Confederate currency and Credit.
In giving some account a day or two since of the financial scheme for the improvement of the paper currency now in use in the Confederacy
, proposed by a distinguished bank officer, and understood to meet the favor of the Committee of Finance of the House of Delegates, we omitted to remark that the bonds given by the Confederate Government for the proposed loan were to run for twenty years, bearing an interest of six per cent., and to be free from taxation.
The description of the project, however, was not meant to be detailed, and the scheme itself must be seen to form a just opinion upon it.
, of North Carolina
, has also brought forward a plan to reduce the redundant paper issues of the Government
to a healthy standard.
It proposes a loan, as does that in the hands of the Finance Committee of the House
It proposes: 1st To stop blockade-running, except for the benefit of the Government
and of articles of prime necessity not produced at home.
Congress to cease discrediting any Confederate notes and to put them all on an equality, regardless of dates of issue; also, to stop the export of gold, and treat the Confederate
money as equal in value "to any dollar in existence." 3d.
A loan to the Government
in the form of a subscription of four thousand shares of one hundred thousand dollars each by individuals and corporations; the subscriptions not obligatory until the whole is subscribed; but any subscriber to be allowed to pay in any part of his subscription at his pleasure.
Governor M. addresses earnest reasons why such a loan should be made to the Government
, and the immense advantages of it when made.
He conjures the nation to commence the work without delay.
He appeals alike to the patriotism and the sordid motives of gain in behalf of his scheme.
Those corporations whose bonds sell for $200 per share of $100 he shows may subscribe $10,000,000 and pay it in by a sale of $5,000,000 of their stock.
They will afterwards be in receipt of $600,000 of interest, and only have to pay $300,000, &c.
The calculations of the Governor
would be modified by the process of conversion of bonds.
But a loan to the Government
by the nation must be of vast advantage to people and corporations, while it is absolutely necessary to escape a financial and commercial catastrophe that must be productive of very great distress and inconvenience.
The war will go on and our independence be achieved in any event touching the currency.
But we may get along a great deal better and a great deal happier if the nation will come to the rescue of the Government
in its finances, as it has come to the rescue of our country on the battle-field.
There is no time for delay.
Action must be speedy to be of much benefit.