The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-06-18
The Rebel Revenues Prospective
Bankruptcy Of the CenfederaeI.
80 the Rlchmond sentleel.

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From the Richmond seutine.
There Is reason to fear that Congress
will adjourn before it has matured the
measures necessary to the public inter
ests The desire on the part of many
members to close the present session
seems almost uncomfortable. In truth,
the circumstance Fhieh surround us
Just nov, are scafvely such as to favor
calm deiibefation They invite to ac-
ton rather than 10 investigation. They
turn the thoughts rather upon those
grand physical collisions by WHICH our
fortune is to be quickly decided, than
upon the subtle questions Of finance
and Statecraft, which are slower and
less palpable in their operation The
physical stands out more prominently
than the ment6 the actual takes pre-
cedence of the Speculative.
But vet il is not wise or admissible
to abandon craftsmanship merely be
cause times are full Of excitement II
will not do to forsake the helm because
the ship is caught in a storm ON the
contrary, every consideration Of patri-
otism and propriety requires that the
utmost wisdom and the most anxious
care should be bestowed on oHr publ
Affairs. While our soldiers fight, Of r
legislators should think, and ponder
and watch The latter should no more
sleep on or abandon their post than the
former. Whoever may be excited,
Congress should be calm, and brave
and steady If the winds howl and the
waves rock, the pilot aud the crew have
but the greater reason, and owe it as a
more binding duty, to stick TO the helm
and to man the masts
A question of extreme Importance, on
which Congress has not yet acted, is
that of the currency and taxes 1t has
been represented in Congress by the
Secretary of the Treasury that the taxes
levied for the current year by the exist
ing-tax law will afford no aid IN paying
the current expenditure of the Govern
ment They will 60 mainly to the re
duction Of the circulation and If that
is to be kept at a low and healthful maxi
mum, others means Of supporting the
Government must be provided The
sale of bonds, the issue of certificates
of indebtness, and more taxes are the
only resources.
The sale of bonds has been prevented
thus far by the condition of the coun-
try. To rely upon such sale TO any
great extent, is at best 70 throw the
Government at the feet of the capital
lists and place its credit at their mercy.
The use of certificates of indebtedness
has been provided for 10y no adequate
measures The taxes have not been
raised, as was wisely recommended by
the Secretary of the Treasury On the
contrary, the pending propositions will
essentially reduce them. The inequali-
ties in the present Law are to be rene
died, not by dwelling up, but, unfortun-
ately, leyeling down The resulting
diminution OF taxes must be very con-
siderable, and such as will be seriously
felt We think that the reeolnmehda-
ton of the Secretary TO increase the taxes
is infinitely better suited to the neces-
stiles Of the country, than the porposi-
ton to reduce them, which seems to be
in favor
In truth we feel very apprehensive of
the result, ifCongress shall fail to main
tain the present revenues, and 10 add
10 them by increasing according to an
equitable standard, the taxes on those
classes which are favored by the pres
ent law. We shall be compelled either
30 take the property and service Of the
people without compensation, or to
ruin our circulation again by excessive
issues, or 10 sell our bonds to the ex-
tortioners for song, and bury our
Government under 4 ,aose1din "a debt
and ~ kobefrzs ballyTpsat WIN Congress,
from any anxiety 70 adjourn, or any
timidity as to taxation, abandon US
10 such Ateg We hope not
There as another measure recon-
mended by the Secretary Of the Treas
ury, and which we conceive is oe the ut
most importance, bat which has notyet
We beiieFesengaged the consideration
Of Congress We refer 70 the PROPOSE
ton to reduce the expenditures Of the
Government TO the sperie standard
and, as a consequence of this, the pay
ing of intereset on its obligations issued
on this basis, in specie or It's equiva
lent This is q move in the right direc-
ton. We have always held it TO be a
mistake 10 be solicitous about low rate
of interest rather than a lew principal,
in reference TO our public debt A
debt of q thousand millions at four per
cent, is Car more to the avoided than
debt of fite hundred millions at eight
cen per cent for though the an
nual interest is the same, payday
brings a difference Of one-half We
think in our late legislation we have
looked too much at the low interest,
and toe Little at the reduction of our
ultimate Liabilities. ~
Mr.. Memminger proposes q bold, but,
we think, salutary reform in this direc-
ton. He proposes that we hereafter
make our debts, as we must ultimate
ly pay them-on the specie basis The
purchase of specie 70 pay the interest
viii make the latter a very heavy per
cent but the debt created will be so
very much smaller as TO effect probably
3 saving IA the interest. even during the
exigencies of the war When, however,
the war shall have ended, our situation
will be infinitely better than If we now
90 on creating our debt in an extended
and deprecated currency, to be paid
hereafter in specie. Justice 70 those
who must hereafteF pay the debt, and
policy as To the debt holders them
selves, requires some such measure as
that proposed; for a just debt IS tie
only one whose payment can be surely
counted upon. The Secretary Of the
Treasury has done his duty in bringing
this subject, as wei as a proper scale of
taxation, 20 the attention OF Congress
It is 70 be hoped that Others viii be as
ready 10 discharge theirs s4
We trust that Congress viii give the
crest interests to which We have alludsl