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to the notes already authorized by law, may be safely issued and put in circulation by the Government.
They are persuaded that all the citizens of the Confederacy will readily accept them in payment in their mutual transactions; and the Banks, with equal unanimity, will adopt them as the curency of the country.
As the resolutions upon this subject adopted by the Convention held at Atlanta, Georgia, applied necessarily only to the notes then authorized by law to be issued, they recommend the adoption of the following resolution on this subject:
Resolved, That the Banks here represented agree that they will receive in payment and on deposit, and pay out again, the Treasury notes that may be issued by the Government; and they recommend to all such Banks in the Confederate States as may not be represented in this Convention, to adopt the same resolution, and communicate their concurrence to the Secretary of the Treasury.
The object of the Government being to adapt these notes to perform the functions of currency, the Committee are of opinion that the notes should bear the same date and carry the same rate of interest.
It will be impossible for the tellers of the Banks, and other persons engaged in handling money, to use these bills as currency if they varied in date and in the rate of interest.
If, on the contrary, they all bore the same date and the same rate of interest, they could be conveniently counted, and the sum ascertained as in the case of Bank notes; for it would be as easy to compute the interest on a hundred bills as one.
No loss would accrue to the Government, because in paying out the bills the disbursing officer would be careful to charge the rescinder with the interest as well as with the principal of the notes.
The interest should be two per cent. on every one hundred dollars, or at the rate of 7 3-10ths per annum.
That the notes should be redeemable in three years, at the option of the Government, and be receivable in all public dues, except the export duty on cotton, and be fundable at the will of the holder in 8 per cent. stock or bonds.
Notes of the denominations of $5, $10, $20, in the opinion of the Committee, ought not to bear any interest.
These would more appropriately perform the functions of a currency, and they are of opinion that the larger notes, such as $20 and $100, would be largely taken up by a class of our citizens who are not in the practice of making such investments.
These notes would pass into their hands in the course of business, and they would very soon discover the advantage as well as the merit of thus contributing their aid in support of the Government of their choice and affections.
The Committee gave also a respectful consideration to the plan submitted by Mr. Holmes, for the adjustment and final extinguishment of the public debt; but, without in any way impeaching its acknowledged merit, they decided not to express any opinion as to the expediency of its adoption by the Government, for whose purpose its adoption could be best determined, in their opinion, by the Secretary of the Treasury.
All of which is respectfully submitted.
--Charleston Courier, July 29.
