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The Daily Dispatch: October 6, 1862., [Electronic resource], The Handbook of Sovereigns. (search)
, the paper circulation of all the States now composing the Confederacy was much less than at present, and the amount we then had was deemed ample for the business of the country. The returns from the banks disclose their entire circulation in July, 1860 to have been about seventy millions, and their deposits about fifty millions; so that, with a diminished commerce, we have now nearly or quite three dollars, in paper-circulation where we had one in July, 1860. The effect of collecting theJuly, 1860. The effect of collecting the proposed tax will be to reduce the circulation to the amount collected. But the most important question is, can the people pay this amount without serious injury? I think they can and will do it. In the first place, the taxpayer after having aided the Government to the extent of one-fifth of his income for 1862, finds himself nearly or quite as well off after making the payment as before. He receives a 6 per cent. Government bond for the same amount paid in Treasury notes, so that in the fi