The currency.
--A sensible and concise writer, in Wednesday's
Sentinel, lays down the proposition that the radical disease of the expanded circulation is
tainted credit.
The remedy for this is suggests is "solid security." Such security he assumes might be found in a solemn pledge by the
Confederate and State Governments of the following resources:
‘
"1st.
An export duty of forty per cent, on all the products of our agriculture and forests.
2d. One-half of a duty of 40 per cent. on all our imports, the other half to be applied to the support of the
Government.
3. A tax of 1 cent per ton per mile or all transportation on our railroads, and I ent per mile on every passenger.
4. The proceeds from farming to some European Government a common interest with ourselves, to the exclusion of others in our con sting trade.
5th.
A transfer by the
State Government to the Confederate Government of all public lands in their limits."
’
From these resources the writer estimates the following revenue:
| 4,000,000 bales cotton at 4 cents per lb. | $72,000,000 |
| 150,050,000 lbs of tobacco at 3 cts. per lb. | 4,500,000 |
| 10,000,000 from wheat, corn, &c., at 40 per cent. | 4,000,000 |
| $80,500,000 |
| One half of a duty of 40 per cent. on imports. | 40,250,000 |
| Tax on railroad transportation and passengers. | 10,000,000 |
| From farming our coasting trade. | 10,000,000 |
| From public lands. | 1,000,000 |
| $141,750,000 |
The writer proposes in addition to the present taxation to impose a tax of ten per cent. on all property except that possessed by soldiers in the field.
This he thinks would permanently withdraw from circulation four hundred millions of our currency.
After the
Government has by its pledged securities determined to pay every dollar it owes in specie, it should determine to pay only a specie value for what it may require — impressing impartially all that it may need, "and paying for it in certificates of debt."
Without meaning to endorse the practicability of the whole scheme we say that the writer deserves especial attention, since he talks sensibly.
In looking out for the disease in the finances he does not run after phantoms; nor does he vainly expect to remedy it by futile enactments against speculators and traders and certain dealings, that are as little applicable to the disease itself as would be the cutting off a finger the proper means of mending a broken leg.
