The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-06-03
NEWS. FROM THE SOUTH.
MemmlngeF Wants q Specie Basis =
How He is to Get Il!

NENAiE -AiChAONbi NAY -, lSOA
The Chair laid before the Senate the
following communication:
TREASURY DEPARTMENT, C. s. Al
RcHMOND, May 20, 1864
Hon r. " T. Hmfcr, President pro tepi..
Senate -
SR-Since the date of my report Of
the I'd inst. nearly three weeks have
/ elapsed During that period il was in
/ tended to make sale, at public auction.
at the capital, Of part Of the six per
cent untaxable bonds, with view 10
establish the rate at which sales could
be made at every commercial point
within the confederacy. Military ne
cessities have prevented this sale and
stil require its pOstponemenk The aid
4 which 1t was expected the Treasury
would derive from that source is, there
fore, delayed for at least q month, and
for the expenditures of that period
Treasury notes or some other substitute
becomes necessary. The means provi-
ded by Congress for supplying the
wants Of the Government At this time
consist of, first, the limited new issue Of
/ Treasury notes; second, of the sales Of
the said six per cent bonds; and third,
Of certificates of indebtedness. In nv
report of the ID instant I have shown
that the whole amount derived from
taxes during the present year will af-
ford no aid IN paying the current ex-
penditures of the government This
regard as an imperfect feature Of the
tax bill, and have recommended that il
be remedied by additional taxes The
collection Of these taxes cannot take
place n time to meet the emergency,
and resort must be had to one of the
other resources.
In the same report have set forth
the reason why an increased issue OF
! Treasury notes would be iniudicious,
and if these reasons are deemed ade-
quste to Justify the conclusion, it fol
lows that resort must be had to the
third means of supply-namely, certih-
Gates of indebtedness.
The great leading wants of the gov
ernment 10 be supplied at home are
clothing, subsistence and transporta-
ton. If measures can be adopted
which will enable these wants % be sup
piled wholly or in part through certif-
Gates of Indebtedness, great relief will
at once be obtained The railroad com
panies have generally exhibited 80 much
patriotism that it is highly probable
they will readily accept certificates IA
part payment of transportation.
The other great wants are supplied
by the manufacturers, farmers and
planters. who manufacture the clothing
and produce the subsistence stores Of
the country. If these parties could be
/ induced to accept certificates for such
articles as are the subjects of purchase
or impressment the scheme would be
/ complete IL seems to me that by re
sorting to a specie basis for all purchases
and impressments they could be made
more acceptable both to the government
and the owner. If all articles, when
/ impressed, we're valued at the prices Of
1880 when the currency WAS at specie
standard), or at their present value in
coin, and certificates were issued for
such value, payable two years after peace
in specie, the interest in the meantime
TO be paid semi-annually in coin or its
market value in Confederate notes,
substantial security Of the highest value
would be obtained. The party giving
/ up his commodities would be better
satisfied with the price and mode Of
| payment During the continuance Of
/ the war he would receive the same rate
Of interest as though his property had
/ been valued in Confederate notes, and
/ after the war he would receive its full
value in coin. The government would
be better satisfied, because while il paid
no higher interest during the war than
| it-would do under the existing law, il
would, after the war, save the loss to
which the present exaggerated prices
/ have exposed il.
As no material abatement i'm prices
/ has occurred since the meeting Of Con-
gress, it is obvious that the supplies
voted by the last Congress must be
largely increased, unless some such
measure Of relief should be adopted at
/ the present session. j respectfully re-
commend, therefore, that the impress
ment Law be amended in conformity
with the above suggestions, and that IL
be extended TO all supplies which may
be necessary for the support Of the
/ army and navy. ! also recommend
that q reasonable proportion OF the
/ railroad transportation, based upon the
charge Of 1869, shall be paid in the
| same way. As the cash expenses Of
( railroads are very large, and require
supplies of money for daily use, Is
probable that ons-third ofsuch chaT,es
would be a. rauch as they could afford
/ 10 take.
To enable the Treasury to meet the
payment Of the interest. on these GER
/ tifcates, II would be advisable 10 fur
nish il with the means Of procuring
coin A double advantage would thus
be gained The government would be
/ enabled to pay its interes. at lower
rate, and the paying out Of 50 much
/ coin would reduce the difference be
I tween the market rate Of coin and Con
/ federate securities would, therefore,
respectfully recommend that an addi-
tional appropriation be made 10 enable
the Treasury 10 purchase and ship as
much cotton az may be made available
for this purpose. Ten millions Of dol
lars would probably be sufficient at the
present session. Respectfully submit
/ ted G. G.. MEmuxcEE,
Secretary Of Treasury.
The communication was referred 10
/ the Committee on Finance.
------se-e