Year: 1863

oly~.sna pay no Ths depreciation OF currency bs,Ios
peeu SHOWN 70 nave resulted chiefly from the excessive s
sue o. Treasury notes, We Only correct this evil By
stopping Instantly any further issue under any protencs
whatever, and by reducing as rapidly a. nou.hi n,r
sent outstandng tissues Ii requires large
and efcient measures for their continual deduction until
they shall rise value aud approximate as nearly ma
circumstances will allow to the standard value ol sod and
| silver. - e w


Taxation and loans the only means of ATTAINING tb.
resu--thxaon comprehensive, ample rigid and canal
The present tax law does possess these
partial unequal and complex fosters vulgar preudicas
and will gather abundant harvest Of frauds and marin
RES The tax in kind principle subject to many grave
objections This mode of taxation should never be resort
ed TO when the currency is redundant but with all s
Iauits may be necessary evil whenever there great
deficiency in the circulating medium The execution Of
such law is necessarily difficult irritating, waste and
productive If much fraud.


But certainly in present condition the war cannot be
carried on and the currency sustained by taxation alone
we must resort 10 loans am not in the least dscour
aged by the III success OF the Government lately in fund
Ing ts Treasury notes Treasury notes are in great az
tue toders are anXousy hunting for safe and pro-
fabe investment Tor them The Government s perfectly
able to supply that want heTeteore ii has not done 60
We must bonds with Principal and interest nav
able 10 gold aud silver or their equivalent and adopt me
to make such payment certain This can be done
by m0rtgagng c portion Of the revenue 10 the new
bnndholders adequate to the payment both ptncipal
and interest as each may respt ctisey fall due coupled
with clear provisions that their taxes shall be rrspeaabo
until the mortgages paid, and that these taxes shall
only be paid in gold and silver The coupons of thu bonds
Tor which they are pledged


BY making the provision for bonds ample at the be
ginnipg so that future legislation shall be necessary 10
preserve the public faith, give the public creditor the
best possible security for his which we are able to
offer The overthrow of Government viii ba his only
danger; that cannot be provided against We greatly
lessen the chances OF reputation because in this case
would require the direct the Executive and
both brarches o Congress to defeat the security whereas
IN the case OF bonds charged the general revenue it
may be defeated by the Executive either branch Con
eTess even the action of either would be fatal to it,
What are called the cotton loan bonds though they have
put one OF these principles engraei upon hem-to wit
the payment OF interest ia cashss for large pre MUM


The fifteen million loan based precisely on these
principles aud although the Government has violated ts
pledge to pay these bonds in co and they suffer under
the great disadvantage Of being secured by an duty
on cotton which is made nearly unavailable for the pre-
sent by the blockade their market value nearly double
that all other eight per cent bonds There facts de-
monstrae the sounness IF the theory which adv, cate


the cotton bonds had been secured by land tax upon
the tes have briefly ketched quate to meet them
their coupons would instantly very nearly to
gold aud silver in value and the premium upon them pay
able IN our currency, would be large.


We must act, and that quickly he pubic interest and
public safety oM no longer aop delay Our present sps
tenn IS utterly insupportae IS npseing the osyy fosr.
datioas Of pripafo rights iCeakenag day public conf
dence IN our canse at home and dangerous
dasconfens among the people ohch are daily deepeninS
ana ieidening Patriotism demands that all rood men
should unite TO correct these ep;ls


anl, very respectfully, your obedlent servant,


r. TOOMBS