The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-12-23
girlln,ol1d 1ispatth.
.a>-n.y DECEMBER %, 1867
The Finances.

The Finances.
There are as many financial schemes
,>-onosed for tho consideration of Congress
as there are writer's in the United States.
We can scarcely open paper which does
not offer panacea for the numerous fpan-
cial ills under which the country is sup
posed to be suffering. For ourselves we
are partial to the scheme Of Mr.. SHERMAN,
of Ohio. or rather, we should be II We ala
not suppose that some Radical OF the oeA-
SrR stripe would offer an amendment to
DESTROY its most admirable feature
namely, the one which proposes to levy a
tax of one per cent. upon the holders of
the national bonds, one-half Of which tax
is to be distributed among the States"
OF course Virginia and the rest Of her
rcbelliouS sisters are not "States,' and
therefore cannot expect to be allowed to
dip even so much as q finger into Uncle
Sans treasure-box or if they are States,
then some Radical, as we have just said,
will offer an amendment providing that
fund. Some years ago Virginia, with her
high notions Of honor, refused to accept
her share Of the proceeds Of the sales of
the public lands, though it lay in the trea-
Sury at Washington subject to her order.
She considered it q sort Of bribery, or, at
best, an attempt to give her one dollar in
one way and take from her ten in another.
Mr.. SHERMAN's proposition has also some
what of Z" the earth earthly" in its compo-
sitien. The particular feature to which
we have alluded is intended as sop to
CERBERUs. Inasmuch as the bonds are
chiefly held in the Eastern and Middle
States, and as the Western States are
rapidly tending towards reputation, Mr..
SHERMAN, to preserve his popularity in
Ohio, aud at the same time to render bond
holders less unpopular, proposes not only
to tax the new bonds, but to distribute
one-half Of the proceeds Of the tax among
the several States Of the Union. This
measure would, it is supposed, kill off the
schemes Of PENDLEToN, STEVENS, BUTLER,
VALLANDIGHAM, ETC., etc, and clear the
political field for a presidential campaign
in which no financial questions would arise
to embarrass the Radicals.
Upon politico- economical grounds the
new bill has no merits. If new loan be
authorized and taken, bearing six per cent
interest, with the understanding that one
per cent. is to be deducted as tax upor
the bonds, the Government will Of course
realize only the sum which it would re-
alizo at five per cent. The trick is not by
any means clever one, yet it may answer
the purpose for which it is desigyneJr~th ~,
great mass of the peonr,oTi o;D nnoh,e +,
Nv r n III -:lncial questions. BUTLEl
-eSees. lad. STEVENS, however, understand
the scheme, and if they arc not disposed
to aid it because Of its purpose rathe
than on account of its merits, they may
defeat it in the House.
We said some weeks ago that the price
of gold depended not, as mere theorist
contended, upon the amount orthepaper Cir
culation, but upon the confidence of the PEG
pie in the ability and the willingness Of The
Government to redeem its treasury note
in specie. Since then Congress has init
mated decidedly that it is opposed to an.
further contraction Of the currency, anC
it is questionable whether its volume will
not be largely increased; and yet gold ha
fallen to it's present price. Here is fac
which that body would do we'll to consider
seriously while legSlating upon the
Gnooonc