness aud more
The sale OF bonds has been prevented thus far by
the condition OF the country TO roy upon such sale
ment at the feet of the capitalists and place its
credit at their mercy The use of certificates OF
indebtedness has not been provided for by any ade.
quate measures The taxes been raised,
wisely recommended by the Secretary OF the Treasury
On the contrary the pending propositions WIN essentially
be remeded by leveng up but unfortunately by To-
yelling down. The resulting dimnution OF taxes must be
very considerable and such will be seriously felt We
think the recommendation OF the Secretary to increase
the Infinitely better suited to the necessities OF the
country than the proposition to reduce hem which seems
In truth we feel very apprehenslve Of the result,
Congress shall fail to maintain the present and
TO add to them by increasing according TO an equitable
standard the those classes which are favored by
ne sMa ssrSae Of Of ss vbos
compensation TO ruin our circulation again BY exces
issues to sell our bonds TO the extortiones for
debt and in hopeless bankruptcy win Congress, from any
anxiety to adjourn any timdy as to taxation aban-
don us 70 such fate? We hope not.
There 10 another recommended by the Secre-
tary the Treasury, and which conceive s Of the
utmost importance, but which has not yet believe,
engaged the consideration OF Congress We refer the
proposition reduce the expenditures OF the Govern.
specie Standard and consequence Of this
the paying OF Interest on its Obligations issued
basis. in specie or its equivalent This is
hed Il to be sn mistake to be solic,tons about
low OF interest rather than low prncpa in refer
ence to our public debt debt Of Thousand millions at
hundred millions at eight per cent for though the annual
interest is tho same, pay day brings difference Of one
much at the low interest," and too little at the reduction
ultimate liabilities Mr.. Memminger proposes .
bold, but. we think, salutary reform 10 this direction
He proposes that hereafter mako debts, just
must ultimately pay them-on the specie basis. The
purchase OF specie to pay the interest viii make
the latter very heavy per cent but the
debt created VIII be so very much smaller as TO effect
probably saving In the interest during the exigen
ces OF tho When, however, tho war shall have
ended our situation will be infinitely better than il
now 90 on creating debt 10 extended and depre
cated currency 70 be paid hereafter in specie Justice
10 those who must hereafter pay the debit and policy
the debt holders themselves require such
that proposed, for just debt Is the only one
whose payment be surely counted uIon The Secre-
tary the Treasury has done his duty bringing his
subject, well proper scae OF taxation, TO the at
tenton Of Congress- is TO be hoped that others will be
as ready 10 discharge theirs
We trust Congress viii give the great interests to
which alluded full and attentive consider alton
while General Lee and his brave soldiers
standing 70 their posts at the risk OF DEATH and Coming
victories country in tho field OF BATTLE legis
ators will show equal readiness to rcnounce their per-
eonal and convenience ard equal purpose TO dis
charge public they have assumed and while
Lee and johnston and their ccmpatrots shall gladden.
the land with shouts of military triumph. may grateful
people to able also TO point to the acts OF their Congress
men and say. "reace hath her trumphs not less re
nowred than those OF war;