Year: 1863

The Scheme of the Secretary of the Treasury
for the Relief of the FiaauceS of the Govern
meut and the Improvement of the COnfeder-
ate currency.


The following is the scheme suggested bv NJ. Memmu-
in his report to Congress for the relief of the govern
ment finances and the improvement Of the Confederate
currency, which, Notwithstanding The crowded condition
OF cur columns, we present to our readers:


SCHEME PROPOSED.


/. That Congress forthwith authorize loan of S1OO0.
0000OO in per cent. bonds the PRINCIPAL payab in
twenty years. the interest semi annually to be extended
hereafter from time to Time as to consolidate the whole
public debt


sell at par many OF the said bonds will b. sufficient
to take up the outstanding currency and to pay the aPpo
priatiOnS made by Congress


That the deposit Of Treasury notes on account of the
said loan may be received at the Treasury any of
Repositories by Commissioners to be appointed said
deposits to be in of hundred dollars
of which 'ne hundred is perfect divsor


f. Certificates shall be issued for such deposits, which
shall entitle the holder bonds for the amount with iu
from the date of deposit If the deposit be made in
the month of January the bonds issued for the shall
be exempt from the tax of per cent for the present year.
hereinafter mentioned; if made in the mon of February,
they shall be exempt from OF the tax aud if made
in the month of Irch thev shall be exempt from one
:ourth of the said tax Officers diers, and seamen in
service shall be entitled to exemption from the whee tax
for sums paid at any time before April LIST, 1864.


s. tax of per cent shall be imposed on all property
and credits other than the spe of notes hereinafter
menoned) which may be held the st of April hext 10
be paid the st of July, onehaf in Treasury notes and
ha in coin in the coupons of the bonds issued for


In the coupons should advance in the market to
premium exceeding 20 per cent any tax payer shall be
permitted TO pay his tax in treasury notes of the is
sue, with % per cent added


7. Within six months new and improved issue shall
be maie of two hundred millions of treasury notes in sub
Stitution for that of old issues aud all old
sha bs ahc4lied, aud the faith of the government
pledged not 20 increase said issues. =


Notice shall be given the holders of treasury notes.
(oher than The said two hundred Millions requiring them
present their the Treasury some of the
repositories before the lst of AEr next and
payment thereof in DndS of the said dated
loan, default thereothe notes not in shall
be current receivable at the Treasury for dues
but shall remain evidences of the debt payable by the Con-
federate States according to their tenor.


3. In the States beyond the Mississippi the time
tinned in the last clause shall be extended until The st
day of July.


TO- Six months more shall be allowed all holders of
treasury notes to in and register and verify their
notes demands against the Treasury and exchange the
for certificate Of debit if they prefer tn keep the
the Of the holder shall be endorsed thereon,
after which the said notes shall be negotiable only by
cia assignment and all notes not registered within tn
time shall be barred from further claim the
government.


H. Any holder of bond of the Confederate States may
the into of the bonds under the this loan
the per cent bonds par and the others ut prnpor
rate and the loan shall be extended to all
bonds which may BE- offered in exchange.


r. The interest coupons of this loan shall be held equiv
aent to specie in all future dealings of thegoverument
and shall be accepted payment of any tax hereafter made
payable in coin.


i3 The faith Of the is pledged TO make ade
quae provision for the payment of the principal and inter
of the said oau BY the continuance of the tax mention
ed in Article s. until shall be taken after which
like provision shs be made by direct taxes by duties
on imports and exports.


Il The notes Of denominations under IS shall rot be
affected by the provisions of this scheme.