Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1865-01-31
TO HOY HUMPHREY MARSHALL.

The SECRETARY of the Treasury his Report to the Speak
er Of the House Of Representatives says:
The depreciation Of the currency proceeding from
duudancy and tue OF confidence in its ultimate re-
iemptigu, eau only be corrected ~ measures that shall
bOth diminish is volume and sustain the public conf
dsnce.
The measures adopted by Congress to reduce the cur
reucy l not combine these essene clements of success
those who Lid taken tue Old notes relying on the good
faith oi the Government ON funding them, suddenly
deprived OF oUeh'.d OF their nominal value, became
alarmed aul received the IS notss under strong apprc
elsOu of repetition Of the measure AT the time, too
that the currency provided for circulation exceeding
four hundred millions Of dollars II cicumscTibed ana
iured The demand for the notes by making the -four per
cent bonds receivable IN poyment Of taxes
Were il possible 10 anticipate the productions of
fCture yeass Of peace and convert them into money for
immediate use, the eXpedency Of Icsorting 10 such
measure could not be doubted May not approach
10 IL be made b. devOtng portion OF those future pro-
iuctions 10 the purpose Of inparng to the Treasury
notes high aud stable value submH that this may be
done and respectfully propose plan ior the accomplish
1t ) plan pledgng the faith Of the Government
agJust the of Treasury notes beyond the amount
authorized by the Act OF l7h February 1864 exempting
tue notes from taxation providing Tor the application OF
~ per cent OF the taxes annually 70 the reduction OF that
amount until peace be declared or the outstanding sum
be reduced 70 $4,000 coo continuing the tax in kind after
the ana appr0puang an asceaOed proportion there
annuay 10 The reduction o! payment OF the circulation
until the whole be refined.
I propose that the redemption shall be made from the
thes Of cotton wheat and corn al prices fixed by the
Ac-nlme cotton al 80 cents pei poundswheat "a per
busle and az s. per buShe that the notes be recey
20 after the irOm an persons liable 70 the tax IN kind
m Communication OF their thes and that the Secretary Of
he Treasury b authorized to issue certificates in exchange
Tor Treasury n0tes bearing SIX per cent interest secured
and edeemabe in the same manner and on the same terms
a. the notes themseyes-fee from taxation and receivable
liter the war N payment ofthe tax in kind and thar all
received into The Treasury for these certificates he
cancelled.
The effect of this measure would he that NJ present
prices the entire population would be interested in eX
changing then productions for Treasury notes. Ihcy
only eofaa h1fo ,f'r1h' a
nvegtmenttor in tie ratio Of ten dollars for
pared with specie the produce obtained in payment NJ the
close the war would cost the following prices .yiz
Cotton vecent pet pounds wheat forty cents per bushe
and corn twenty cents Pey bushel These nominal low
prices would not operate 10 the prejudice Of the agcultu
ust for his tax bhg in kind, would neither be increas
ed nor diminished price II is that be would have
collateral interest in common with taxpayers generally
or OF course all interests will be taxed ia the edemption
# notes al moderate rate In this respect his inter
would be protected by the prices stipulated by the Act
which are not too lowtor time OF peace -
B discover the advantage 10 arise from the acqusi
ton Of Treasury notes al present piiceA ana even foreign
aptal may be expected 10 ab~tb part-for at ten dol
Is for dollar Of spere tie cost Of cotton would Be
reduced 70 five cents per pound.
duty Of five per pound the expectation OF cotton
ud tobacco, and the duplication OF duties on imports
yment 70 be made in coupons Of the five hundred mil
ion loan sterling exchange and specie, as provided
bylaw. The price Of cotton in Liverpool being about
sixty ceuts per pound the deduction Of live cents further
would hardly hays appTeciable effect upon its val
ue in crAucy. The duty would fail chiefly on the for
ign consumer or be taken from the profits Of the i'm
porter and important financial advantage would be
obtained AZ 4 moderate eXpcnce TO the country"
COMMENT would seem that Congress has passed
hi u accordance with the accommodations Of the Sec
rotary aud that the title and high taxes are TO be en-
forced unt The currency heretofore authorized be reduced
90 Sl5O0000lO. As the faith Of the Government Is
pledged % adhere Mr. Trenhoms plan until then and
s Vaurest upon the hypothesis that the depre ation
the currency proceeding from redundancy and the want
o. confidence ITS ultimate redemption, can only be
cctel by measures thai shall both diminish its volume
ana -usta ubic confidence itfQlOws that any other
plan which vail either diminish the volume or sustain
Je publc credit III be in accord with and. as auxiliary
neasures tend 20 the end. Ny apprehension that
the measures which lie recommends VIII exasperate the
public mind as greatly to impair public confidence u-
stead OF sustaining IT. and an earnest belief that meas
may bSadOpted which VIII much sooner diminish the
volume oil currency and thus restore public confidence
without the Tusteful unjust and unequal and
therefore unconstitutional system Of taxation mpels
70 suggest that nothing but the pressure OF the and
the necessity OF submitting TO the adopted by
Che Government to provide th support Of Our gallant
army enables the gmeroH agents of the department TO
collect the uthes njN, and that it viii be impossible
collect them after peace repeat that the tithes viii be
resisted they cannot be collected after peace and there
fore the pledge Of their continuance after peace instead
Of sustaining tie public credit viii weaken it, Again
the suggestion OF hre cents per pound 0rcOtton twenty
cents per bushe for corn ana forty cents per bushe for
wheat are MOI too low Tor time OF peace may be, as
suggested by the Secretay, strong indictment caps
tdlss both az home and abroad to invest in the cet
cat with which proposed 20 purchase up the tithes
te taken f0m soldiers in the Geld in defence of
constitutional rights but the declaration b. the Sec
Rotary that Lis purpose IL To reduce the price Of cotton TO
te cents per pound Of wheat 70 forty cents per busLe
and Of coin 10 twenty will fear, dishe9rten the army
and arouse the Indignation Of the women and chill
lreHat home. II wOuld be wOre than the taxation i'm
posed by the Yankees AMI which ii the purpose of
i, war 10 resist
have before me the prices of cotton as given By Me-
r,nry from it0 20 1869 Inclusive, which illustrates
the aacy Of the Secrtays plan so forcb that quote
Il st lengthgiying the crop IN millions OF pounds